Tech companies are eager to get themselves more involved with the auto industry, whether it's by creating its own automotive projects or by buying up other companies. Samsung appears to be making a move in the latter category, as it's in talks to buy up Magnetti Marelli, an auto-parts manufacturer under Fiat Chrysler.
Samsung is in "advanced talks" to buy either some or all of Magnetti Marelli's business, Bloomberg reports. According to the outlet's sources, Samsung seems most interested in the telematics, infotainment and lighting side of the business. All in, the deal could eclipse $3 billion, Samsung's largest acquirement outside of its home base in South Korea.
Neither company immediately returned requests for comment.
Making more money is something Fiat's been trying hard to achieve for a while. It's stopping production of its compact sedans, the Dodge Dart and Chrysler 200, because development costs are too high and no other automaker was willing to split the bill.
Fiat Chrysler's placed its whole focus on high-margin trucks and SUVs, many of which lie within its Jeep brand. Despite a push for efficient vehicles, low gas prices have kept most buyers interested in thirstier vehicles, which may or may not be myopic on an impressive scale.
But it's not like Samsung isn't making its own waves in the auto industry already. Bloomberg points that that Samsung's had a team focused on auto components, electronics and autonomy since December, and the company's Shanghai division bought a stake in Chinese auto manufacturer BYD for the not-that-princely sum of about $451 million. In fact, Samsung and Magnetti Marelli have teamed up for products in the past, so this pairing isn't that strange at all.