Xiaomi to invest RMB 1.7 billion in EV battery maker Sunwoda Mobility

Xiaomi will acquire a 5.34% stake in EV battery maker Sunwoda Mobility for RMB 1.7 billion through its wholly owned investment subsidiary. The deal involves subscribing to newly issued capital, after which Sunwoda Electronic will cease to control the battery business and consolidate its results. Sunwoda Mobility is already a strategic partner in Xiaomi's Dragon Armor battery program.

• Xiaomi to take 5.34% of Sunwoda Mobility for RMB 1.7 billion
• The deal will be done via subscription to newly issued capital
• Sunwoda Electronic will lose control of the battery business
• Sunwoda Mobility is a partner in Xiaomi's Dragon Armor program