Technology
Samsung to add $8 bn investment into Xian chip plant
Seoul, Dec 13
Samsung Electronics Co. will invest an additional $8 billion into its memory chip plant in Xian, China, officials have confirmed, as the South Korean tech giant further expands its presence in the world's second largest economy.
According to the Chinese media and Xian's municipal government, Kang Bong-yong, a Samsung Electronics Vice President, told Chinese officials that the company's further $8 billion investment in its second plant in Xian is on track, Yonhap news agency reported on Thursday.
Samsung's investment plan was previously hinted by Chinese Premier Li Keqiang when he said in October that a total of $15 billion will be spent on the company's second Xian plant.
At the time, Samsung had only revealed $7 billion worth of investment in the second Xian plant.
The plant is expected to begin operation in the first half of 2020. The company's first Xian plant has been running since 2014.
Industry insiders said the additional $8 billion will be used for a project to ramp up its production lines, with completion expected by the second half of 2021.
The two plants are Samsung's only memory-chip producing facilities outside South Korea. The second Xian plant is expected to produce V-NAND flash chips.
According to the Chinese media and Xian's municipal government, Kang Bong-yong, a Samsung Electronics Vice President, told Chinese officials that the company's further $8 billion investment in its second plant in Xian is on track, Yonhap news agency reported on Thursday.
Samsung's investment plan was previously hinted by Chinese Premier Li Keqiang when he said in October that a total of $15 billion will be spent on the company's second Xian plant.
At the time, Samsung had only revealed $7 billion worth of investment in the second Xian plant.
The plant is expected to begin operation in the first half of 2020. The company's first Xian plant has been running since 2014.
Industry insiders said the additional $8 billion will be used for a project to ramp up its production lines, with completion expected by the second half of 2021.
The two plants are Samsung's only memory-chip producing facilities outside South Korea. The second Xian plant is expected to produce V-NAND flash chips.
10 hours ago
Watches made by an Indian American brand feature numerals written in Hindi.
10 hours ago
On his visit to India, Tesla CEO Elon Musk is reportedly expected to announce an investment of $2 billion to $3 billion.
10 hours ago
Award for Public Officials Won by Raja Krishnamoorthi, an Indian American Congressman
10 hours ago
A person from India has admitted to defrauding a bank of $17 million.
10 hours ago
Book released by former Indian government official at New York's Kerala Centre
11 hours ago
Musk's Mention of India's Permanent Seat in the United Nations Security Council Draws US Reaction
12 hours ago
Rahul Gandhi holding Muslim League flag in Wayanad inciting anti-Hindu sentiments: Union Minister
12 hours ago
Robotic surgery offers hope to 2 women with advanced breast cancer
12 hours ago
16 mn Afghans to experience crisis and emergency levels of food insecurity: UN report
12 hours ago
Long jumper Sreeshankar Murali ruled out of Paris Olympics with knee injury
12 hours ago
IPL 2024: Devon Conway ruled out due to injury, CSK name Richard Gleeson as replacement
12 hours ago
Kriti surprises fans with pics from Manish Malhotra's Namo Ghat show in Varanasi
12 hours ago
Story of Indian-American teen Reena Virk's murder that inspired Lily Gladstone’s ‘Under The Bridge’