The Korean battery cell manufacturer Samsung SDI has announced that it will invest the equivalent of around 740 million euros in the expansion of its battery factory in Göd, Hungary, near Budapest.
The factory, from which Samsung SDI supplies cells for BMW and Volkswagen, among others, currently has an annual capacity of 30 GWh and is expected to be able to produce over 40 GWh in the future. Samsung SDI had completed the construction of the factory in 2017. It is not clear from the South Korean media reports when the expansion is to be completed.
With the investment of around one trillion won, which is equivalent to a little more than 900 million US dollars or the aforementioned 740 million euros, the Korean company apparently hopes to expand its position in the electric car market in Europe. The investment is to be partly financed by a capital increase of the Hungarian subsidiary Samsung SDI Hungary Zrt, but also by loans.
In South Korea, an unnamed representative of Samsung SDI told the Reuters news agency that the manufacturer was also considering building a second plant in Hungary. However, a decision or even a timetable for the construction of such a factory had not yet been made. In addition to Hungary, Samsung SDI has plants in South Korea and China. Worldwide, Samsung SDI ranks fifth among battery cell manufacturers.
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