Battery Firm Sunwoda to Supply Power Cells to SAIC MAXUS
On the evening of July 5, Sunwoda announced that Sunwoda Electric Vehicle Battery Co., Ltd. (Sunwoda EVB), its holding subsidiary, had recently received an order from SAIC MAXUS for a BEV project. Under the arrangement, Sunwoda EVB will supply power cells for the project in the future.
This is the second time for Sunwoda to be designated for SAIC’s BEV project after an announcement in March that it received a notification of SAIC’s HEV project.
Sunwoda said it would negotiate with SAIC MAXUS and sign contracts as soon as possible, and that there are still uncertainties in the signing and terms of the contracts. According to public information, SAIC MAXUS is a wholly-owned subsidiary of SAIC Motor.
Since the beginning of this year, Sunwoda has cooperated frequently with SAIC Motor and its related parties. On March 1, Sunwoda announced it had received a designated notice of the “ZS12MCE” HEV project from the SAIC Motor Passenger Car Branch, and products supplied were also power battery assemblies.
In addition to business cooperation, SAIC Jinshi, an affiliated company of SAIC, joined the capital increase of Sunwoda EVB and will carry out deep association at the equity level.
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Sunwoda started out from the consumption-use battery business. In recent years, Sunwoda has entered the field of power batteries on a large scale, and with rapid development. According to data by the China Automotive Battery Innovation Alliance, its power battery loading capacity in 2021 was 2.45 GWh, with a market share of 1.3%, ranking among the top ten in the industry. From January to May this year, its loading capacity reached 1.85 GWh, and its market share increased to 2.23%.
Sunwoda has established cooperative relations with car companies including Renault S.A., Nissan and Geely. The increase in shipments is directly reflected by the growth of revenue scale. In 2021, Sunwoda earned 2.933 billion yuan from power cells, up 584.67% year-on-year, and the proportion of power cells in the total revenue increased from 1.44% to 7.85%.