South Korean producer Samsung SDI Co Ltd mentioned it’s going to make investments 942 billion received (US$849 million) to develop its electrical automobile (EV) battery manufacturing unit in Hungary, an organization official instructed Reuters on Wednesday.
FILE PHOTO: The emblem of Samsung Electronics is seen at its headquarters in Seoul, South Korea, April 4, 2016. REUTERS/Kim Hong-Ji//File Picture
24 Feb 2021 10:30AM
SEOUL: South Korean producer Samsung SDI Co Ltd mentioned it’s going to make investments 942 billion received (US$849 million) to develop its electrical automobile (EV) battery manufacturing unit in Hungary, an organization official instructed Reuters on Wednesday.
The agency, whose EV prospects embrace Ford Motor Co and BMW AG, can be contemplating constructing one other EV battery plant within the central European nation, although no time line for building has been determined, the official mentioned.
Samsung SDI, an affiliate of South Korean tech big Samsung Electronics Co Ltd, started manufacturing on the Hungary plant in 2018, producing batteries for 50,000 EVs a yr.
In a regulatory submitting on Tuesday, it mentioned its wholly owned Hungary subsidiary will increase capital by issuing shares price 404 billion received. Samsung SDI can even assure debt price 538 billion received for its Hungary subsidiary to finance funding.
Samsung SDI additionally has EV battery vegetation in South Korea and China.
(US$1 = 1,109.0000 received)
(Reporting by Heekyong Yang; Modifying by Christopher Cushing)
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