Order the just-launched Galaxy Fold7, Flip7, or Watch8 Classic – New deal Galaxy S25 Ultra
Last updated: February 24th, 2015 at 01:08 UTC+01:00
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As a result of this deal, terms of which were not disclosed, Samsung will acquire Magna Steyr's production and development sites as well as bring all of its 264 employees onboard. In a statement released to the media Samsung SDI President and CEO Namseong Cho said “The acquisition is a key strategic step for Samsung SDI to strengthen the competitiveness of our automotive battery business.”
Samsung SDI is expected to account for 8% of Tesla's battery supply in 2015 and it is believed to be negotiating for an even bigger piece of the pie. Panasonic is Tesla's biggest supplier right now and Samsung seems adamant to challenge its position down the road.
Adnan Farooqui is a long-term writer at SamMobile. Based in Pakistan, his interests include technology, finance, Swiss watches and Formula 1. His tendency to write long posts betrays his inclination to being a man of few words.
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