【Samsung SDI Finalizes Plans for Third Factory in Hungary, Second Factory Expected to Complete in September】

Published: Mar 5, 2024 17:55

Source: SMM

Save

【Samsung SDI Finalizes Plans for Third Factory in Hungary, Second Factory Expected to Complete in September】According to foreign media reports, Samsung SDI has finalized its investment plan to build its third battery factory in Hungary. Sources say the company is expected to spend more than 6 trillion won on overall facility expansion this year, of which over 1 trillion won will be used to build the third factory.

According to foreign media reports, Samsung SDI has finally finalized its investment plan to build its third battery factory in Hungary. Samsung SDI is expanding its existing second factory in Hungary, which is expected to be completed in September.

Sources say the company is expected to spend more than 6 trillion won (about 32.4 billion yuan) on overall facility expansion this year, of which over 1 trillion won (about 5.4 billion yuan) will be used to build the third factory.

Earlier this month, during his visit to Samsung SDI's factory in Malaysia, Samsung Electronics CEO Lee Jae-yong said that bold investments are still needed despite the economic downturn leading to a decline in demand for electric vehicles and batteries.

It is reported that Samsung SDI plans to supply batteries for electric vehicles launched by automakers such as Hyundai in Europe from 2026 to 2032 through its factory in Hungary. These batteries will adopt a prismatic design and use a high-nickel cathode with a nickel content exceeding 91% and an anode containing more than 10% silicon, which is a silicon-carbon nanocomposite material.

Notably, on October 23, 2023, Samsung SDI announced that it will supply batteries to Hyundai Motor's European plants for electric vehicles from 2026 to 2032 over a 7-year period.

It is understood that this is the first time Samsung SDI has signed a battery supply contract with Hyundai Motor in the electric vehicle battery field. Samsung SDI will supply its sixth-generation prismatic P6 battery under development to Hyundai Motor. The P6 is a product that maximizes energy density by increasing the nickel ratio in the NCA cathode material to 91% and applying proprietary silicon materials to the anode material. The P6 will be produced at Samsung SDI's factory in Hungary and supplied to Hyundai Motor's European plants.

According to data previously released by the South Korean research institute SNE Research, in 2023, the global installed capacity of batteries for registered electric vehicles (EVs, PHEVs, and HEVs) was approximately 705.5 GWh, an increase of 38.6% year-on-year. Among them, Samsung SDI ranked seventh with an installed capacity of 32.6 GWh, up 36.1% year-on-year.

Samsung SDI is growing the fastest among South Korea's "Big Three" battery makers. Driven by strong sales of BMW iX/i4/i7, Audi Q8 e-Tron, and Fiat 500e in Europe, as well as good sales of Rivian R1T/R1S and BMW iX in North America, Samsung SDI continues to maintain growth. The company is also reportedly planning to secure new platforms and operate new production bases in the United States.

Energy Storage EV New Energy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 1, 2026 07:00

India to build a six-month strategic stockpile of lithium, cobalt and rare earths as demand rises

Amid sustained demand growth, India plans to build a strategic reserve of critical minerals including lithium, cobalt, nickel, copper and rare earths. The stockpile will be sized to cover six months of domestic consumption, aiming to guard against risks of global supply disruptions and sharp raw material price volatility. Led by India’s Ministry of Mines and Ministry of Heavy Industries, the reserve covers key raw materials essential for new energy vehicles, energy storage and the electronics sector, fields where India currently relies heavily on imports. At present, the United States, China, South Korea and other countries have already established strategic reserve systems for critical minerals.

May 1, 2026 07:00

Apr 30, 2026 23:00

[Geely's Gan Jiayue: Zeekr 9X to enter markets in the Middle East, Central Asia, and Europe from Q3]

On April 29, during Geely's Q1 2026 results conference, Gan Jiayue, CEO of Geely Auto Group, stated that the Zeekr 9X will be exported to the Middle East in June, launched in Central Asia in Q3, and enter the European market in Q4. Gan also revealed that the Zeekr 8X will be promoted in overseas markets from Q4 this year to Q1 next year. Data shows that in the first quarter, deliveries of the Zeekr 9X reached 22,000 units.

Apr 30, 2026 23:00

Apr 30, 2026 22:55

[LG Energy Solution posts Q1 operating loss of 207.8 billion won]

LG Energy Solution reported consolidated revenue of 6.6 trillion won in the first quarter, up 1.2% quarter-on-quarter (including approximately 189.8 billion won in North American production incentives). During the same period, it recorded an operating loss of 207.8 billion won. Shipments of pouch-type electric vehicle (EV) batteries declined due to inventory adjustments by major North American customers.

Apr 30, 2026 22:55