Korean technology company Samsung SDI has agreed to acquire the battery pack business of automotive supplier Magna International.
The company said the acquisition was to enhance Samsung SDI’s strength automotive batteries, and financial terms were not disclosed.
Under the agreement, Samsung SDI will acquire Magna’s entire battery pack business, based in Austria, including all 264 employees, production and development sites and existing contract of the business.
Apple had been purportedly in discussion with Magna International as part of a rumoured future plan to move into the electric and driverless car space.
In a statement about the deal, Samsung noted that the global market for electric vehicles, including hybrid and plug in hybrid models, was forecast to grow from 2.1m in 2014 to 7.7m by 2020.