Samsung Electronics will pay $450 million for a stake in Chinese automaker and rechargeable batteries firm BYD Co Ltd, the Chinese company said in a stock exchange filing on Thursday.
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 as a backer, began as a battery maker for personal electronics before launching its automotive business that focuses on electric and hybrid vehicles.
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