Samsung SDI, the battery and chemical arm of South Korea's top conglomerate Samsung Group, has vowed to spend over 3 trillion won ($2.51 billion) on batteries for electric vehicles over the next five years.
At a meeting on Monday, shareholders of Samsung SDI agreed to spin off its chemical business division to establish SDI Chemical next month and sell the new affiliate's 90 percent stake to Lotte Chemical Corp. within the first half of this year.
Samsung SDI CEO Cho Nam-Seong said at the meeting that the company aims to become a top producer of EV batteries by concentrating on the battery business.
Samsung SDI took over Magna International's battery pack business last year and launched its electric battery manufacturing plant in Xian, China.
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