The company has finalised battery supply agreements with 10 local and commercial vehicle companies. Some of these include Yutong, the leader of China’s bus industry and Foton in the truck sector, Estimated battery production is for around 40,000 EVs per year.
As we reported last week, Samsung SDI recently announced it has completed the construction of its latest battery plant in China. Now we learn that in addition to the company’s plans to invest $600m expanding the facilities by 2020, according to company spokesman Song Young, "Samsung SDI aims to have $1bn sales in 2020. This target looks ambitious, however, the company will try hard to achieve it.”