According to the report, with the increase in demand for electric vehicles, the demand for batteries has also increased significantly. Battery manufacturers such as CATL and LG New Energy are also investing heavily to expand production capacity to meet the growing demand.
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Samsung SDI, a subsidiary of Samsung, is also expanding its production capacity for electric vehicle batteries. The latest reports from South Korean media show that their spending on battery capacity expansion this year will increase significantly compared with last year.
South Korean media said in the report that Samsung SDI’s expenditure on battery capacity expansion last year was about 2 trillion won, and this year is expected to be close to 3 trillion won, which is a year-on-year increase of nearly 50%.
In the report, the Korean media also mentioned that Samsung SDI’s cylindrical battery and solid-state battery technology were strongly recommended by Li Zaiyong, the vice chairman of Samsung Electronics and the actual controller of Samsung Group, during his European business trip in June.
During a European business trip, Lee Jae-yong also met with the CEO of BMW, who was very interested in Samsung SDI’s solid-state battery technology. It was also reported last month that BMW plans to cooperate with South Korean suppliers on the production of solid-state batteries.
Samsung SDI’s battery capacity expansion, and ongoing expansion of the Goed factory in Hungary, have also announced that they will invest 1.7 trillion won to build a factory in Malaysia. In addition, their joint venture with Stlantis is also expected to build a battery factory.
