July 22, 2016 Comments Off on Samsung invests $450 million in Chinese automaker BYD
In 2015, Samsung Electronics announced its interest in developing futuristic vehicles, including self-driving and electric cars. Today, the company has advanced its push into the automotive segment by investing $450 million in Chinese automaker BYD Company. Backed by Warren Buffett’s Berkshire Hathaway, BYD manufactures gas-powered, hybrid and electric cars as well as rechargeable batteries. According to BYD, Samsung’s investment will be used to further its research and development activities and boost its battery production. For Samsung, the investment enables it to enter the futuristic automotive market that is presently led by Google, Tesla, Uber and Apple, all of whom are developing their own next-generation cars.
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