Samsung SDI Steps into the World’s Largest Electric Car Market
Samsung SDI stepped into the world’s largest electric vehicle market China. Samsung plans to gain a larger share in the world’s electric car battery market by establishing a clear presence in China first.
The world’s electric car battery market is forecast to grow to 8 million units by 2020 from 2.4 million units in 2014.Samsung SDI announced on August 18 that it held a ground-breaking ceremony for a new electric car battery factory in China’s Xi’an in Shanxi Province.
The Xi’an factory is expected to begin operations from October 2015. The plant will be the first of its kind in the world to have an integrated production system for the entire lineups of electric car battery cells.
Samsung SDI plans to invest US$600 million by 2020, aimed at boosting the factory’s annual sales up to more than $1 billion by 2020.
To make effective forays into the Chinese market, Samsung SDI recently signed an agreement with Anqing Ring New Group and real estate investor Xian to establish the joint venture Samsung ARN (Xian) Power Battery.