Shanghai (ZXZC)- Sunwoda Electric Vehicle Battery Co., Ltd. ("Sunwoda EVB"), the power battery arm of Sunwoda Electronic Co., Ltd., on Dec. 2 signed an agreement with local government of Dianbai district, Maoming city, Guangdong province for the investment in an automotive electronics manufacturing base, according to a post on Sunwoda EVB's WeChat account.

The new project will involve a total investment of 4 billion yuan ($574.762 million) as planned, 2.3 billion yuan ($330.488 million) and 1.7 billion yuan ($244.274 million) are prepared for the first and second phases, respectively. For the first phase, 1.8 billion yuan ($258.643 million) will be poured in the fixed assets and 500 million yuan ($71.845 million) will serve as working capital.

Photo credit: Sunwoda EVB

The company said the fresh project in Dianbai district focuses on the investment in the intelligent manufacturing of NEV-related electronics and other emerging industries. It mainly works on the construction of the R&D and manufacturing facilities for such products as battery management systems, body control modules, and vehicle control units, as well as other supporting infrastructures.

The new project will be entirely supported by Sunwoda EVB's own funds, and will not affect the company's existing operations.

Sunwoda EVB commented that the new agreement signing is of great importance to the company's boost of strategic deployment of automotive electronics and NEV businesses, improvement of its presence in the NEV industry, and enhancement of comprehensive competitiveness.