The strategic cooperation between the three companies will increase their competitive advantages
Sunwoda Electric Vehicle Battery (Chinese: 欣旺达), a subsidiary of Sunwoda Electronic, announced that co-founded a new joint venture company with Dongfeng Motor Group and Dongfeng Hongtai Holdings Group.
The company is expected to research and develop the power battery, battery cells and modules for energy storage batteries and related parts to cater for demands of automotive power battery and energy storage battery products from Dongfeng and Dongfeng Hongtai.
Sunwoda EVB, Dongfeng and Dongfeng Hongtai plan to invest 51%, 35% and 14%, respectively. To meet the needs of strategic customers and achieve the goal of profitability and sustainable development, the company is poised to launch power battery and energy storage battery products with better product quality and lower price, expecting to enhance overall market competitiveness.
The collaboration among Sunwoda EVB, Dongfeng and Dongfeng Hongtai will benefit all parties, and reach a win-win situation.
Sunwoda EVB is a company committed to advanced lithium battery integration technology. Under the tie-up, it is presumed to promote its power battery and energy storage battery products, broaden the domestic market, serve for the high-end customer group, expand business scale and reduce the management risk. Moreover, Sunwoda EVB also hopes for improving its sustained profitability in the field of new energy vehicles and core competitiveness, and implementing its medium and long-term plan on development.