Samsung greenlit plans for yet another factory in the United States, South Korean media report. And no, this isn’t about Samsung Electronics and its up-and-coming chipmaking monster project in the heart of Texas. The new report concerns its sister company, Samsung SDI, which is currently in the process of planning a new battery plant.
The South Korean firm is looking to start construction work by 2023 and wrap up the development in two years’ time, The Elec reports, citing sources familiar with the plan. As the factory should be churning out batteries come sometime in 2025, Samsung SDI is expected to officially confirm today’s report in the near future. Largely on account of being a publicly traded company with a legal obligation to report such prospects to both potential and existing investors alike.
Samsung SDI’s valuation is on road to being half a billion heavier on the back of this news
While the report of the planned U.S. expansion came hours after the end of regular business hours at the Korea Stock Exchange, Samsung SDI is currently up over a point in after-hours trading. Going by the number of its shares currently in circulation, the company gained approximately $424 million in market capitalization on the back of this report.
With that said, the company is still deciding on the details of the move. Sources cited by the original story claim the project will be finalized by this time next year. A potential joint venture with an established automaker – Korean or otherwise – isn’t out of the question, either. Not least because the plant in question is meant to specialize in electric vehicle batteries.