On chinadaily.com.cn

Biz: Samsung to invest $2.4 bn in Tianjin

Global electronics giant Samsung will invest $2.4 billion to build plants in Tianjin, according to Xinhua. The investment will be used to expand battery production and set up a factory for automotive electronics in the city, according to the Tianjin Municipal government. Samsung will invest $800 million on the battery project which is expected to cover 100,000 square meters. The battery will mainly be used in energy storage systems, electric cars and electric tools, according to the company. Samsung Electro-Mechanics, an electronic component supplier, will build the factory that is expected to be completed next year and start operations in 2020.

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