SEOUL, June 16 (Korea Bizwire) — SK Group, South Korea’s third-largest conglomerate, said Tuesday it has secured a stake in a chipmaking unit of China’s largest electric vehicle (EV) producer BYD.
SK China Co., one of the group’s China-based affiliates, acquired a 1.47 percent stake in BYD Semiconductor for 150 million yuan (US$21 million).
BYD Semiconductor, which manufactures automobile sensor chips, recently announced it has raised a total 2.7 billion yuan, following its spin-off from BYD.
SK China is one of the major investors in BYD Semiconductor. The list of investors includes British chip designer ARM, Chinese smartphone maker Xiaomi, and chipmaker SMIC.
SK Group has been trying to expand its presence in the future mobility sector.
Its refining and chemical unit, SK Innovation Co., currently produces EV batteries, while telecom affiliate SK Telecom Co. has been working on autonomous driving solutions.
The group also owns South Korea’s second-largest memory chip maker SK hynix Inc.