Nissan Max-Out Convertible Concept Unveiled At Nissan Futures Event

More

Mercedes-Benz GLE Gets New PHEV Powertrain, Fresh Look

More

2024 Mazda CX-90 Plug-in Hybrid SUV Unveiled

More

Audi Activesphere Concept is luxury crossover that turns into a pickup

More

Truemag

  • Electric Car News
  • Electric Car Reviews
  • Plug-in Hybrids
  • Technology
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Charging Map

Samsung to buy stake in China electric-car maker BYD

Samsung Electronics Co Ltd is on the verge of making a substantial investment in Chinese electric-car maker BYD, a move it said would help the South Korean electronics giant boost its chip business for electric cars.

BYD said Samsung has been actively pushing forward talks about buying its shares in a private placement. Talks are still underway, the Chinese company said, denying a report by the Korea Economic Daily that an agreement was reached to buy new shares worth 3 billion Yuan (about $450 million) in BYD, which would give Samsung a 4 percent stake in the automaker.

The agreement comes as Samsung’s battery unit, Samsung SDI, and crosstown rival LG Chem were excluded from a list of certified electric vehicle suppliers qualifying for government subsidies, despite making their batteries in China.

In December, Samsung Electronics, the world’s top maker of smartphones and memory chips, created a team to develop automotive-related businesses, seeking a new growth engine as the global smartphone industry is slowing.

Automakers and technology companies have formed a series of partnerships in recent years as the race to develop electric, self-driving, internet-connected vehicles has created demand for more electronics components and software.

BYD, which is backed by Warren Buffett’s Berkshire Hathaway Inc, said earlier it was planning to raise up to $2.4 billion, or some 15 billion Yuan, to expand capacity and produce batteries for coming advanced electric vehicles.

Jul 18, 2016Blagojce Krivevski
Consumer Reports calls on Tesla to disable AutopilotWatch Edna electric van beats a Tesla and a Ferrari in a drag race
You Might Also Like
 
BYD Delivers to Rio de Janeiro the Largest Fleet of Electric Waste Trucks Outside of China
 
California to award $9M for 27 BYD electric trucks at two rail yards
Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

July 18, 2016 Electric Car NewsBYD, BYD Auto, LG Chem, Samsung, Samsung SDI
Follow Us
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • feedburner
Recent News
Volvo Cars reports January sales – 40.7% market share of electrified cars
February 3, 2023
Polestar and Luminar expand partnership to include Polestar 5
February 3, 2023
XPENG Launches G9 SUV And P7 Sedan For Europe
February 3, 2023
Volkswagen launches ID.4 campaign in collaboration with Marvel Studios’ Ant-Man and The Wasp: Quantumania
February 3, 2023
Honda to launch next-generation fuel cell system by mid-2020s
February 2, 2023
About
ElectricCarsReport.com ElectricCarsReport.com is a website dedicated to pure electric vehicles and the full range of consumer information and tools about electric cars, green technology energy, and the environment.
Latest News
Volvo Cars reports January sales – 40.7% market share of electrified cars
February 3, 2023
Polestar and Luminar expand partnership to include Polestar 5
February 3, 2023
XPENG Launches G9 SUV And P7 Sedan For Europe
February 3, 2023
Subscribe

Sign up for our newsletter to receive the latest news and event postings.

Get in touch

Email: [email protected]

Archives
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • feedburner
DMCA.com
© ElectricCarsReport.com | All Rights Reserved.