Samsung SDI taps into China's electric car market

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.