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© hannu-viitanen-dreamstime.com Electronics Production | January 23, 2014

Samsung SDI taps into China's electric car market

South Korean Samsung SDI has signed a Memorandum of Understanding to build an electric car battery factory in China by next year.

Samsung SDI will – together with Anqing Ring New Group and a company owned by the government of Shaanxi province – invest USD 600 million in the factory in the Shaanxi province and in other related businesses. This after China's central government set a 5 million “new energy vehicles” on the road by 2020 target, according to a Reuters report. The companies involved will form a joint venture and break ground for the factory during the second half of 2014, which is planned to be operational next year.
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September 15 2019 8:56 pm V14.3.11-2