Sunwoda Subsidiary to Secure RMB 2.65 Billion Investment from Li Auto

On September 4, Sunwoda announced that its subsidiary, Sunwoda EV Battery Co., Ltd., plans to conduct a Series C++ financing round, introducing Beijing Li Auto Inc. as a strategic investor. The board of directors of Sunwoda has approved a resolution authorizing Li Auto to invest RMB 2.65 billion to subscribe for newly issued registered capital of RMB 1.4 billion in Sunwoda EV Battery, representing 8.79% of the company’s equity after the capital increase. Sunwoda EV Battery’s business scope includes operation of new energy vehicle (NEV) charging infrastructure, as well as research and development, and sales of NEV charging equipment and related components. For the first half of 2024, the company reported revenue of RMB 15.529 billion and a net loss of RMB 3.24 billion. Following the completion of this capital increase, Sunwoda’s ownership stake in Sunwoda EV Battery will decrease from 26.38% to 24.06%.