Shanghai (ZXZC)- In a strategic move to advance its global expansion strategy and tap into international markets, Sunwoda Electric Vehicle Battery Co., Ltd. ("Sunwoda EVB") will invested approximately 1.9 billion yuan through its subsidiary, Hungary Sunwoda EVB, in establishing a new energy vehicle (NEV) battery plant's first phase in Hungary, Sunwoda Electronic Co., Ltd. ("Sunwoda"), Sunwoda EVB's parent company, announced on Aug. 9 via its WeChat account.

Photo credit: Sunwoda

The new facility will be primarily engaged in the manufacturing and sales of lithium-ion batteries and power battery systems.

The Hungarian project signifies Sunwoda's inaugural self-built production facility in Europe, and it also marks the third overseas factory following its global expansion in New Delhi, India, in 2017. This milestone underscores Sunwoda's enhanced global strategy, aimed at refining its business layout, lifting global market share, and fostering the company's long-term steady growth.

Hungary emerged as the prime choice for Sunwoda's manufacturing base in Europe due to its robust automotive industry heritage, hosting numerous original equipment manufacturers. Situated at the heart of Central Europe, Hungary's pivotal location facilitates Sunwoda's swift responsiveness to client demands and efficient local production.

Moreover, in 2022, the European Union (“EU”) reached a consensus to achieve "zero carbon dioxide emissions from all new passenger cars and light commercial vehicles in the EU market by 2035." Hungary has proactively embraced this initiative, propelling its automotive manufacturing sector towards electrification.