Asian Tech Press (SEP 07) -- Samsung Electronics Group has reportedly has sold a 1.6% stake in Chinese electric car and battery maker BYD Auto worth 1.5 trillion won ($1.3 billion), leaving Samsung Electronics' stake in BYD at 0.3 percent after the sale.

In 2016 Samsung Group bought a 1.9 percent stake in BYD Auto for 528.7 billion won. The company claimed it aimed to boost its automotive chip business by strengthening ties with the Chinese electric car and battery maker.

Currently, BYD's Hong Kong share price is HK$274.8, with a total market value of HK$785.2 billion.

According to Samsung insiders, Samsung sold its stake due to consideration of its medium- to long-term growth strategy.

Industry insiders generally predict that China's electric vehicle sales will exceed 5 million units by 2025, and BYD will experience a huge simultaneous increase in sales as the industry's leading brand.

BYD is now the top seller of new energy vehicles in China. According to BYD's August sales report, 67,630 cars were sold, with new energy vehicles accounting for more than 90%.