NIO, XPeng, Li Auto to take stake in battery maker Sunwoda
Summary
Li Autos affiliate Jiangsu CHJ Automobile Co Ltd, Sky Top LLC and their designees will each invest RMB 400 million, making them the two largest investors, each taking a 3.2 percent stake in the company. Sky Top is an entity associated with XPeng, LatePost said, citing people close to the deal. XPeng, which previously had CATL as its main supplier of power cells, has confirmed the use of 4C power cells from another local supplier, Sunwoda, in its midsize SUV G9, which was released last November, LatePost reported late last month. The XPeng G9 is Chinas first production vehicle based on the 800V high-voltage SiC platform and can get a range of more than 200 kilometers on a five-minute charge, the company said at the time. Sunwoda started out making cell phone batteries and went public as an Apple supplier on the A-share in 2011.