On September 15, 2022, Xinwangda Electronics Co., Ltd. announced that it will build a power battery production base in Yichang, Hubei. The investor of the Yichang project is a joint venture established by Sunwangda Auto Battery, Dongfeng Motor Group and Dongfeng Hongtai. The total investment of the project is about 12 billion yuan, and it is planned to build a power battery capacity of 30GWh.

The Yichang project is planned to be constructed in two phases. The first phase invests 8 billion yuan to build a 20GWh power battery capacity, and the second phase invests 4 billion yuan to build a 10GWh power battery project.

If each new energy vehicle is equipped with 50KWh (kilowatt-hour) electricity, the project's 30GWh power battery can support 600,000 new energy vehicles.

Sunwoda Automotive Battery holds a 51% stake in the joint venture. The company is a holding subsidiary of Sunwoda operating the power battery business. It has obtained power battery orders for many new models such as SAIC-GM-Wuling and Dongfeng Liuzhou Automobile.

According to the agreement of the three parties, Sunwoda Auto Battery will import battery products that meet the requirements to the joint venture, and Dongfeng Group and Dongfeng Hongtai will give priority to purchasing the battery products of the joint venture. Editor/Zhao E