Economy, Sci & Tech

Samsung Ties Up With BYD

Samsung Ties Up With BYDSamsung Ties Up With BYD

South Korean technology giant Samsung Electronics Company said it is in talks to acquire a stake in Chinese automaker BYD to boost its chip business. In December, Samsung created a team to develop automotive-related businesses, seeking a new growth engine as the global smartphone industry is slowing, Reuters reported. Automakers and technology companies have formed a series of partnerships in recent years, as they race to develop electric self-driving vehicles. The Korea Economic Daily reported that Samsung agreed to buy new shares worth 3 billion yuan ($449 million) in BYD, which would give Samsung a 4% stake. The Korean company's shares firmed 1.2% versus the broader market's 0.3% rise, extending gains posted since it said last week it expected a 17.4% rise in quarterly profit. Shares in the electronics firm's affiliate Samsung SDI jumped more than 8% in early trading in Seoul on hopes that it might be in line to supply electric vehicle batteries to BYD.