Samsung to get $1.3 billion from Tesla to invest in electric vehicles in Asia Pacific

The Samsung Electronics Co. is planning to spend up to $1 billion to invest $1,200 million in electric vehicle manufacturing in China and South Korea.

The investment will support its efforts to develop its next-generation Galaxy Note line, which is also expected to feature a hybrid-electric battery.

The company’s next-gen Note will be the first smartphone with a lithium-ion battery and battery management software that Samsung plans to release later this year, said an announcement Monday.

The Note will have a 6.4-inch display, a 1,920-by-1,080 display and an edge-to-edge display with a 2,560 x 1,440 resolution.

The handset will be powered by an all-new “Korean-made” Exynos 8895 SoC, the company said.

Samsung is expected to announce its plans to invest about $1bn in its new battery plant in Korea in the second quarter of 2019.

It will have two batteries manufacturing facilities in the country, Samsung said.

The announcement comes as Samsung seeks to ramp up its efforts in China, where it has invested in electric car maker BYD and a joint venture in a Chinese manufacturer, Kia.