Urges Bold Investment in Batteries
During the Lunar New Year holiday, Lee Jae-yong, chairman of Samsung Electronics, visited the Samsung SDI battery manufacturing facility in Malaysia, emphasizing the need for bold investments despite challenges. On Feb. 12, Samsung Electronics reported that Chairman Lee, having arrived in Malaysia on Feb. 9, took a helicopter to the Seremban Samsung SDI production corporation to review the local business status before inspecting the battery factory.
Following his acquittal in the first trial of the “illegal succession of management rights” case on Feb. 6, Lee departed for Abu Dhabi, the United Arab Emirates (UAE), for a private meeting before heading to Malaysia. This trip, his first official overseas engagement after being freed from legal constraints, demonstrates his commitment to bolstering the battery business, accompanied by Choi Yoon-ho, president of Samsung SDI.
After touring Battery Plant 1, Chairman Lee also inspected the construction site of Plant 2, which is slated for completion next year. He stated, “Do not fluctuate with short-term performances, let’s lead change through bold challenges, create new value, and secure a solid competitive edge.”
Despite achieving its highest-ever sales of 22.7 trillion won (US$17.1 billion) and operating profit of 1.6 trillion won last year, Samsung SDI has recently faced a slowdown in the growth of the global electric vehicle market. The company plans to continue its investments as scheduled and secure differentiated technological competitiveness to lay the foundation for sustained growth.
As part of this strategy, Samsung SDI has been investing 1.7 trillion won since 2022 to build Plant 2, anticipating increased demand in the cylindrical battery market. Starting this year, the plant will mass-produce the Primax 21700 cylindrical battery, measuring 21 mm in diameter and 70 mm in height, which will be used in various products, including power tools and electric vehicles.
Chairman Lee also met with Samsung SDI expatriates for dinner, handed out Lunar New Year gifts, and listened to their concerns. On Feb. 10 he traveled to Kuala Lumpur to hold a meeting with about 20 representatives from Samsung Electronics and other Samsung affiliates such as Samsung C&T, Samsung Engineering, and Cheil Worldwide. During the meeting, Lee offered New Year’s greetings and took commemorative photos with all attendees.
Given Malaysia’s status as the top country for Samsung smartphone shipments, Lee also reviewed the local market. He visited the largest store in Southeast Asia, created jointly by Samsung Electronics and the Malaysian distribution company Senheng in 2022, to gauge consumer reactions to strategic products like the Galaxy S24. Samsung SDS, Samsung C&T, Samsung Engineering, and Samsung Heavy Industries are among the various Samsung affiliates operating in Malaysia. Samsung C&T recently completed the world’s second tallest building, Merdeka 118, in Kuala Lumpur.