Key automaker supplier Sunwoda reportedly set to spin off and list EV battery unit

key automaker supplier sunwoda reportedly set to spin off and list ev battery unit

Sunwoda, a critical supplier to multiple automakers including SAIC and Xpeng Motors, is planning to separate its electric vehicle battery business into a new company, which could then apply for a listing as early as 2023, Chinese media reported Tuesday. Sunwoda’s EV unit is also looking to raise fresh funding of more than RMB 3 billion ($447 million) at a valuation of RMB 20 billion, a 61% jump from its last round, the report said. The company increased its output by eight-fold in a year to 1.7 gigawatt-hours (GWh) over January-April, according to data from South Korea’s SNE Research. [Jiemian, in Chinese]

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