On July twenty seventh, Chinese battery producer SUNWODA introduced at this time that the corporate plans to set up an electrical car energy battery manufacturing facility in Hungary, with an preliminary funding of up to ¥1.96 billion ($274 million).
SUNWODA acknowledged in the paperwork submitted to the Shenzhen Stock Exchange at this time that this fund will likely be used for functions comparable to land acquisition, undertaking building, and gear procurement.
SUNWODA’s present main shoppers embody XPeng Motors, Mercedes-Benz, and GAC Group. The firm is planning to spin off its energy battery subsidiary for itemizing on the ChiNext board of the Shenzhen Stock Exchange.
SEE ALSO: SUNWODA Subsidiary to Go Public Independently, Values at $4.9 Billion
According to earlier studies, CATL, the world’s largest battery producer, is constructing a battery manufacturing facility value €7.3 billion ($8.1 billion) in Hungary. The firm has already established its first European manufacturing base in Germany. In June, EVE Energy additionally introduced an funding of ¥9.97 billion ($1.4 billion) to construct a manufacturing facility in Hungary for the manufacturing of enormous cylindrical batteries.
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