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.

Join the Good Gear Guide newsletter!

Error: Please check your email address.

Tags Batteries

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Essentials

Lexar® JumpDrive® S57 USB 3.0 flash drive

Learn more >

Microsoft L5V-00027 Sculpt Ergonomic Keyboard Desktop

Learn more >

Mobile

Lexar® JumpDrive® S45 USB 3.0 flash drive 

Learn more >

Exec

HD Pan/Tilt Wi-Fi Camera with Night Vision NC450

Learn more >

Audio-Technica ATH-ANC70 Noise Cancelling Headphones

Learn more >

Lexar® Professional 1800x microSDHC™/microSDXC™ UHS-II cards 

Learn more >

Lexar® JumpDrive® C20c USB Type-C flash drive 

Learn more >

Budget

Back To Business Guide

Click for more ›

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?