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Automakers and technology companies have formed a series of
partnerships in recent years as the race to develop electric,
self-driving, internet-connected vehicles has created demand for
more electronics components and software.
The Samsung investment has been made through Chinese subsidiary
Shanghai Samsung Semiconductor and gives the Korean firm a 1.92
percent stake in BYD, making it the ninth largest investor in
the company.
Samsung Electronics said last week it was in talks to acquire a
stake in BYD to boost its automotive chip business, after the
Korea Economic Daily first reported that Samsung had agreed to
buy a stake.
BYD, which also counts Warren Buffet's Berkshire Hathaway <BRKa.N>
as a backer, began as a battery maker for personal electronics
before launching its automotive business that focuses on
electric and hybrid vehicles.
A total of six investors bought BYD shares in a placing at 57.40
yuan per share, a discount to Thursday's closing share price of
61.94 yuan.
The 14.5 billion yuan private placement also included
investments by CCB Principal Asset Management, China Life AMP
Asset Management, Aegon-Industrial Fund Management and Essence
Fund.
($1 = 6.6720 Chinese yuan renminbi)
(Reporting by Jake Spring in Beijing and Hyunjoo Jin in Seoul;
Editing by Greg Mahlich)
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