This marks Sunwoda's entry into Volkswagen's high-voltage battery supplier system, the company said.
Sunwoda Electric Vehicle Battery Co Ltd (Sunwoda EVB), a subsidiary of Sunwoda, has become a supplier of battery pack systems for Volkswagen's HEV project, according to an announcement from the battery maker today.
The development marks Sunwoda's entry into Volkswagen's high-voltage battery supplier system, indicating that the company has made significant progress in the HEV electric vehicle battery business, the company said.
It also demonstrates that the company has entered an important milestone in developing global automotive customers, which will help strengthen its overall competitive strength in the electric vehicle battery segment, Sunwoda said.
Sunwoda is advancing the follow-up work with Volkswagen, and the actual supply volume is subject to the official sales order, the impact on the operating results of the current year is uncertain for the time being, according to the announcement.
Sunwoda's announcement did not provide more details on Volkswagen's HEV project.
Sunwoda was founded in 2008 and listed on the ChiNext stock market, China's Nasdaq-style board for growth enterprises, in April 2011. Its main business is consumer batteries, but its power battery business has been growing rapidly in recent years.
Sunwoda's revenue in 2021 was RMB 37.4 billion ($5.2 billion), up 25.82 percent year-on-year. Its power battery business had revenue of RMB 2.93 billion in 2021, a year-on-year increase of 584.67 percent.
In September, Sunwoda ranked sixth in China with a power battery market share of 2.52 percent, according to the China Automotive Battery Innovation Alliance (CABIA).
On October 30, Sunwoda and Dongfeng joint venture started construction of a 30 GWh battery base in Yichang, Hubei.