Sunwoda’s EV battery business scores 584.67% YoY hike in 2021 revenue

Shanghai (Gasgoo)- Sunwoda Electronic Co., Ltd. (“Sunwoda”) announced earlier this week it earned around 2.933 billion yuan ($461.145 million) worth of annual revenue from its electric vehicle (EV) battery business, rocketing 584.67% compared to 2020.

Photo credit: Sunwoda

According to Sunwoda's annual results, the EV battery unit accounted for 7.85% of the company's full-year revenue, 6.41 percentage points higher than that of the previous year. Its yearly gross margin rose 13.98 percentage points to -0.87% in 2021, which almost hit the break-even point.

Meanwhile, Sunwoda recorded a 501.36% year-on-year hike in annual operating costs of its EV battery arm in 2021, which amounted to about 2.959 billion yuan ($465.18 million).

Sunwoda said its power battery shipments reached 3.52GWh, citing the data from China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).

In terms of R&D achievement, the company noted that it had established a “five-layer safety design” system for its power battery products, which are applied in battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and 48-volt mild hybrid vehicles, etc. Except some global clients like Renault–Nissan–Mitsubishi Alliance, Sunwoda has already teamed up with many domestic clients who have demands for HEV-used batteries and will start the scale battery delivery in 2022.

Sunwoda has so far formed partnerships for its EV battery business with such automakers as Renault, Nissan, eGT, Geely Auto, Dongfeng Motor, GAC Group, SGMW, and SAIC Motor Passenger Vehicle. It has also built power battery manufacturing bases in cities like Huizhou, Nanjing, Nanchang, Zaozhuang, and Zhuhai.