Shanghai (Gasgoo) – Sunwoda Electric Vehicle Battery Co., Ltd. (“Sunwoda EVB”), a power battery division of Sunwoda Electronic Co., Ltd. (“Sunwoda”) closed a new round of financing raising 6 billion yuan ($885.688 million), well above the previously expected 3 billion yuan ($442.844 million), Chinese local media reported.

The latest funding round was reportedly led by several investors such as Shenzhen Capital Group Co., Ltd. (“SCGC”). Notably, SCGC was also among the investors that participated in Sunwoda EVB’s strategic investment round announced in February this year.

When approached for comment, Sunwoda officials told local media outlets that fact-checking should be done in line with the company’s official statement.

Photo credit: Sunwoda

In April, Sunwoda announced that it generated about 2.933 billion yuan ($461.145 million) in annual revenue from the production of electric vehicle (EV) batteries, a remarkable year-on-year increase of 584.67%.

According to Sunwoda’s annual results, electric vehicle battery accounted for 7.85% of the company’s full-year revenue in 2021, up 6.41 percentage points from the previous year. Its annual gross margin rose 13.98 percentage points to -0.87% in 2021, nearly breaking even.

Sunwoda EVB has so far partnered with automakers such as Renault, Nissan, eGT, Geely Auto, Dongfeng Motor, GAC Group, SGMW and SAIC Motor Passenger Vehicle. It has also built battery manufacturing bases in cities such as Huizhou, Nanjing, Nanchang, Zaozhuang and Zhuhai. The battery manufacturer aims to achieve an annual battery production capacity of 200 GWh by 2025.

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