Chinese electric car manufacturer BYD is investing HUF 10 billion to set up a battery assembly plant in Fót.Continue reading
Hungary Sunwoda Automotive Energy Technology Kft. has been registered as a new business by the Company Registry Court of Budapest-Capital Regional Court. The process was initiated at the company’s request and the registration was ordered on June 15 under a simplified procedure, Világgazdaság reports.
The company manufactures batteries and dry cells, with a registered capital of HUF 3 million (EUR 8,027), and its sole member is Hong Kong Sunwoda Automotive Energy Technology Limited.
The recent establishment of a Hungarian subsidiary further confirms that the company is indeed entering the Hungarian market. However, it should be stressed that
no official announcement has been made either in China or Hungary.
Péter Szijjártó, Minister of Foreign Affairs and Trade, recently met with Sunwoda’s management in China. He reported about this on his social media page, saying that “Anyone who can think soberly can see that the revolutionary renewal of automotive industry is an unstoppable and irreversible process, (…) it is simply impossible to achieve global environmental goals without electrification of road transport.”
He emphasized that it was easy to see that the countries seeing economic growth in the coming years would be those where the new car industry factories were established.
The foreign minister did not talk about Sunwoda bringing their investment to Hungary, but he did speak optimistically about new manufacturers in the electric car industry and Chinese involvement. Both are true for Sunwoda.
Sunwoda is a Chinese company that has grown to become one of the world’s largest battery manufacturers. Founded in 1997, the company officially launched its battery business for electric vehicles only 15 years ago, in 2008. Now it
is one of the ten largest electric vehicle battery companies in the world, ranking ninth.
Its portfolio is extensive, with a good range of energy technologies and hardware. Its manufacturing capacity is limited to China and India, but it has branches in France, Germany, the United States, and Israel as well. Based on 2022 battery sales, the company has caught up with its main rivals such as CATL and BYD. In November of last year, it was reported that Volkswagen had chosen Sunwoda batteries for its hybrid vehicles, but the Chinese company supplies the Renault and Nissan Group, too.
Via Világgazdaság, Featured photo via Facebook/Sunwoda Energy
