Samsung, the South Korean electronics conglomerate, plans on purchasing an auto parts manufacturer for $8 billion — an apparent move to penetrate the driverless car market.
The deal between Samsung and Harman International Industries is the biggest overseas acquisition by a South Korean company ever, reports Reuters.
Samsung is hoping to get into the autonomous vehicle business before it’s too late. (RELATED: Lyft President: In 10 Years No One Will Own A Car In A City)
“We have been studying the automotive market for some time. We conclude that organic growth will not get us where we want to go fast enough,” Young Sohn, president and chief strategy officer of Samsung electronics, told Reuters.
“Samsung will not get into the business of manufacturing cars,” he continued.
Several companies have been developing the necessary technology to turn the former pipe dream of self-driving cars into imminent reality.
Mercedes-Benz, the German automobile company, has been testing the advanced functionality for quite some time.
Tesla has also been experimenting with self-driving capabilities, like autopilot, but may be struggling to hone the technology after a fatal crash occurred earlier this year. (RELATED: Elon Musk Says Autopilot Death Probably Wouldn’t Have Happened With Latest Updates)
Samsung isn’t the only company to bring in outside help for self-driving car development. Apple reportedly was in talks with McLaren, a luxury sports car company, in order to explore such a rapidly growing area of technology.
Samsung was also in discussion with Fiat Chrysler, according to a September report by Reuters.
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