Sunwoda to Establish Subsidiary in Vietnam

Published: Apr 13, 2023 15:40

Save

On April 12, Sunwoda announced that the company has established a wholly-owned subsidiary in Vietnam with its wholly-owned subsidiary, Hong Kong Xinwei Electronics Co., Ltd. as the main investment body, and has completed the business establishment registration procedures and obtained the Business License issued by the Commercial Registration Office of the Planning and Investment Department of Bac Giang Province, Vietnam.

The new company will be named "Sunwoda Vietnam Co., Ltd" with a registered capital of $4 million, and its business includes the production, processing and assembly of lithium batteries for cell phones, notebook computers and other electrical and electronic devices.

Sunwoda pointed out that this foreign investment to establish a wholly-owned subsidiary in Vietnam is based on the company's development strategy layout, aiming to strengthen the company's communication and cooperation with the international market, expand the company's business structure and development space, further improve the company's comprehensive competitive strength, provide an effective channel for the company's overseas business, and accelerate the realisation of the company's business internationalisation strategic goals.

In recent years, along with the rapid development of new energy vehicles, Sunwoda is also intensifying the layout of upstream and downstream industry chains, taking battery cells, modules, BMS and PACK as the core of products, extending upstream and downstream businesses.

In the automotive field, its main customers include Geel, Dongfeng Liuzhou Automobile, Renault Nissan, etc. Last year, Sunwoda also took orders from Volkswagen and Volvo respectively. In November 2022, Sunwoda made an announcement that it will supply power pack systems for the German Volkswagen HEV project.

According to data previously released by SNE Research, the global installed battery capacity for electric vehicles (EV, PHEV and HEV) is 517.9 GWh in 2022, up 71.8% year-on-year, of which Sunwoda's installed capacity is 9.2 GWh, ranking ninth in the world.

Market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

6 hours ago

TrendForce reported that global new energy vehicle sales declined 2% year-on-year in Q1.

According to the latest statistics from TrendForce, global sales of new energy vehicles — including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles — reached 3.94 million units in Q1 2026, a 2% year-over-year decline, accounting for 19% of global auto sales in the first quarter. China's new energy vehicle market entered an adjustment period; meanwhile, the Western European market showed signs of recovery, and BEV sales in Japan and South Korea also saw significant growth.

6 hours ago

Dongyuxinsheng's 120Ah Ultra-Fast Charging Battery Begins Production, Nominated by Dongfeng's Sub-Brands Including Yipai

The launch event for Dongyu Xinsheng's 120Ah ultra-fast charging battery cell was held in Yichang. The 120Ah ultra-fast charging battery cell now entering mass production was jointly defined, co-developed, and jointly manufactured by Dongfeng Motor and Sunwoda. The product features 4C ultra-fast charging capability, enabling a 10%-80% charge in just 15 minutes. The production line has an automation rate of over 90% and is equipped with an AI-powered intelligent quality management system, with the battery cell's design service life exceeding 1 million kilometers.

6 hours ago

European Auto Sales Grew for the Third Consecutive Month in April

Data released by the European Automobile Manufacturers' Association (ACEA) showed that European auto sales climbed for the third consecutive month in April, with new car registrations up 7% YoY to 1.15 million units. Sales grew in major markets including Germany and the UK, with EV deliveries surging 38%. Driven by new subsidy policies, EV sales in Germany, Europe's largest auto market, jumped 41%.

6 hours ago