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Samsung seeks to buy shares in Chinese electric car maker BYD

Published 15/07/2016

Smartphone maker Samsung is in talks to buy shares in BYD
Smartphone maker Samsung is in talks to buy shares in BYD

Samsung has revealed it is in talks to buy shares in Chinese electric car maker BYD.

The South Korean company said that the move is aimed at strengthening its burgeoning semi-conductor business for vehicles.

Samsung said it will disclose the size of the investment after finalising the deal.

The move is the latest partnership between technology companies and car firms as vehicles are revamped with new technology.

Samsung, the world's largest maker of memory chips and smartphones, said the deal will also boost its components businesses for electric cars and smartphones.

The company said the talks with BYD will not affect supply deals for Samsung SDI, a lithium-ion battery supplier for electric vehicles.

AP

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