The investment is to further improve the company's business layout, serve international customers and expand overseas business, Sunwoda said.

Sunwoda's installed base of power batteries in China was 0.73 GWh in June, putting it in sixth place with a 2.21 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).

In the lithium ternary market, Sunwoda China's power batteries installed 0.35 GWh in June, ranking fifth with a 3.44 percent share.

Sunwoda's lithium iron phosphate batteries were installed at 0.38 GWh in June, ranking sixth with a 1.67 percent share.

In the global market, Sunwoda installed 3.8 GWh of power batteries in the January-May period, ranking 10th with a 1.6 percent share, according to South Korean market researcher SNE Research.

The company said earlier this month it plans to spin off its power battery unit, Sunwoda Electric Vehicle Battery Co Ltd (Sunwoda EVB), for a separate listing in Shenzhen.

Sunwoda is the latest Chinese company to announce the plan to build a battery plant in Hungary, as the country's electric vehicle chain begins to ramp up its international presence.

CATL, the world's largest maker of power batteries, announced on August 12, 2022 its plan to build a battery production base in Hungary. On September 5 last year, CATL signed a land pre-purchase agreement with the Hungarian city of Debrecen.

On June 8, Eve Energy said its board of directors had agreed that its subsidiary EVE Power Hungary Kft would build a project for large cylindrical batteries for passenger cars in Hungary, with an investment of up to RMB 9.97 billion.

On July 13, local media outlet Cailian reported that BYD (OTCMKTS: BYDDY) was hiring in Hungary, indicating that construction of its new battery assembly plant there is moving ahead.

($1 = RMB 7.1377)

Sunwoda to split EV battery unit for separate listing in Shenzhen