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(Yicai Global) Sept. 26 -- Guangdong Dynavolt Renewable Energy Technology Co. [SHE:002684] (Dyanvolt Tech) will spend USD15 million (CNY100 million) to establish a wholly-owned subsidiary specializing in new-energy vehicle technology development and trial production in Shanghai.
The lead-acid and lithium-ion battery producer said that its board of directors approved the proposal at a meeting yesterday.
The Shanghai-based subsidiary will take over the parent's NEV business teams, and Dyanvolt Tech expects the new unit will boost the group's earnings in the future by improving its strategic positioning in the NEV industry.