SDI said Tuesday it will build an
electric car battery plant in Hungary
as it expects “explosive growth” in the
sales of electric vehicles on the
continent.
The firm, an affiliate of the world’s top
smartphone maker Samsung
Electronics, counts BMW, Volkswagen,
Jaguar, and Land Rover among its
European clients.
The company said it will invest 100
billion forints (325 million euros) in
the construction of the plant in the
small town of God, 25 kilometres (15
miles) north of the capital Budapest.
The factory is expected to be fully
operational by 2018 and produce
batteries to power 50,000 electric
vehicles (EVs) a year, Samsung SDI
vice-president Jung Se-woong said in a
joint press statement with Hungarian
Foreign Minister Peter Szijjarto in
Budapest.
“In the near future, explosive growth
in sales of electric vehicles is expected.
This is why the company is making
great efforts to boost its European
manufacturing, it wants to strengthen
its presence on the continent,” Jung
said.
The factory will create 600 jobs,
Szijjarto added.
Big car makers like BMW have made
electric cars a strong focus of their
development strategy.
Earlier this summer, Samsung SDI
announced it would invest 408 million
euros in the China’s leading electric
car maker BYD, co-owend by
Americain billionaire Warren Buffet.
11:36
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