Samsung SDI Co. said Thursday that it plans to make about 1 trillion won ($875 million) facilities investmetn this year including those required for its electric vehicle battery business.
Samsung SDI, the chemical unit of Samsung, said it plans to spend 975 billion won this year to expand its facility, up from last year’s 682 billion won.
Samsung SDI runs two EV battery plants, in South Korea and China. The company currently manufactures components sufficient to produce batteries for 200,000 electric vehicles annually. The company has its eye on Europe for its third EV battery facility.