Samsung SDI-Bosch venture to start producing electric car batteries in 2011

SEOUL, Sept. 11 (Yonhap) -- Samsung SDI Co., the world's No. 3 producer of rechargeable batteries, said Friday its joint venture with Germany's Bosch Corp. will start commercial production of batteries for electric vehicles in 2011.

The joint venture, SB LiMotive Co., commenced on Thursday the construction of a
plant in the industrial South Korean city of Ulsan where it will produce
batteries used to power hybrid and pure electric vehicles, Samsung SDI said.
SB LiMotive will invest 500 billion won ($409.2 million) in the plant by 2015,
aiming to grab a 30 percent share of the global auto battery market.
The company in August clinched a deal with BMW AG to provide batteries to the
world's largest premium automaker. BMW plans to mass produce fully electric cars
with near-zero emissions starting in 2013.
Samsung SDI and other South Korean makers of batteries for vehicles have been
rushing to increase their capital spending in an effort to secure a spot in the
rapidly growing market.
Samsung signed a deal in June 2008 with Bosch, the world's largest supplier of
automobile components, to set up the 50-50 joint venture.
ygkim@yna.co.kr
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