Samsung is betting big on electric vehicles

Electric vehicles are a rapidly growing part of the automotive market and will only increase in popularity as oil grows more scarce. Many would say that electric vehicle are the future of the market and one of the companies that wants to secure its role in this future is Samsung. The company has acquired Magna International’s battery pack division to help boost its offerings in the market. 

Samsung SDI is getting more serious about EVs with the purchase of the EV battery pack division of Magna International. Under the agreement, Samsung SDI will acquire Magna Steyr including all 264 employees, production and development sites. Terms of the deal were not disclosed. Magna Steyr is a Austria-based division of Canada’s Magna International, one of the largest automobile part suppliers in North America. Samsung has long provided parts for electronic vehicles and this purchase should help shore up the company’s investments in the area. For instance Samsung SDI currently supplies BMW with battery units for its i3 and i8 vehicles, a contact that was recently renewed. The company also provides Apple with batteries for its products.