Samsung SDI Co. Ltd. and Robert Bosch GmbH's lithium-ion battery joint venture

On June 16^th, famous German auto parts maker, Robert Bosch GmbH declared a joint venture project with Samsung SDI Co. Ltd.,(SEO:006400) a subsidiary of South Korea’s conglomerate giant Samsung Group. The joint venture plant is going to produce lithium-ion batteries used in hybrid cars. The joint venture would be known as SB LiMotive Co. Ltd. Based in South Korea, the construction of the plant will start from September 2008. Reuters reports:

The 50:50 joint venture in South Korea is named SB LiMotive and will be launched in September. It will start production in 2010 with initial capital of $20 million, according to a Samsung statement.

A Samsung spokesman said that a minimum of $500 million would be invested in the venture over the next 4-5 years.

Samsung produces lithium-ion batteries for laptops, mobile phones and power tools. The joint venture foundation is subject to antitrust authorities.

Related articles:

International Herald Tribune

REUTERS