South Korean battery maker Samsung SDI plans to raise 2 trillion Korean won ($1.38 billion) to support its battery production developments, including the expansion of its Hungary plant and its joint venture with US carmaker General Motors (GM).
The company aims to expand its Hungary plant to a capacity of 40 GWh per year and is collaborating with GM to establish a nickel-cobalt-aluminum battery plant in Indiana, with an anticipated production capacity of 36 GWh per year. Proceeds from the capital raise will also fund solid-state battery facilities in South Korea, with plans for mass production by 2027.
Despite an increase in facility investments from W1.7 trillion in 2019 to W6.6 trillion in 2024, Samsung SDI expects investment levels to decrease this year, prioritizing efficiency. The company also noted an 11% decline in battery usage in 2024, attributed to reduced demand from major automobile manufacturers in Europe and North America.
