Under the acquisition, Samsung SDI acquired the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International, including all 264 employees, production and development sites and existing business contracts.

The global market for electric vehicles, including hybrid and plug-in hybrid models, is forecast to reach 7.7 million vehicles by 2020, compared with 2.1 million in 2014, according to research firms B3 and IHS.