Menu
Samsung may place a US$450m bet on electric cars and batteries

Samsung may place a US$450m bet on electric cars and batteries

The company is negotiating to buy a stake in a well-known Chinese electric car maker

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 (US$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.

BYD is a well-known name in China and sold more than 60,000 electric cars last year. It's hoping to double that this year.

Samsung is far from the only tech company looking to gain a foothold in the automobile market.

Apple recently spent $1 billion to buy a stake in Chinese ride-hailing service Didi and is widely rumored to be developing its own car.

Nearby in Silicon Valley, Google is developing self-driving car technology and its prototype vehicles are a common sight on the streets around its Mountain View headquarters.

Traditional automakers like General Motors, Toyota, and Nissan are also investing heavily in new technology for electric cars and automated driving. Electric car maker Tesla is building a massive battery factory with Panasonic.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Batteries

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments