China battery maker BYD is in talks to sell a 3billion yuan (around $449million) share of the company to a South Korean electronics firm.
Samsung Electronics is set to confirm this week that it has successfully made play to enter the battery industry.
The deal is made possible through BYD’s ongoing $2.3 billion share sale.
Neither company has disclosed the details of the sell-off and/or the costs, but Korea Economics Daily has reported it could be a 4% stake.
“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.
