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Samsung SDI breaks ground on electric car battery plant in China

10:27 AM MDT | August 18, 2014 | Natasha Alperowicz

Samsung SDI (Seoul) broke ground today on its electric car battery production plant at Xian, China. The new factory will produce 40,000 units of battery cells annually and will begin production by October 2015. The company, in January, signed a memorandum of understanding with Anqing Ring New Group and real estate investor Xian to establish the joint venture Samsung ARN (Xian) Power Battery. Samsung SDI holds a 50% in the jv, which will invest a combined $600 million by 2020 and generate a revenue of $1 billion/year by then.   China plans to have 5 million...

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