Also, the fund from the EU will be used by Samsung SDI to complete the local battery plant, in turn revving up the local economy and bringing in locally created jobs. Samsung SDI is one of the key players in the fastest-growing market for lithium-ion batteries. Back in 2017, the battery manufacturing arm of Samsung Electronics, Samsung SDI, decided to invest about €1.2 billion (roughly $1.272 billion) to expand its EV plant in Göd (not to be confused with the almighty).
The plant reached its full capacity, delivering more than 6 million batteries per month to customers spread across Europe. It also helped create 1,200 new jobs. Later in 2018, Hungary was notified that the EU planned to grant €108 million (approximately $114 million) of public support for the project. After an in-depth investigation in October 2019, the funds were released in December 2021.
Now, the €90 million in funds will help Samsung SDI set up the second plant in Hungary. Samsung SDI did not disclose the production capacity of the second plant, but industry insiders estimate its production capacity to be 50GWh per year. This would result in powering 600,000 electric vehicles per year. Samsung SDI is supplying batteries from its Hungarian plant to European EVs such as BMW, Volkswagen, and Stellantis.
