Sunwoda’s EV battery unit seeks $580 million in pre-IPO funding
source link: https://technode.com/2023/02/23/sunwodas-ev-battery-unit-seeks-580-million-in-pre-ipo-funding/
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Sunwoda’s EV battery unit seeks $580 million in pre-IPO funding
Sunwoda Electric Vehicle Battery Co. is in talks with potential investors to raise as much as RMB 4 billion ($580 million) at a valuation of more than RMB 30 billion in a pre-initial public offering funding, Bloomberg reported on Wednesday. The Chinese EV battery maker will likely file for a listing on Shanghai’s Nasdaq-style Star Market as early as June, the report said, after its Shenzhen-listed parent Sunwoda Electronics Co began selling shares on the Swiss stock exchange last November. Sales of the company’s EV batteries surged 253.2% annually to 9.2 gigawatt-hours (GWh) in 2022, quickly catching up with its bigger rivals CATL, BYD, CALB, and Gotion High-Tech, according to figures from South Korean consultancy SNE Research. [Bloomberg]
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