Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Michael Dell Pledges $6.25 Billion to Boost Children’s Investment Accounts Under Trump Initiative 
Hikvision Challenges FCC Rule Tightening Restrictions on Chinese Telecom Equipment 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
IKEA Launches First New Zealand Store, Marking Expansion Into Its 64th Global Market 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
IKEA Expands U.S. Manufacturing Amid Rising Tariffs and Supply Chain Strategy Shift 
Netflix Nearing Major Deal to Acquire Warner Bros Discovery Assets 
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.
