Chinese company Sunwoda Electronic plans to build a battery factory for electric vehicles in Hungary. In an official announcement to the Shenzhen Stock Exchange, Sunwoda said its initial investment of the equivalent of 250 million euros would go toward the acquisition of land, new construction and equipment procurement, among other things.
Chinese producers expand into Europe
Sunwoda is one of the emerging players in the Chinese battery manufacturing circle, serving prominent customers such as Xpeng, Mercedes and Guangzhou Automobile Group. Meanwhile, Chinese market leader CATL is also building a battery factory in Hungary, having already established a production facility in Germany. There are further expansion plans for Europe from the EVE Energy group, which last June announced the construction of a factory for the production of large cylindrical batteries in Hungary.
Source: https://www.reuters.com/technology/chinas-sunwoda-plans-2747-mln-hungarian-battery-plant-2023-07-27/
