Shanghai (ZXZC)- On July 27, Sunwoda Electronic Co., Ltd. (“Sunwoda”) announced that it had approved the proposal for its subsidiary to invest in and construct the Phase I project of a new energy vehicle power battery factory in Hungary.

The subsidiary, Sunwoda EVB, will undertake this project through Hungary Sunwoda Automotive Energy Technology KFT. (“Hungary Sunwoda”), using both its own funds and self-raised capital, with a total investment amount not exceeding 1.96 billion yuan.

Photo credit: Sunwoda

According to public information, Hungary Sunwoda was established in June 2023 with a registered capital of 3 million forints (approximately 60,000 yuan) and is wholly-owned by Sunwoda EVB. The company is primarily engaged in the manufacturing and sales of lithium-ion batteries and power battery systems.

The funding for this investment comes from two main sources: 660 million yuan from the company's own capital and 1.3 billion yuan from bank loans. The funds reserved for the project will mainly be utilized for land acquisition, construction, equipment procurement, and other related expenses.

Sunwoda stated that this overseas investment aims to further enhance its business layout, serve international customers, meet market demands, expand overseas operations, and increase its global market share, thereby playing a crucial role in promoting the company's long-term and stable development.