On July 27, Sunwoda’s board of directors passed the “Proposal on the establishment of joint venture company by wholly-owned subsidiaries, Geely Group and Zhejiang Jirun”, agreeing to the wholly-owned subsidiary Sunwoda Electric Vehicle Battery Co., Ltd. and Geely Automobile Group Co., Ltd. (hereinafter referred to as "Geely Group") and Zhejiang Jirun Automobile Co., Ltd. (hereinafter referred to as "Zhejiang Jirun") jointly invested to establish a joint venture company Shandong Geely Sunwoda Power Battery Co., Ltd. The capacity construction includes cell, module and pack production lines, mainly focusing on supporting the production of HEV (48V) power battery packs to meet the needs of Zhejiang Jirun, Geely Group and related parties for a full range of HEV automotive power battery products.
This cooperation is aimed at strong alliance, which will help give full play to Sunwoda's technical R & D advantages in HEV batteries and the resource advantages of Geely Group and Zhejiang Jirun, further deepen the cooperation between all parties and achieve win-win cooperation. It is conducive to Sunwoda to continue to expand the domestic and foreign business markets, to target mid-to-high-end customers, to expand business scale, to enhance Sunwoda’s continued profitability and core competitiveness in the field of new energy vehicles, and to implement Sunwoda’s mid- and- long-term development Strategic planning.
