Greg Abel’s First Berkshire Hathaway Shareholder Letter Signals Continuity, Caution, and Capital Discipline 
Asian Markets Slide as Nvidia Earnings, U.S.-Iran Tensions and AI Valuations Weigh on Investor Sentiment 
Strait of Hormuz Oil and LNG Shipments Disrupted After U.S.-Israel Strikes on Iran 
Paramount Skydance to Acquire Warner Bros Discovery in $110 Billion Media Mega-Deal 
Asian Currencies Slide as US-Israel Strikes on Iran Trigger Oil Surge and Risk-Off Rally 
Samsung Electronics Stock Poised for $1 Trillion Valuation Amid AI and Memory Boom 
Samsung and SK Hynix Shares Hit Record Highs as Nvidia Earnings Boost AI Chip Demand 
Gold Prices Surge Over 2% After U.S.-Israel Strikes on Iran Spark Safe-Haven Demand 
U.S. Stocks Close Lower as Hot PPI Data, Nvidia Slide Weigh on Wall Street 
Hyundai Motor Group to Invest $6.26 Billion in AI Data Center, Robotics and Renewable Energy Projects in South Korea 
Australia Housing Market Hits Record High Despite RBA Rate Hike 
Nvidia to Launch New AI Inference Processor to Boost OpenAI Performance 
PBOC Scraps Forex Risk Reserve as Yuan Rally Pressures Chinese Exporters 
Australian Job Advertisements Hit 16-Month High as Labour Market Stays Resilient 
OpenAI Hires Former Meta and Apple AI Leader Ruomin Pang Amid Intensifying AI Talent War 
MOEX Russia Index Hits 3-Month High as Energy Stocks Lead Gains 
Panama Investigates CK Hutchison’s Port Unit After Court Voids Canal Contracts 
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.
