Samsung SDI To Invest $849 Million To Expand EV Battery Plant In Hungary: Report

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  • The official said that the company is also considering building another EV battery plant in the central European country, though no time line for construction has been decided
  • The report said that in a regulatory filing, it said that its wholly owned Hungary subsidiary will raise capital by issuing shares worth 404 billion won

As per a report by Reuters, Samsung SDI Co Ltd said it will invest 942 billion won ($849 million) to expand its electric vehicle (EV) battery factory in Hungary, a company official told Reuters. It added that the official said that the company is also considering building another EV battery plant in the central European country, though no time line for construction has been decided

Guarantee debt worth 538 billion won for its Hungary subsidiary to finance investment

The report added that Samsung SDI, an affiliate of Samsung Electronics Co Ltd, began production at the Hungary plant in 2018, producing batteries for 50,000 EVs a year. Samsung SDI has EV battery plants in South Korea and China as well.

The report said that in a regulatory filing, it said that its wholly owned Hungary subsidiary will raise capital by issuing shares worth 404 billion won. Samsung SDI will also guarantee debt worth 538 billion won for its Hungary subsidiary to finance investment.

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