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Samsung Denies Rumors That It Will Buy a Carmaker
Samsung Electronics Co. Ltd. denies a new wave of rumors that the South Korean company intends to buy an unnamed large car company.
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Samsung Electronics Co. Ltd. denies a new wave of rumors that the South Korean company intends to buy an unnamed large car company.
Such rumors have swirled around the company for years. They surfaced again this month after Samsung announced it will spend 180 trillion-won ($161 billion) on investments to fortify its presence in four business areas, one of them being auto components.
Samsung tells employees it has no plans to make electric and/or self-driving cars or buy companies in those areas. It says its automotive unit will continue to focus on developing chips and display for self-driving vehicles.
The Korea Herald notes that Samsung launched a carmaking unit in 1994. But the business fell into bankruptcy and was acquired by Renault in 2000.
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