Samsung makes automotive move
- July 18, 2016
- Posted by: Alan Feldberg
- Category: Industry News
Samsung Electronics is reported to be investing $450m in a Chinese manufacturer of electric cars and batteries.
The Korea Economic Daily has reported that Samsung is taking a four per cent stake in BYD, an established name in China with electric car sales in excess of 60,000 last year. It hopes to double that number this year.
BYD has confirmed talks are underway. It said, ‘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.’
Samsung isn’t the only tech company moving in on the automotive industry. Apple has recently invested $1bn in Chinese ride-hailing service Didi and, like Google, is widely reported to be developing its own car, whileTesla is building a massive battery factory with Panasonic.