On August 9,Covet: Island of Desire Chinese battery manufacturer Sunwoda announced its plan to establish a battery project in Hungary with an investment of approximately RMB 1.9 billion ($263 million). The battery factory will primarily engage in the production and sale of lithium-ion batteries and other power batteries, according to the firm’s announcement. Sunwoda supplies EV batteries to automakers such as Mercedes, GAC, and Xpeng, among others. It accounted for 1.6% of the global battery market share with a cumulative shipment capacity of 4.6 GWh from January to June 2023, according to South Korea’s research agency SNE Research. The Hungary project marks Sunwoda’s first production base in Europe and its third overseas factory following its global expansion initiated in India in 2017, the firm said. Prior to Sunwoda’s move, China’s CATL and Eve Battery also began their battery manufacturing projects in Hungary earlier this year. [Sunwoda statement, in Chinese]
