Making its presence felt in the automotive industry, Samsung has invested $450 Million in China based BYD Company Ltd. BYD deals in electric cars and rechargeable batteries for smart automobiles. This investment by Samsung puts it in the league of giants like Google, Apple and Tesla who have already put in a lot of money in the automobile sector to make their brand count. The raised amount will be used to grow the battery production along with pumping money in the research & development wing of the company.
The investment speculations started last week when Samsung had announced to be negotiating with BYD to buy a stake in the company. Backed by Warren Buffet’s Berkshire Hathaway Inc, BYD has most of its revenue coming from gas powered cars, electric & hybrid vehicles and solar panels. Berkshire Hathaway owns over 9% stake in the company.
The competition in the smart car technology has become interesting after a news recently, which rumored Apple to be working on an autonomous car. Google has been an active name in self-drive car industry and Tesla has revolutionized the way electricity powers the machines on road. With the investment by Samsung, the battle on road is going to even more interested in the time to come.