Work is set to begin at Samsung SDI Battery Systems (SDIBS) lithium-ion battery plant following the Korean firm’s official opening ceremony.
The company will begin operations to manufacturer EV batteries for the European, American and Chinese markets at the plant in Graz, Austria.
It follows the company’s buy-out of Austrian firm Magna Steyr’s battery pack business for an undisclosed sum in February. Read more here
The deal included all of its 264 employees, production and development sites and existing contracts of the business.
Samsung SDI will integrate SDIBS’ capabilities in battery pack systems, with its cell technology to create automotive battery systems, said Namseong Cho, President and CEO of Samsung SDI, at the opening ceremony.
The global market for electric vehicles is forecast to reach 7.7 million vehicles by 2020, compared with 2.1 million in 2014, according to research firms B3 and IHS.