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THE INVESTOR]
Samsung SDI, the battery-making unit of Samsung Group, said on Aug. 30 that it has picked Hungary as the final destination for its first European production base.
This is the company’s third battery plant globally following two in Korea and China.
Citing cost and regulatory benefits, the company said, it will refurbish its own Braun tube production plant in God, a small town some 25 kilometers north of Budapest, to establish new battery production lines in the country.
Rendering image of Samsung SDI’s planned battery plant in Hungary.
The plant, located on a 330,000-square meter site, will have an annual production capacity of 50,000 full electric vehicles with aims to start operations from the latter half of 2018.
The company established the display plant in 2001 but the operations have been suspended since 2007.
The company added it is also hoping for synergies with neighboring production plants of European carmakers, key clients for its growing EV battery business.
By Lee Ji-yoon (
jylee@heraldcorp.com)
