October 23, 2015 11:32
Samsung SDI has completed construction of a production facility for electric-vehicle batteries in Xian, China.
With some 200 company executives, industry partners and others in attendance, an event was held on Thursday to mark the completion of the plant, which can produce batteries for 40,000 electric vehicles or 150,000 plug-in hybrid electric vehicles annually.
Samsung SDI spent some US$200 million to build the plant with an aim to boost its presence in the fast-growing market. The facility started operating last month, supplying batteries to 10 Chinese automakers including Yutong, the world's biggest bus manufacturer, and Foton, China's leading commercial vehicle manufacturer.
Samsung SDI plans to invest another $600 million in the plant by 2020, with a target of $1 billion in annual sales.
Sales of electric vehicles in China reached 82,000 units last year, up more than 400 percent on-year. China is soon expected to become one of the largest markets for electric vehicles, likely accounting for 10 percent of the global market by next year.
- Copyright © Chosunilbo & Chosun.com