(Yicai Global) Dec. 14 -- Sunwoda Electronic plans to invest CNY20 billion (USD3.1 billion) to construct a new electric car battery factory that will quadruple current output, the Chinese battery maker said today.

The facility, to be located in Zaozhuang, northeastern Shandong province, will have an annual capacity of 30 gigawatt hours and should bring in revenue of CNY20 billion a year, Sunwoda said. No timetable was given.

The company’s capacity is on target to reach 10 GWh by the end of this year, senior executives said in March.

The Shenzhen-based firm is ramping up production as NEV sales soar. In August, it said it will also spend CNY20 billion to build a 50 GWh battery plant in southeastern Jiangxi province.

Sunwoda counts the Renault-Nissan alliance as well as automakers Geely Holding Group, GAC Group and Xpeng Motors among its clients.

Sunwoda’s share price [SHE:300207] closed down 1.32 percent today at CNY45.75 (USD7.19).

Editor: Kim Taylor