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  • 07.18.16

Samsung is buying a stake in China’s electric carmaker BYD

UPDATE, 7/21: Reuters reports that Samsung’s stake in BYD is worth $450 million. 

The smartphone and all-around technology giant confirmed to Reuters that it is in talks to acquire part of the Chinese electric vehicle maker, however it would not say how much it would cost to acquire part of BYD or what percentage of the company it would own after the deal is done.

As smart cars come to the market over the next decade they will become one of the biggest platforms for component makers of computer hardware and software. The BYD deal could give Samsung a leg up as the automotive sector transitions to an EV world. “The latest investment aims at strengthening electric vehicle parts and smartphone parts businesses for the two companies,” Samsung said in a statement, adding, “We plan to discuss cooperation in various businesses going forward.”

MG