Samsung Invests $449 Million in Buffett-Backed Carmaker BYD

  • BYD to use proceeds from placement to fund battery production
  • China is encouraging the adoption of electric vehicles

A BYD Yuan SUV)is on display at the Beijing International Automotive Exhibition in April 2016. BYD said said a unit of Samsung Electronics bought a $449 million stake.

Photographer: Qilai Shen/Bloomberg

BYD Co., the electric-car maker backed by Warren Buffett’s Berkshire Hathaway Inc., said a unit of Samsung Electronics Co. bought a 3 billion-yuan ($449 million) stake in the Chinese auto company.

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