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Samsung SDI will invest USD 849 million in its Hungarian electric car battery plant

2021-09-07

CTECHi

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On February 24, according to foreign media reports, Samsung SDI, a battery manufacturer under the Samsung Group, will invest nearly 1 trillion won in its electric car battery factory in Hungary. On Wednesday, an executive of the company said that the company will invest 942 billion won ($849 million) to expand its electric car battery plant in Hungary. Currently, the plant is in the second phase of expansion. Foreign media said that Samsung SDI plans to invest 1.2 trillion won by 2030 to ensure a monthly production capacity of 18 million batteries. The above-mentioned executives said that Samsung SDI is also considering building another electric car battery plant in Hungary, but the construction timetable has not yet been determined. Samsung SDI is a battery manufacturer under the Samsung Group. It has electric vehicle battery plants in South Korea and China. The company's electric vehicle customers include Ford and BMW. In July 2019, the company and the famous Swedish luxury car brand Volvo Group (VolvoGroup) reached a strategic alliance, the alliance will include joint development of battery packs for Volvo electric trucks. In November 2019, Samsung SDI and BMW signed a battery supply contract worth 2.9 billion euros (approximately RMB 22.5 billion). The contract supply period is from 2021 to 2031. (Little Fox)

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