Samsung plans to invest 2 trillion won to expand its EV battery plant

Samsung is reportedly made a plan to invest $1.48 billion (2 trillion won) to enhance its electric vehicle battery plant situated in Hungary. It was predicted that gas-powered cars may ban by 2035. Samsung is one of the main manufacturers in battery suppliers for the EV market. The plan was reportedly confirmed by SDI’s board of directors (via Korea IT News).

According to the information, Samsung SDI will jump EV battery production capacity to 1 million units, or 60GWh per year.

In a recent year, the South Korean tech firm, Samsung marked a nearly 3 trillion won ($2.23) investment in its EV battery manufacturing infrastructure. Outside of Europe, Samsung is building a new EV battery mass-manufacturing plant in Malaysia to supply car companies like BMW.

Moreover, the company also established its first EV battery R&D center in the United States. In the future, the company will also make its way to other countries too.

In order to maintain its growth, Samsung SDI managed to grab record-high profits in the second quarter of this year, surpassing 400 billion won in operating profit.

The company expanded its EV battery business centered on ‘PRiMX’, an independent brand of high-value-added EV batteries. The operating profit margin was 6% in the first half of this year, the highest in the domestic battery industry.

Samsung SDI PRiMX news

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