Samsung In Talks To Buy Into BYD
Samsung Electronics Co Ltd, the world’s largest maker of memory chips and smartphones is said to be buying stake in BYD, a Chinese manufacturer of cars and electric vehicle batteries.
Korea Economic Daily reported that the South Korean electronics giant has agreed to buy new shares worth 3 billion yuan (RM 1.77 billion) in BYD, which equals a 4 percent stake in a company that also sees Warren Buffet’s Berkshire Hathaway Inc. as shareholder.
Samsung has declined to comment but a stake in BYD will put Samsung in the supply chain in the burgeoning electric vehicles market in China (now the world’s largest market for electric vehicles). It was reported that an affiliate of Samsung wasn’t included in a list of approved battery suppliers by China which could be the reason for the company to purchase a stake in the Chinese battery maker.