After announcing to set up electric vehicle joint venture and advance energy-saving electric vehicle field together in August this year, INVT and Sunwoda publicized to jointly march on electric vehicle field.

Sunwoda said in its announcement that it plans to establish Shenzhen Sunwoda EV Battery Co., Ltd. (tentative name, subject to business registration) jointly with INVT Auto-Control Technology CO., LTD (hereinafter referred as “INVT Auto-Control Technology”) with its self-owned fund of RMB102 million. Sunwoda EV Battery is mainly engaged in vehicle battery pack, power management system and other relevant businesses. The announcement shows that INVT Auto-Control Technology, a wholly-owned subsidiary of the listed company INVT, specializes in electronic transmission, electronic semiconductor and drive and control products.

It is the secondary cooperation between Sunwoda and INVT this year. Sunwoda indicated if the project could carry out smoothly, it will greatly increase its sales.