HELSINKI (Reuters) -Chinese battery maker Contemporary Amperex Technology (CATL) is selling its 20.6% stake in subcontract Finnish car maker Valmet Automotive to the Finnish state and another shareholder, Finland’s government said on Monday, amid low electric car sales in Europe.

The Finnish state, which already owns 44.96% of Valmet Automotive through its investment company Finnish Industry Investment Ltd, did not say how much CATL was selling its stake for but said the government would also inject an additional 35 million euros ($40.97 million) of new capital into the car factory.

Valmet Automotive has previously made some cars for Porsche, Saab, Mercedes-Benz among other carmakers.

The Finnish government, in a statement, said the stake sale came amid “a challenging market situation”

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