On April 27, Sunwoda released its financial reports for 2022 and 1Q23. Regarding its performance for 2022, Sunwoda posted RMB 52.162 billion in realized revenue, showing a YoY increase of 39.63%. Its net profit attributable to the shareholders of the listed companies came to a total of RMB 1.064 billion, reflecting a YoY growth of 16.17%.

Sunwoda primarily design, manufacture, and sell Li-iion battery modules. The application scope of its products encompasses consumer electronics, electric vehicles (EVs), and energy storage systems. During the reporting period, Sunwoda’s EV power battery business managed to have its products certified and qualified for mass adoption. Sunwoda stated that the operation of its EV power battery business has been examined by its clients in detail. Furthermore, the BMS for its EV power batteries has also passed strict testing by international and domestic customers residing in the high-end segment of the EV market.

Thanks to the rapid growth of the markets for EVs and new energy solutions, Sunwoda shipped 12.11GWh of EV power batteries in 2022. This amount translates to a sales revenue of RMB 12.687 billion, showing a massive YoY increase of 332.56%.

Sunwoda adheres to a “focus plus differentiation” strategy when developing its products. Specifically, the company focuses on prismatic Li-ion cells that feature an aluminum casing when developing its EV power batteries. As for differentiation, Sunwoda is offering batteries for battery-electric vehicles (BEVs), extended-range electric vehicles (EREVs), plug-in hybrid vehicles (PHEVs), and hybrid electric vehicles (HEVs). For EREVs, the company has established a ternary material system that delivers a higher level of energy density. At the same time, the company has also established an LFP material system and an LFP+Mn material system that have the advantages of a longer cycle life and a lower cost. In terms of product safety, Sunwoda said a “five-layer” safety design has been applied to its batteries.

For the midrange and high-end segments of the BEV market, Sunwoda offers fast-charging 2C and superfast-charging 4C products that are compatible with 400V and 800V platforms. The latest fast-charging solutions from the company can extend the driving range to 1,000km and attain a 20-80% state-of-charge within 10 minutes.

Furthermore, Sunwoda has LFP- and NCM-based solutions for applications that require batteries to have a long cycle life. As for the EREV and PHEV markets, the company provides products that enables vehicles to reach 50-200km on just battery power.

Sunwoda continues to simultaneously work on different advanced technologies and material systems, including LFP+Mn batteries, Na-ion batteries, all-solid-state batteries, etc. This strategy is help the company meet customers’ diverse needs. Sunwoda stated that the company currently has several solid-state battery technologies that are in development. They include high-Ni cathode, Si-based anode, Li-based anode, all-solid-state battery based on sulfide, and solid-state battery with Li and sulfide. Sunwoda also noted that the development of its Na-ion batteries is moving forward on schedule.

In China, several major domestic carmakers and new automotive startups have adopted or expressed intention to adopt Sunwoda’s batteries. They include Dongfeng Motor, Dongfeng Liuzhou Motor, Geely, SAIC, Maxus, SGMW, GAC Motor, Chery, Li Auto, XPENG, and Leapmotor. Furthermore, the joint ventures that Sunwoda has formed with Geely and Dongfeng Motor are now in operation. Outside China, Sunwoda has established cooperative relations with a few well-known multinational carmakers such as Volkswagen, Volvo, Renault, and Nissan. Looking ahead, Sunwoda will continue to synchronize with its clients in the automotive industry and develop batteries for their mainstream vehicle models that are sold in multiple regional markets.

Turning to the energy storage market, Sunwoda has been expanding its market presence for some time with products for power grids, homes, smart energy applications, etc. On account of continuous investment and accumulation of expertise, the company made further breakthroughs during 2022. During the reporting period, Sunwoda’s energy storage business posted RMB 455 million in revenue, showing a YoY increase of 50.36%.

As for 1Q23, Sunwoda posted RMB 10.478 billion in realized revenue, showing a YoY drop of 1.34%. On a less a positive note, its net profit attributable to the shareholders to the listed companies was negative RMB 165 million. Looking back to 1Q22, its net profit attributable to the parent company amounted to RMB 94.9232 million.

This article is a translation of a Chinese article posted by TrendForce. It contains information that is either sourced from other news outlets or accessible in the public domain. Some Chinese names are transcribed into English using Hanyu Pinyin.