Sunwoda Electric Vehicle Battery, the electric-vehicle battery unit of Sunwoda Electronic, is in talks with potential investors to raise a $580M (4B yuan) funding round.
The Chinese firm aims for a valuation of over $4.3B (30B yuan). Sunwoda's fundraising attempts come as the company prepares for an IPO on Shanghai's Star Board exchange.
Sunwoda EVB supplies battery components to automakers including Volvo, XPeng, and Dongfeng.
- Previous backers of the firm include Meituan, Broad Vision Funds, and Shenzhen Capital Group.
- Since its founding in 2008, the firm has raised over $870M (6B yuan) in venture funding to date.
- In November, parent company Sunwoda Electronic — listed in Shenzhen — raised $440M through a depositary receipt sale.
Earlier this month, peer Zeekr Intelligent Technology secured $750M.
