Featured Video, Video

Husni Hammoud on bringing Ivanti to the Middle East

Having recently launched its Dubai office, Ivanti hosted its first Partner Kick Off event in the region in April, highlighting the firm's new strategy around bringing siloed areas of a business together.
Don't show me again
News

Samsung looking to invest in electric cars

Samsung Electronics is on the verge of making a substantial investment in BYD, a Chinese manufacturer of electric cars and batteries.samsung

The Samsung investment comes as its chief rivals are investing in car tech and the market for car battery technology continues to grow.

The investment was first reported by the Korea Economic Daily, which said Samsung will pay $450 million for a four percent share of BYD.

BYD later confirmed that the two companies are in talks but did not confirm the investment size.

“Going forward, the parties will jointly seize opportunities in the rapid development of the global electric vehicles industry and promote sustainable development of the parties’ electric vehicles related businesses,” BYD said in a regulatory filing.

BYD is a well-recognised company in China and sold more than 60,000 electric cars last year. The company underlined that it aims to double that this year.

Samsung is far from the only tech company looking to gain a foothold in the automobile market.

Apple recently spent $1 billion to buy a stake in Chinese ride-hailing service Didi and is widely rumoured to be developing its own car.

Nearby in Silicon Valley, Google is developing self-driving car technology and its prototype vehicles are a common sight on the streets around its Mountain View headquarters.

Traditional automakers like General Motors, Toyota, and Nissan are also investing heavily in new technology for electric cars and automated driving. Electric car maker Tesla is building a massive battery factory with Panasonic.

 

Originally published on IDG News Service. Reprinted with permission from IDG.net. Story copyright 2018 International Data Group. All rights reserved.
Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

GET TAHAWUL TECH IN YOUR INBOX

The free newsletter covering the top industry headlines