Sunwoda to build $274.71m battery plant in Hungary
Shenzhen-based battery specialist Sunwoda prepares to expand into the European market with a major new facility.
The firm has confirmed in a filing to the Shenzhen Stock Exchange that it plans to build a power battery factory in Hungary for electric vehicles. The initial investment will be up to 1.96 billion yuan (USD 274.71 million).
Sunwoda's move is part of a wider trend among Chinese battery makers to establish their own factories in the European continent. Contemporary Amperex Technology, for example, is also building a plant in Hungary, having already set up in Germany.
Sunwoda operates across six areas: 3C battery, EV battery, energy service, smart hardware, intelligent manufacturing, and testing services. It has branches in the US, France, Israel, South Korea, Japan, Vietnam and other countries. Its clients include Xpeng, Mercedes and Guangzhou Automobile Group.
