Samsung may place a $450m bet on electric cars and batteries
Samsung Electronics is on the verge of making a substantial investment in BYD, a Chinese manufacturer of electric cars and batteries.
The Samsung investment comes as its chief rivals are investing in car tech and the market for car battery technology continues to grow.
The investment was first reported by the Korea Economic Daily, which said Samsung will pay 3 billion yuan ($450 million) for a 4 percent share of BYD. BYD later confirmed the two are in talks but did not confirm the investment size.
"Going forward, the parties will jointly seize opportunities in the rapid development of the global electric vehicles industry and promote sustainable development of the parties’ electric vehicles related businesses," BYD said in a regulatory filing.
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