Samsung confirms $1.3 billion plan for an EV battery factory in Malaysia

[AshuAgrahari]

Several reports from earlier today suggest that Samsung is on an investment spree to expand its operations. Aside from the fact that the company plans to build nearly a dozen chip factories in the USA, Samsung just confirmed its new investment strategy for an EV battery manufacturing facility in Malaysia.

We heard about Samsung SDI possibly wanting to build a new factory in Malaysia last month. There were no details on the scope of the operation, but today, Samsung SDI confirmed the above and revealed that it wants to invest $1.3 billion in the new factory. (via Reuters)

Samsung will construct the $1.3 billion facility in the region of Seremban. The facility will manufacture cylindrical batteries for electric vehicles. Samsung SDI expects the factory to be completed in 2025, although it could begin production — presumably in a limited capacity — in 2024.

Building batteries for the top EV makers

Samsung is reportedly developing two cylindrical battery types. And last month, it was said that the Korean tech giant wants to increase its manufacturing capacity from 20 PPM to 200-300PPM. The new facility in Malaysia will be instrumental in achieving this target.

Source:

Sammobile