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Samsung SDI to invest $849 million to expand EV battery plant in Hungary

Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics Co Ltd, began production at the Hungary plant in 2018, producing batteries for 50,000 EVs a year

Samsung | Electric Vehicles | Automobile

Reuters  |  SEOUL 

Samsung, Samsung Galaxy
Samsung, Samsung Galaxy

SEOUL (Reuters) - South Korean manufacturer SDI Co Ltd said it will invest 942 billion won ($849 million) to expand its electric vehicle (EV) battery factory in Hungary, a company official told Reuters on Wednesday.

The firm, whose EV customers include Ford Motor Co and BMW AG, is also considering building another EV battery plant in the central European country, though no time line for construction has been decided, the official said.

SDI, an affiliate of South Korean tech giant Electronics Co Ltd, began production at the Hungary plant in 2018, producing batteries for 50,000 EVs a year.

In a regulatory filing on Tuesday, it said its wholly owned Hungary subsidiary will raise capital by issuing shares worth 404 billion won. Samsung SDI will also guarantee debt worth 538 billion won for its Hungary subsidiary to finance investment.

Samsung SDI also has EV battery plants in South Korea and China.

($1 = 1,109.0000 won)


(Reporting by Heekyong Yang; Editing by Christopher Cushing)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, February 24 2021. 08:42 IST