Samsung's battery manufacturing division Samsung SDI is planning to expand its currently operating plant in the US to produce automotive batteries.
According to AutomotiveNews, Samsung is planning to build a $62 million electric vehicle battery pack factory in Auburn Hills that will create more than 400 more jobs to the region by 2024.
The plant will serve as a battery pack manufacturing facility, R&D center and headquarters of auto battery operations for Samsung SDI America.
This new plant will be the company's first high-volume auto battery facility in the US and will supply rechargeable batteries for the auto, IT and energy storage system industries.
The battery manufacturer has purchased the electric vehicle battery pack business of Magna Steyr in 2015, including the U.S.-based production line.
The company will also receive a $10 million support from Michigan Business Development Program performance-based grant. Auburn Hills officials are expected to approve a property tax abatement in support of the project, announced in a press release.