Samsung is focusing on improving its partnerships with leading electric vehicle manufacturers as the conglomerate has many companies that supply various auto parts. Following his meeting with Xiaomi's CEO Lei Jun that focused on EVs, Samsung Electronics Chairman Jay Y. Lee went to BYD's HQ in Shenzhen and met with Chairman Wang Chuanfu and other top leaders.
BYD is one of China's top manufacturer of electric vehicles. The brand isn't just competitive in China, it's rapidly growing its influence in key markets across the globe. The sheer volume of EVs it's shipping across the globe is an opportunity that Samsung can't miss.
BYD is now bigger than Tesla worldwide
This is Jay Y. Lee's first trip to BYD's HQ in seven years as his last visit was back in 2018. The Chinese automaker has gone through a remarkable transformation since then, and as of last year, overtook Tesla to become the world's largest EV company. BYD also entered Samsung's home country of South Korea in January this year.
It's believed that Lee is actively working on new collaboration opportunities with some of the top automakers in China. Lee can thus offer technologies like multi-layer ceramic capacitors from Samsung Electro-Mechanics, OLED panels from Samsung Display, digital cockpit systems from Harman International, and various other components from Samsung Electronics.
Lee personally visiting these companies sends a message that Samsung attaches great importance to these partnerships. It provides them with confidence that the company takes their relationship seriously and will ensure that their needs are met.
Samsung is already battling many serious business challenges and it must look for growth whoever it can be found. Lee's finding it in China's EV segment for now.
