Samsung SDI Breaks Ground For $1.3 Billion Battery Factory In Malaysia

Samsung SDI Co Ltd has broken ground on a new 1.7 trillion won ($1.3 billion) battery factory in Malaysia to make cylindrical batteries, the company said on Thursday.

The battery maker said it would invest the 1.7 trillion won in stages in the factory in the region of Seremban until its completion in 2025.

The factory is expected to begin producing cylindrical batteries starting 2024, Samsung SDI said in a statement.

The batteries are expected to be used for various applications ranging from power tools and micro-mobility to electric vehicles (EVs), it said.

The factory will be Samsung SDI's second in Malaysia, with the first making cylindrical batteries for EV customers.

In addition to Malaysia, Samsung SDI has production sites in South Korea, China, Hungary, and the United States. Samsung SDI's clients include BMW, Ford Motor and Volkswagen, among others.

($1 = 1,314.8000 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Himani Sarkar and Christian Schmollinger)