Samsung SDI to build electric car battery factory in China

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Samsung SDI to build electric car battery factory in China

Samsung SDI has signed a preliminary agreement to build an electric car battery factory in China by next year, in anticipation of a boom in a market backed by government subsidies. Samsung SDI, which also makes smartphone batteries and TV displays, is investing after China’s central government set a target to have 5 million “new energy vehicles” - defined as all-electric battery vehicles and “near all-electric” plug-in hybrids - on the road by 2020.

Samsung SDI, an affiliate of Samsung Electronics, will form a joint venture in China by April to invest $600 million in the factory in Shaanxi Province and in other electric car battery-related businesses over the next five years, the company said on Thursday. Reuters
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