Samsung SDI to invest USD1.2 billion in a battery production plant in Malaysia.
Spread the love

Samsung SDI to invest USD1.2 billion in a battery production plant in Malaysia.

Samsung SDI will start mass-production of PRiMX 21700 cylindrical cells in this plant in 2024.

Samsung SDI today started the construction of its second battery production plant in Seremban, Malaysia. Samsung SDI will invest around 1.7 trillion won ($1.2 billion) phase by phase until the completion of the factory in 2025.

This plant will start mass-production of PRiMX 21700 cylindrical cells in 2024. The company has decided to make the second factory in Malaysia to meet the rising demand for cylindrical cells. Cells made at this plant will be used in various applications like EVs, electrical tools, etc.

The groundbreaking ceremony of Plant 2 at SDIEM was attended by Samsung SDI’s President and CEO YOONHO CHOI, the Menteri Besar of Negeri Sembilan, Dato’ Seri Haji Aminuddin bin Harun, State Legislatures of Negeri Sembilan, Ambassador of the Republic of Korea to Malaysia, Lee Chi-beom, and many representatives from SDIEM’s partner companies, including POSCO Chemical, W-SCOPE, and Iljin Materials.

President and CEO YOONHO CHOI said, “Today’s groundbreaking ceremony will serve as a starting point for realizing our vision to become a Global Top Tier Company by 2030” in his opening remarks. “With the successful completion and early stabilization of Plant 2, we will make SDIEM the center of the global battery industry.” President CHOI added, “With the support from the Malaysian state government and partner companies for best quality, we will be able to realize the vision much faster.”

During the congratulatory remarks, Negeri Sembilan Menteri Besar said “Investments from high-impact industries, such as Samsung SDIEM are integral to our vision of driving robust economic growth in Malaysia and Negeri Sembilan, which is outlined in our Malaysia Vision Valley 2.0 plan. Not only is this testament to our economic potential in Negeri Sembilan, but also the investment-friendly policies implemented by the State. Samsung SDIEM’s investment to be the pioneer in Electric Vehicle (EV) Battery Cell manufacturing in Seremban will continue to create jobs for the youth and spur more opportunities for local businesses.”

For all EV news, Click here!

Click here and follow us on Google News for regular EV updates.

Leave a Comment

Your email address will not be published.