On July 27th, Chinese battery manufacturer SUNWODA announced today that the company plans to establish an electric vehicle power battery factory in Hungary, with an initial investment of up to ¥1.96 billion ($274 million).
SUNWODA stated in the documents submitted to the Shenzhen Stock Exchange today that this fund will be used for purposes such as land acquisition, project construction, and equipment procurement.
SUNWODA’s current major clients include XPeng Motors, Mercedes-Benz, and GAC Group. The company is planning to spin off its power battery subsidiary for listing on the ChiNext board of the Shenzhen Stock Exchange.
According to previous reports, CATL, the world’s largest battery manufacturer, is building a battery factory worth €7.3 billion ($8.1 billion) in Hungary. The company has already established its first European production base in Germany. In June, EVE Energy also announced an investment of ¥9.97 billion ($1.4 billion) to build a factory in Hungary for the production of large cylindrical batteries.