Japan-based lead-acid company GS Yuasa is expanding its push into the lithium battery business by building a EUR3.5 million ($4.2m) manufacturing plant in Hungary.
Hungary’s government is backing the project in the city of Miskolcz, in northeastern Hungary, with a non-repayable grant worth around $1.8m. Construction work is set to start next month.
Further evidence of a Korean “land grab” of future European EV markets came last week with SK Innovation's announcement that it plans to invest around KRW1 trillion ($920 million) to build an electric vehicle (EV) battery plant in Hungary and to expand production facilities for EV batteries in South Korea.
The battery maker said it would set aside KRW840 billion for the Hungary plant, which it will start building in February. By 2020, the plant will be capable of producing 7.5GWh of batteries each year.
Battery maker Samsung SDI has begun construction of its lithium-ion plant in Hungary to supply the European electric vehicle market.
The South Korean firm new facility in Hungary will enable it to establish a triangular production structure along with existing plants in Ulsan, Korea and Xian, China.