Samsung Keen On Entering Automated Vehicle Business, In Talks With Fiat Chrysler

Written by: Irwin Mills

Samsung is in talks with Fiat Chrysler Automobile N.V. (FCA) to acquire an automotive component unit of the Italian car manufacturer group. FCA currently owns a 100 percent stake in Magneti Marelli, a Milan-based automotive parts maker.

Jay Y. Lee will head the meeting. Lee, the apparent heir to the Samsung Group, has been in charge of Samsung Group as his father, Lee Kun-hee is bedridden.

Lee leaves for Italy this week and will attend a board meeting of Exor S.p.A., an investment company that acts as holding company over Fiat Chrysler and Ferrari.

Samsung Electronics is looking to enter the automated vehicle business. The concentration is mainly on selective divisions like infotainment and telematics. If the deal with FCA is confirmed, Samsung Group will seek other partners in the automotive component sector.

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Story first published: Friday, August 26, 2016, 17:16 [IST]
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