UPDATE 1-Stellantis-backed battery maker ACC halts plans for German, Italian plants

Reuters06-04

(Adds details)

PARIS, June 4 (Reuters) - ACC, a battery joint venture backed by carmakers Stellantis and Mercedes

, has halted plans for factories in Germany and Italy as the company switches to lower cost batteries amid slowing demand for electric vehicles.

The company said on Tuesday it needed to research and develop low-cost batteries to supply cheaper EVs and that it would renew discussions on its factory in Italy's Termoli in late 2024 or early 2025.

ACC also confirmed plans to halt construction of a factory in Germany's Kaiserslautern, first reported by German media Die Rheinpfalz on Monday.

Growth in Europe's EV market has slowed significantly, with high interest rates and slashed government subsidies pushing consumers to opt for hybrids or petrol cars instead.

"We are going to adjust our investment plans on EVs to the pace at which market sales of EVs grow," said Stellantis CEO Carlos Tavares, in response to a question at a media briefing on whether ACC still plans to build three factories in Europe.

The company is currently ramping up production of its first factory in northern France.

ACC, is 45%-owned by Stellantis and Mercedes holds a 30% stake. Saft, a battery subsidiary of France's TotalEnergies

, owns 25% of the company.

(Reporting by Giulio Piovaccari, Miranda Murray, Benjamin Mallet and Gilles Guillaume; Writing by Dominique Patton; Editing by Jason Neely and Mark Potter)

((dominique.patton@thomsonreuters.com;))

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