Yiwei LiNeng: the Hungarian battery factory has started construction, and large cylindrical batteries will supply BMW.

CTOnews.com, November 28, according to thepaper.cn, at the eighth International Summit on Power Battery applications held in Shanghai, Liu Jincheng, chairman of Yiwei Lithium Energy, revealed that the company has begun construction of a battery factory in Debrecen, Hungary, which plans to invest 1 billion euros (CTOnews.com Note: currently about 7.83 billion yuan).

In May this year, Yiwei LiNeng announced that EVE Power Hungary Korlatolt Felelossegu Tarsasag (hereinafter referred to as "Yiwei Hungary"), the company's wholly owned grandson, had signed a land purchase agreement with the seller to purchase land in the northwest industrial zone of Debrecen, Hungary, for the production of cylindrical power batteries.

According to reports, Yiwei LiNeng's Hungarian plant is scheduled to be completed and put into production in 2026, and the large cylindrical batteries produced will be supplied to BMW's Debrecen plant. In addition, the Hungarian government will provide 14 billion Hungarian forint (about 37.66 million euros) subsidy for Yi Wei Li Neng's investment.

According to the 2023 semi-annual report, the revenue of Yiwei LiNeng in the first half of the year was 22.976 billion yuan, an increase of 53.93 percent over the same period last year, and the net profit was 2.151 billion yuan, an increase of 58.27 percent over the same period last year.