South Korean electronics giant Samsung SDI has confirmed its plan for investment to expand its operations in Malaysia with new EV battery facility.
Aside from the fact that the company plans to build nearly a dozen chip factories in the USA, Samsung just confirmed its new investment strategy for an EV battery facility in Malaysia.
Rumors were heard about Samsung SDI possibly wanting to build a new factory in Malaysia last month.
There were no details on the scope of the operation, but Samsung SDI confirmed the above and revealed that it wants to invest $1.3 billion in the new factory.
Samsung will construct the $1.3 billion EV battery facility in the region of Seremban.
The EV battery facility will manufacture cylindrical batteries for electric vehicles. Samsung SDI expects the factory to be completed in 2025, although it could begin production — presumably in a limited capacity — in 2024.
Samsung is reportedly developing two cylindrical battery types.
And last month, it was said that the Korean tech giant wants to increase its manufacturing capacity from 20 PPM to 200-300PPM.
The new EV Battery manufacturing facility in Malaysia will be instrumental in achieving this target.
According to previous reports, Samsung will leverage its increased production capacity for cylindrical batteries to secure clients like Tesla and BMW.
The company also supplies cameras to Tesla and will reportedly sell millions of OLED panels to BMW for a high-end sedan.
