Deal for car battery factory in Shaanxi
Print Edition
Samsung SDI, the world’s largest maker of plasma display panels and renewable batteries, has signed a deal to build a car battery production facility in northwest China’s Shaanxi Province.
According to the memorandum of understanding, Samsung SDI will team up with two Chinese companies, ARN Group and Xi’an High-Technology Group, to build the factory in the Xi’an high-technology zone.
The factory will start construction in the second half of this year and become operational in 2015. The plant will receive investment of US$6 million over five years.
There is a growing trend in China for electric cars and plug-in hybrid electric vehicles, which together have been forecast to reach 5 million units by 2020.
Sang Jin Park, Samsung SDI CEO, said the factory will help the company gain a foothold in the Chinese market, which is becoming the world’s largest for electric vehicles.
The Xi’an high-tech zone is a major auto parts production base, featuring a number of new-energy carmakers.
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