SEOUL, South Korea--(BUSINESS WIRE)--Samsung SDI (President: Jun Young-hyun) (KRX:006400) hosted a completion ceremony for the state-of-art electric vehicle (EV) battery plant scheduled to open in second quarter of 2018 in Hungary.
Samsung SDI celebrated the completion of construction of its EV battery plant in Goed, 30 kilometers north of Budapest, Hungary, on May 29 (Hungarian time). The ceremony was attended by about 150 officials, including Hungarian Prime Minister Viktor Orban, Samsung SDI President Jun Young-hyun, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto and Korean Ambassador to Hungary Yim Geun-hyeong.
Sitting on a 330,000 square-meter site in Goed, the plant is capable of producing batteries for 50,000 electric vehicles annually with operations expected to begin in the second quarter of next year. The company will be able to not only save logistics costs, but also improve customer service in Europe. Samsung SDI’s former plasma display panel (PDP) plant has been transformed into a plant equipped with state-of-art technology of Samsung SDI to produce high-power and high-efficiency EV batteries. Through construction of Hungary plant, Samsung SDI sets up a global electric vehicle batteries production tripod with plants in Ulsan, South Korea and Xian, China.
Europe is leading the global EV market with its environment-friendly policy. The market for batteries, one of core parts of electric vehicles, is expanding fast alongside the EV market.
“In the early 1990s, we met capitalism and encountered various kinds of companies and brands. We have learned that ‘Made in South Korea’ is a warranty check that guarantees quality of a product. Korea was good example to us indeed. We learned that this is the most important key for a diligent small country to build a strong economy and hold a firm position in the world market. Samsung learned from others but it has always walked its own path. Goed wanted Samsung SDI and Samsung SDI wanted to come back to Goed. That’s the reason for Hungarian government to support this project. I would like to thank Samsung SDI executives for choosing Hungary and Goed.” Hungarian Prime Minister Viktor Orban said at the ceremony.
“State-of-the-art technology of Samsung SDI will be applied to batteries to be made in this plant in Hungary. Batteries are one of the most important parts supplied to global car makers. I expect the plant to contribute much to the growth of the European electric vehicle market.” Samsung SDI President Jun Young-hyun said.