Samsung SDI, the battery and electronic materials manufacturing arm of South Korean conglomerate Samsung Group, will build a second battery factory in Malaysia to boost production of cylindrical batteries for electric vehicles and electronic devices. It will invest 1.7 trillion won ($1.3 billion) in the plant, the company said in a July 21 statement, adding that mass production will begin in 2024.The new factory will make Samsung SDI the leader in the global battery market by 2030, CEO Yoonho Choi said at the groundbreaking ceremony for…
Samsung SDI, the battery and electronic materials manufacturing arm of South Korean conglomerate Samsung Group, will build a second battery factory in Malaysia to boost production of cylindrical batteries for electric vehicles and electronic devices.
It will spend 1.7 trillion won ($1.3 billion) at the plant, the company said in a July 21 statement, adding that mass production will begin in 2024.
The new plant will be the “starting point” for Samsung SDI to become the global battery market leader by 2030, Chief Executive Yoonho Choi said at a groundbreaking ceremony in Seremban, about 60 kilometers south of Kuala Lumpur.
The sixth largest battery market in the world
As of June this year, Samsung SDI had a 5% share of the global battery market. According to Seoul-based market research and consulting firm SNE Research, the company ranks sixth with a 34 percent market share behind China’s market leader Hyundai Amperex Technology and South Korea’s LG Energy Solution with 14 percent.
According to a statement from Samsung SDI, along with power tools, micro mobile devices, electric vehicles and energy storage systems.
Top automakers among customers
In addition to Malaysia, Samsung SDI has production sites in South Korea, China, Vietnam, the United States, Hungary and Austria. The company’s clients include automakers BMW, Ford, Volkswagen, Stellantis and Hyundai, among others.
In May, Samsung SDI announced plans to partner with Stellantis to build its first U.S. battery factory in Indiana at a cost of $2.5 billion.
