Sunwoda will supply batteries for Xiaomi's third model, codenamed "Kunlun," as well as Li Auto's Li M7 and Li M8, according to local media.
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Sunwoda is one of the world's largest power battery makers, and its EV battery business was valued at RMB 35.56 billion in its last funding round in June.
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The investment is to further improve the company's business layout, serve international customers and expand overseas business, Sunwoda said.
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Sunwoda's power battery installations in China amounted to 0.73 GWh in June, placing it at No. 6 with a 2.21 percent share.
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