Samsung confirms acquisition of $450m stake in China’s BYD
Samsung Electronics has acquired a CNY3bn ($450m), 1.92% stake in Chinese electric-car manufacturer BDY, which raised a total CNY14.5bn from six investors at CNY57.40 per share. Samsung sought the deal after having been left off a list China-approved suppliers, and aims to strengthen its semiconductor business in cars. China is the global leader for electric vehicles (EV) and its government has set a target of three million EVs on the country's roads by 2025.

BYD plans to use the proceeds from the placement to fund an expansion in battery production and research and development into new-energy vehicles. Photo: Reuters