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Samsung may buy its way into the auto industry

by Jacob Kleinman | August 4, 2016August 4, 2016 7:00 pm PST

Samsung Logo CES 2015

Samsung already has a team working on self-driving cars and other automotive technology, but the company could be closing in on a deal to give it a strong foothold in the industry. Bloomberg reports that the South Korean giant is set to acquire a part, or possibly all, of Fiat Chrysler subsidiary Magneti Marelli.

The deal will reportedly focus on lighting, in-car entertainment and telematics, but Samsung could also end up buying the entire firm for about $3 billion. Samsung and Fiat will reportedly finalize the agreement before the end of the year, giving the Galaxy-maker a new market to explore.

The acquisition should help position the company for future growth as the market for electric vehicles continues to grow and autonomous cars begin to take off.

Bloomberg

Jacob Kleinman

Jacob Kleinman has been working as a journalist online and in print since he arrived at Wesleyan University in 2007. After graduating, he took a...

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