Sunwoda Electronics Co., Ltd. announced today that in order to further deepen the company’s global strategic layout, Sunwoda Power Technology Co., Ltd., a subsidiary of Sunwoda, through its subsidiary Sunwoda Hungary Power Technology Co., Ltd. invested approximately RMB 1.9 billion in Hungary to build the first phase of a new energy vehicle power battery factory, mainly engaged in the manufacturing and sales of lithium-ion batteries and power battery systems.
According to reports, the Hungarian project is Sunwoda’s first self-owned production base in Europe, and it is also the third overseas factory that Sunwoda opened a global layout in New Delhi, India in 2017.
Sunwoda said that Hungary has become the first choice for Sunwoda’s European self-owned factories, mainly because Hungary’s automobile industry has a long history of development, and a large number of complete vehicle companies have gathered. To quickly respond to customer needs and complete localized production.
Secondly, in 2022, the EU reached an agreement on the plan of “zero carbon dioxide emissions for all passenger cars and light commercial vehicles on sale in the EU market from 2035”. Hungary responded positively and actively promoted the transformation of the automobile manufacturing industry to electrification. Coupled with the deepening economic and trade relations between China and Hungary in recent years, it has provided a natural investment environment for the construction of Sunwoda’s Hungarian factory.
It was previously reported that CATL, the world’s largest battery manufacturer, is also building a battery factory worth 7.3 billion euros in Hungary after the company established its first European production base in Germany. Yiwei Lithium Energy also announced in June that it will invest 9.97 billion CNY to build a factory in Hungary to produce large cylindrical batteries.