Shanghai (ZXZC)- Chinese power battery manufacturer Sunwoda Electric Vehicle Battery Co., Ltd. ("Sunwoda EVB") on Sept. 18 inked an agreement for an investment project in building a power battery manufacturing base in Yichang city, Hubei Province.

The agreement was signed with the municipal government of Yichang city, Dongfeng Motor Group Company Limited ("Dongfeng Motor"), and Dongfeng Hongtai Holdings Group Co., Ltd. ("Dongfeng Hongtai").

Photo credit: Sunwoda

The latest agreement signing came after Sunwoda EVB, Dongfeng Motor, and Dongfeng Hongtai struck a deal on June 17 this year to build a joint venture working on the R&D, development, and production of cells, modules, and relevant components for power batteries and energy storage batteries. The products will be supplied to Dongfeng Motor and Dongfeng Hongtai.

Involving a planned registered capital of 500 million yuan ($71.321 million), the joint venture will be held as to 35% by Dongfeng Motor, 14% by Dongfeng Hongtai, and 51% by Sunwoda EVB. It will manage the construction and operation of the aforesaid power battery base.

The power battery base in Yichang city is designed with an annual production capacity of 30GWh and will be built in two phases.

Sunwoda EVB is a subsidiary of Shenzhen-listed Sunwoda Electronic Co., Ltd. It recorded a cumulative power battery installed capacity of 3.54GWh for the first eight months of 2022 in China, accounting for 5.37% of the country’s total volume, according to data by the China Automotive Power Battery Industry Innovation Alliance ("CAPBIIA").