ecns [expanded by feedex.net]
ecns
Samsung pays $449m for stake in BYD
http://www.ecns.cn/business/2016/07-23/219514.shtml
Jul 23rd 2016, 09:34
Saturday Jul 23, 2016 ÖÐÎÄ
HomeNewsBusinessTravelPhotoVideoLearning ChineseVoices
RIGHT BG
LINE
Samsung Electronics Co Ltd bought a 3 billion yuan ($449 million) stake in Chinese electric-car maker BYD Co Ltd, which is backed by US billionaire investor Warren Buffett's Berkshire Hathaway Inc.
Shanghai Samsung Semiconductor purchased 52.26 million BYD shares at 57.4 yuan a share in a private placement that raised 14.5 billion yuan in total, according to a statement issued by BYD on Thursday.
The investment gives the South Korean group a 1.92 percent stake in BYD, making it the ninth biggest investor in the company.
BYD intends to use the proceeds of the private placement to fund an expansion in lithium-ion batteries production and research and development in new-energy vehicles.
The smartphone and memory chipmaker said last week an investment in BYD would strengthen Samsung's semiconductor business for cars. The two companies plan to cooperate in electric-vehicle components and promote automotive-related businesses. Last year China surpassed the United States for the first time to become the world's biggest electric-vehicles market. The Chinese government wants the sales of electric vehicles to exceed 3 million units by 2025.
Electronics makers like Samsung are competing for a slice of automotive sales as carmakers use more electronic sensors and displays in their push for more automated vehicles.
BYD has 24 production hubs in China. The company is to build a new battery factory in Qinghai province.
Its newly built factory in Shanxi province is expected to manufacture up to 5,000 electric cars, 5,000 electric special purpose vehicles and 2,000 trucks for industrial and mining works annually.
¡¡¡¡
Related news
Samsung in talks to buy stake in BYDBYD bets big on electric carsBYD joins lithium mining in west China's Salt LakeBYD Qingdao factory to make 5,000 electric buses annually2016-06-18BYD sets sights on streetcar network in smaller cities2016-06-07
Most popular in 24h
Electrical failure led to deadly blazeThree men found guilty over unlawful assemblyTheme park giants eye western regionsChina urges EU to end old anti-dumping probe methodPanchen Lama leads first Kalachakra ritual in Tibet in 50 year
MoreTop news
Young Chinese seeking better work-life balance: survey Black box of crashed plane in Shanghai to be examined Report recommends China create 'people-centered, integrated healthcare' Negotiation, consultation are most feasible ways to resolve S. China Sea dispute: Chinese Embassy 1992 Consensus a base of peaceful cross-Strait ties: Mainland spokesperson
LINE
Copyright ©1999-2016 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
No comments:
Post a Comment