China’s Sunwoda Electronic will invest up to $274.71m to build an electric-vehicle battery factory in Hungary, Reuters reports, citing a filing to the Shenzhen Stock Exchange yesterday.
The money will fund land purchase, factory construction, and equipment.
The company makes batteries for Xpeng, Mercedes, and Guangzhou Automobile Group, among others.
Reuters notes that other Chinese battery makers are setting up in Europe.
Also in Hungary, Chinese market leader Contemporary Amperex Technology (CATL) is building a €7.3bn battery plant in Debrecen. In 2021 CATL completed its first factory outside China in the German state of Thuringia.