The project was approved by the SZSE. Credit: Waldemar via Unsplash.

China-based manufacturing company Sunwoda Electronic has announced its plans to construct a new energy vehicle power battery factory in Hungary.

The facility is being established with an initial investment of up to 1.96bn yuan ($274.71m) towards its construction.

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When filed to the Shenzhen Stock Exchange (SZSE), the project was reviewed and approved at the 53rd provisional meeting of the fifth board of directors and the fifth session of its board of supervisors.

Sunwoda said that the plan is to build the plant with self-raised funds. It is investing in the first phase of the project’s construction via its subsidiary Hungary Sunwoda Automotive Energy Technology.

The Hungarian subsidiary of the company will be the subject of project implementation.

The development effort is expected to increase Sunwoda’s market share, expand its business and customer network internationally, and meet market demands while ensuring its long-term development.

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The funds will be utilised for a range of plans, including land acquisition, project building, and equipment purchases.

Sunwoda noted that the project may not be completed per its schedule due to varying factors such as industry policy changes, macroeconomics, and an unpredictable international market environment, among other reasons.

Earlier this month, the company proposed to spin off and list its controlling electric vehicle battery unit, Sunwoda EVB, on the ChiNext Market of the SZSE.

In May, Chinese battery manufacturer EVE Energy announced its plans to develop a battery production facility in Debrecen, Hungary, with an investment of approximately $1.18bn.