Samsung SDI was reviewing building a separate battery plant in the US besides the one it is planning to build through a joint venture with Stellantis, the South Korean battery maker’s CEO said on Thursday.
Samsung SDI CEO Yunho Choi told reporters after the company’s annual shareholders’ meeting that the company was considering building its own battery plant as well as through another joint venture with a separate automobile company besides Stellantis in the US.
The ultimate aim is to become the top battery maker globally in 2030, Choi said.
Last year, Samsung SDI spent 2 trillion won on its facilities. Though the amount is the highest to date for the company, it falls short of what rivals LG Energy Solution and SK On spent in the same year.
Choi said that its battery business was not a short distance race and it will take a long view on the business.
During the shareholders’ meeting, Samsung SDI said it has made a profit from its large battery business for the first time last year.
Its revenue in Europe has expanded thanks to the start of production of Gen 5 electric vehicle batteries there, the company said.
Gen 5 batteries are made in Samsung SDI’s factory in Goed, Hungary, and went into production last year.
The batteries use a different separator with increased heat resistance from prior generation batteries.
They also use nickel, cobalt and aluminum oxide as the cathode with over 80% nickel.