Sinowatt Battery Wins Battery Projects from Ideal and Xiaomi

TapTechNews June 20th, 36Kr Auto reported that Sinowatt Battery, a subsidiary of Xinwanda, has won the battery fixed-point projects of Ideal M8, M7 and Xiaomi's third model. Xinwanda responded that due to confidentiality agreements, it is not convenient to disclose.

The report cited informed sources as saying that Xiaomi's third car is strictly cost-oriented and positioned at the 150,000 yuan ($21,428) level, which is also one of the key factors for selecting Xinwanda as the fixed-point. The system-level quotation may be below 50 cents per watt-hour.

And Ideal has previously used Xinwanda batteries in the L8Air model.

Xinwanda was established in 1997 and started with battery PACK (processing and assembling of battery packs) business and is a PACK supplier of many mobile phone brands such as Apple, Huawei, Xiaomi, OPPO, and vivo.

In 2014, Sinowatt Battery was established, focusing on power batteries, not only doing PACK business but also covering cell manufacturing. Ideal, Xiaopeng, Leapmotor, Geely's Zeekr, Galaxy, Lynk & Co., as well as Dongfeng, GAC, SAIC, and many other brands have production vehicle cooperation with Xinwanda.

According to TapTechNews' previous report, in May 2024, the installed capacity of China's power battery was 39.9 GWh. CATL, BYD, and CALB ranked the top three, and Xinwanda ranked sixth with an installed vehicle volume of 1.15 GWh, accounting for 2.91%.