Sunwoda to Establish Subsidiary in Vietnam

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.