On March 25, Xinwangda announced that the company had signed the "Project Investment Agreement" with the People's Government of Lanxi City, Zhejiang Province today. According to the agreement, the company plans to invest 5.2 billion yuan to build a lithium-ion battery project in Lanxi, Zhejiang.

According to the agreement, the two parties will jointly build the Zhejiang Xinwangda lithium-ion battery project. The project plans to invest RMB 5.2 billion to build a lithium-ion battery project with a daily production capacity of 800,000. According to Battery China.com, the project will be constructed in three phases. Among them, the first phase plans to invest 1.6 billion yuan to build about 200,000 lithium-ion batteries/day production lines and related supporting facilities; the second phase plans to invest 1.8 billion yuan to build about 300,000 lithium-ion batteries/day production lines and related supporting facilities; The third phase plans to invest 1.8 billion yuan, and the project will add about 300,000 lithium-ion batteries per day related supporting facilities for the production line.

As one of the traditional consumer battery giants, Xinwangda has also continued to make efforts in the field of new energy vehicle power batteries in recent years. According to data from the Power Battery Application Branch, Xinwangda's new energy vehicle power battery installed capacity in 2019 was 645.01MWh, ranking 10th in domestic installed capacity, a year-on-year increase of 580.02%, and the growth rate was significantly higher than other companies.

In addition, the company's related products have also entered the supply chain of international mainstream auto companies. For example, in 2019, the company successfully entered the joint venture company established by Renault, Nissan and Dongfeng-Easyjet New Energy Automobile Co., Ltd., and the Renault-Nissan Alliance’s designated procurement list of power battery suppliers. More than 1.5 million electric vehicles provide power batteries.