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Samsung Buys Stake in Chinese EV Maker BYD
Shanghai Samsung Semiconductor, a unit of Samsung Electronics Co., has acquired a 3 billion-won ($449 million) stake in electric carmaker BYD Co.
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Shanghai Samsung Semiconductor, a unit of Samsung Electronics Co., has acquired a 3 billion-won ($449 million) stake in electric carmaker BYD Co.
The affiliate bought 52.3 million shares in a private placement that raised 14.5 billion yuan ($2.2 billion) from six investors, Bloomberg News reports. BYD plans to use the funds to expand EV battery production and research in new-energy vehicles.
Samsung sought a stake in BYD after Shanghai Samsung was excluded from a list of government-approved suppliers, according to Bloomberg. The company said earlier that the investment would help build its automotive semiconductor business in China, where a government push for electric vehicles is generating fast growth in that market.
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