Xinwanda plans to invest 1.96 billion yuan to build an electric vehicle power battery factory in Hungary.

CTOnews.com, July 27 (Xinhua)-- Chinese battery maker Xinwanda announced today that it plans to build an electric vehicle power battery factory in Hungary with an initial investment of 1.96 billion yuan.

▲ Tuyuan Shenzhen Stock Exchange announcement Xinwanda said in a document submitted to the Shenzhen Stock Exchange today that the funds will be used for land purchase, project construction and equipment procurement.

Xinwanda's current main customers include Xiaopeng Automobile, Mercedes-Benz and GAC GROUP. The company is planning to spin off its power battery subsidiary to be listed on the gem of the Shenzhen Stock Exchange.

CTOnews.com previously reported that Ningde Times, the world's largest battery maker, is building a 7.3 billion euro battery factory in Hungary after setting up its first European production base in Germany. Yiwei LiNeng also announced in June that it would invest 9.97 billion yuan to build a factory in Hungary to produce large cylindrical batteries.