Samsung and Bosch to put $409 million into SB LiMotive battery plant

SB Li Motive, the Bosch Samsung lithium ion battery joint venture, has announced that it will put $409 million into its manufacturing facilities over the next five years. The company has big plans, hoping to grab nearly a third of the automotive battery market by mid-decade. Bosch is the biggest automotive supplier in the world and produces parts for almost every automaker. However, SB LiMotive is competing with quite a few companies in the lithium battery space, many of which are partnered with automakers such as Panasonic EV Energy ( Toyota), Automotive Energy Supply Corp ( Nissan), GS Yuasa ( Mitsubishi, Honda) and LG Chem ( General Motors).

The new SB LiMotive plant is being built in Ulsan South Korea and production is expected to start in 2011. The first automaker to publicly announce a deal with SB LiMotive is BMW which will use its batteries in an upcoming electric vehicle.

[Source: Automotive News - sub req'd]

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