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Samsung SDI to spend 1 tln won on EV battery biz this year

All Headlines 09:20 April 14, 2016

SEOUL, April 14 (Yonhap) -- Samsung SDI Co., a major chemical unit under the country's top conglomerate Samsung, said Thursday that it plans to spend around 1 trillion won (US$875 million) this year on beefing up its electric vehicle (EV) battery business.

Samsung SDI said it plans to spend 975 billion won this year to expand its facility, sharply up from last year's 682 billion won.

Samsung SDI runs two EV battery plants each in South Korea and China, which produce some 200,000 units annually. The company is eyeing its third EV battery facility in Europe.

Earlier, Samsung SDI said it plans to invest 3 trillion won in its EV battery business by 2010.

In South Korea, LG Chem Ltd., a major chemicals and battery firm under the LG Group, and Samsung SDI are the top two EV battery producers, having clinched several deals with leading automakers over the past years.

Other local rivals are also stepping up their moves to expand output capacity.

SK Innovation Co., the country's top oil refiner, is working to expand its EV battery production capacity to meet growing demand.

SK Innovation has been pushing for the EV battery business since 2008 by expanding its global outreach as part of efforts to find a new income source.

sam@yna.co.kr
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