China’s Sunwoda plans $274.7-million Hungarian battery plant

China’s Sunwoda Electronic plans to build a power battery factory in Hungary for electric vehicles, with an initial investment of up to 1.96 billion yuan ($274.71 million), as Chinese battery makers expand in the European market.

The money will be used for purposes including land purchase, project construction and equipment procurement, Sunwoda said in a filing to the Shenzhen Stock Exchange on Thursday.