China's Sunwoda Electronic plans to build a power battery factory in Hungary for electric vehicles, with initial investment of up to 1.96 billion yuan ($274.71 million), as Chinese battery makers expand in the European market.
Its move comes as Chinese battery suppliers shake up Europe's e-mobility supply chains by setting themselves up on the continent.is building a 7.3 billion euro battery plant, also in Hungary, following its first European production site in Germany.said in June that it would set up a plant in Hungary with investment of up to 9.97 billion yuan to make large cylinder batteries.
The company also announced on Thursday that it is planning a production base in Thailand with Thai energy company Energy Absolute.Reporting by Ethan Wang, Zhang Yan and Ryan Woo; Editing by Christian Schmollinger and Emma Rumney
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