China’s Sunwoda Electronic To Build $275 Million EV Battery Factory In Hungary
China’s Sunwoda Electronic (300207.SZ) plans to build a power battery factory in Hungary for electric vehicles, with initial investment of up to 1.96 billion yuan ($274.71 million), as Chinese battery makers expand in the European market.
The money will be used for purposes including land purchase, project construction and equipment procurement, Sunwoda said in a filing to the Shenzhen Stock Exchange on Thursday.
Sunwoda, a smaller player among Chinese battery makers, counts Xpeng (9868.HK), Mercedes (MBGn.DE) and Guangzhou Automobile Group (601238.SS) among its biggest clients.
Its move comes as Chinese battery suppliers shake up Europe’s e-mobility supply chains by setting themselves up on the continent.
Chinese market leader Contemporary Amperex Technology (CATL) (300750.SZ) is building a 7.3 billion euro ($8.13 billion) battery plant, also in Hungary, following its first European production site in Germany.
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EVE Energy (300014.SZ) said in June that it would set up a plant in Hungary with investment of up to 9.97 billion yuan to make large cylinder batteries.
The company also announced on Thursday that it is planning a production base in Thailand with Thai energy company Energy Absolute.