Gold Prices Rise Above $4,200 as Russia-Ukraine Energy Truce Eases Oil Concerns 
Samsung, SK Hynix Shares Plunge as China Chip Competition Grows 
Morgan Stanley Predicts $10 Trillion RWA Market by 2030 
Oil Prices Rise as Houthi Attacks Threaten Middle East Supply 
Russia Approves Sberbank for Crypto Exchange Services 
RBA Signals More Rate Hikes as Inflation Risks Rise 
European Stocks Rise as Oil Prices Fall Ahead of US CPI 
Arthur Hayes Announces FLOP Testnet Launch Within Weeks 
Ethereum Foundation-Linked Wallets Move $11.13M in ETH to Kraken 
FAA Warns US Airlines Over Saudi Arabia Flight Risks 
Moonshot AI Executives Seek Settlement Ahead of Hong Kong IPO 
Bumble Shares Surge 50% on $1 Billion Buyout Talks 
Gold Prices Hit One-Week High as Oil Falls, Fed Rate Outlook Weighed 
Wall Street Ends Mixed as Investors Await CPI and Bank Earnings 
Nvidia’s China AI Chip Market Share Falls to 34% as Huawei Gains Ground 
Coinbase CEO Backs SEC Accredited Investor Reform 
Nasdaq Faces Pullback to 26,225 Despite Bullish Outlook, UBS Says 
Add as a preferred source on Google
Samsung SDI is building a new facility in Malaysia, and it will be for the company’s battery production. The ground-breaking ceremony was already held on Thursday, July 21.
Samsung SDI is investing ₩1.7 trillion or around $1.3 billion for this project. The new battery plant is expected to be completed by 2025 and will produce PRIMX 21700 cylindrical batteries once in full operation.
The South Korean battery and electronic materials manufacturer based in Yongin, Gyeonggi-do, is building a new plant in Malaysia in response to the increasing demand for the said product. As per The Korea Herald, Samsung SDI is also aiming to become a Global Top Tier Company by 2030 through this latest investment.
This will be the company’s second plant in the country, and mass production of the batteries may begin even before the facility’s construction is finished. It was reported that the company will start making the said battery model in 2024. The product measures 21-millimeter-wide and 70-millimeter-long, and it will be sold under the PRiMX brand.
Such type of battery is used in electrical power tools, micro-mobility, electric vehicles, and energy storage systems (ESS). The company’s chief believes that the construction and early stabilization of the plant will push their Malaysian business to become the “center of the global battery industry.”
“Today’s groundbreaking ceremony will serve as a starting point for realizing our vision to become a Global Top Tier Company by 2030, Choi Yoon Ho, Samsung SDI’s president and chief executive officer, said in a press release, “With the support from the Malaysian state government and partner companies for best quality, we will be able to realize the vision much faster.”
Meanwhile, The Korea Economic Daily reported that Samsung SDI is strengthening its cylindrical battery production worldwide. It is also expanding its facilities to accommodate more orders and be able to supply batteries to major firms such as Tesla Inc.
“Investments from high-impact industries, such as Samsung SDIEM are integral to our vision of driving robust economic growth in Malaysia and Negeri Sembilan, which is outlined in our Malaysia Vision Valley 2.0 plan,” the Menteri Besar of Negeri Sembilan or the First Minister of Negeri Sembilan said in its congratulatory speech for the Korean firm during the groundbreaking ceremony.
