TOKYO -- TDK plans to spend over 100 billion yen ($841 million) between fiscal 2015 and fiscal 2017 to ramp up production of lithium-ion batteries, company sources said on Saturday.
The Japanese company invested less than 50 billion yen in its Li-ion battery business during the previous three-year period, through fiscal 2014, which ended last March.
TDK has decided to double the investment as it expects demand for thin-film battery products to grow for use in notebook PCs, robots and smartphones.
TDK plans to spend the money to boost the capacity of its plant in China's Fujian Province, in the hope of more than doubling annual battery sales to 350 billion yen in fiscal 2017 from current levels.
TDK also hopes the investment will help it catch up with stronger South Korean and other rivals in the global marketplace.