Samsung Electro-Mechanics (KRX:009150) began mass shipments of multilayer ceramic capacitors (MLCCs) to Chinese automaker BYD (HKG:1211, SHE:002594), after securing final approval.
With BYD targeting 5.5 million electric vehicle units in 2025, Samsung's MLCC supply could surpass tens of billions of units, mainly for use in high-reliability automotive systems like advanced driver-assistance systems (ADAS), Pulse News reported Wednesday.
The agreement follows Samsung Chairman Jay Y. Lee's March visit to China, where he met BYD executives in Shenzhen, the report said.
Shares of BYD rose nearly 1% at market close on the Stock Exchange of Hong Kong while those listed on the Shenzhen Stock Exchange declined about 1%.
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