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Samsung Elec confirms agreement to invest in BYD
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016.
Reuters/Kim Hong-Ji
South Korean electronics giant Samsung Electronics Co Ltd said on Friday it has agreed to acquire a stake in Chinese automaker BYD to enhance its electric car parts and smartphone component businesses.
Samsung Electronics said the amount of the investment had not been finalised.
It also downplayed market expectations that the partnership could enable affiliate Samsung SDI to supply electric vehicle batteries to BYD.
(Reporting by Hyunjoo Jin; Editing by Stephen Coates)
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