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Samsung Eyes Investment in China’s BYD
Samsung Electronics Co. is in talks with BYD Co. about buying a small stake in the Chinese carmaker, the two companies announced over the weekend.
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Samsung Electronics Co. is in talks with BYD Co. about buying a small stake in the Chinese carmaker, the two companies announced over the weekend.
The discussions involve potential partnerships in “various sectors,” Samsung says. But it notes that the primary focus is on BYD’s growing presence in China’s emerging electric vehicle market.
BYD sold a combined 58,000 electric and plug-in hybrid vehicles last year and expects to more than double that total this year. Samsung hopes to supply semiconductors and lithium-ion batteries to BYD’s EVs. The South Korean company is the largest semiconductor supplier in the world, but it has struggled to make inroads in the auto industry.
Some initial reports suggested Samsung may invest as much as $450 million in BYD for a 4% stake in the company. BYD says that estimate isn't accurate but has not provided further clarification.
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