Venezuela Oil Exports to Reach $2 Billion Under U.S.-Led Supply Agreement 
FAA Plans Flight Reductions at Chicago O’Hare as Airlines Ramp Up Summer Schedules 
Hyundai Motor Group to Invest $6.26 Billion in AI Data Center, Robotics and Renewable Energy Projects in South Korea 
Coupang Reports Q4 Loss After Data Breach, Revenue Misses Estimates 
AWS Data Center in UAE Hit by Fire After Objects Strike Facility Amid Regional Tensions 
Nintendo Share Sale: MUFG and Bank of Kyoto to Sell Stakes in Strategic Unwinding 
ASX CEO Exit Signals Turbulent Transition Amid Lawsuit and Regulatory Scrutiny 
OpenAI Secures $110 Billion Funding Round at $840 Billion Valuation Ahead of IPO 
Global Markets React as Dollar Surges, Swiss Franc Rallies After U.S.-Israel Strike on Iran 
Dominican Republic Unveils Massive Rare Earth Deposits to Boost High-Tech and Energy Sectors 
Bank of Japan Signals Further Interest Rate Hikes as Inflation Trends Toward 2% Target 
Samsung Electronics Stock Poised for $1 Trillion Valuation Amid AI and Memory Boom 
Gold Prices Surge Over 2% After U.S.-Israel Strikes on Iran Spark Safe-Haven Demand 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
Trump Media Weighs Truth Social Spin-Off Amid $6B Fusion Energy Pivot 
Japan Manufacturing PMI Jumps to Four-Year High as Global Demand Strengthens 
Australian Job Advertisements Hit 16-Month High as Labour Market Stays Resilient 
Samsung SDI is said to be considering building its own battery cell plant in the U.S. If this will push through, it will be the company’s first battery factory in the country.
Why Samsung wants to construct its battery cell plant in the US
Samsung SDI’s plan comes as the electric vehicle business there is projected to reach an explosive growth. This is because President Joe Biden’s administration already announced the plans to fully support the EV companies. The government is even giving huge tax breaks for the manufacturers.
"Considering the growth potential of the U.S. EV market, it makes sense for Samsung SDI to set up a production facility there," The Korea Times quoted an insider as saying.
The South Korean storage battery manufacturing company already has its own factory in the region but this is for assembling battery packs. This facility is located in Michigan and there is a possibility that the battery cell plant could be built around this area as well if things go as planned.
It was added that Samsung SDI feels that it is already falling behind its rivals in the efforts to get its market share in the U.S. and this is another reason why the company wants to have its battery cell plant.
What’s more, there is a tariff incentive where under the U.S.-Mexico-Canada Agreement (USMCA), battery makers can boost their business with tariff-free benefit grants. This is applicable if companies will base 57% of their production in the territory by July 2025.
It was said that the plant is likely to proceed because Samsung SDI has a deal with Rivian, an American electric vehicle startup, for battery supply. The EV firm is backed by Ford and Amazon.
Samsung SDI visiting plant in Hungary
Meanwhile, Samsung SDI is not only doing business in the U.S. but in Hungary as well. In fact, it already has a battery plant there and is already building its second factory for EV batteries.
The Korea Herald reported that Samsung SDI’s chief executive officer and president, Jun Young Hyun is set to fly to Hungary next month to check the company’s facilities. Moreover, during his visit, he will be making the final checks in the battery plant being constructed in Goed located in the northern part of Hungary.
