Samsung Electronics Co.’s Vice Chairman Lee Jae-yong is going all-out to promote automotive electronics business. He was reported to have met some prominent figures in Europe’s auto industry to discuss ways to enhance cooperation with Samsung, according to sources from the industry on Thursday.

During his trip to Europe, he participated in the board meeting of Exor SpA, an Italian investment holding company owning a controlling stake in Fiat Chrysler Automobiles (FCA), luxury car brand Ferrari, Juventus Football Club and the British weekly newspaper The Economist. Lee has been an independent director of the company since 2012.

Exor SpA is controlled by the Agnelli family, an influential Italian business dynasty led by John Elkann, a grandson of the founder of Fiat Gianni Agnelli. When Elkann visited Korea in 2010, Lee invited him to Samsung Electronics building in Seocho-gu, Seoul, to have lunch together.

They are of similar age and heirs to conglomerates that represent their countries, so they are reported to hit it off and have maintained a close friendship, according to sources. It was Elkann who recommended Lee to be an independent director of Exor.

It is said that Lee met with top management of FCA during his trip to strengthen their partnership. The company is currently making an all-out effort to bolster its auto business with a specific focus on automotive electronics and electric cars battery. FCA is the most-wanted candidate for Samsung to enhance partnership as FCA owns of a range of auto brands including Dodge, Alfa Romeo, Jeep and Maserati.

Lee also reportedly met with high-profile figures of other European carmakers including BMW and Audi, to which Samsung SDI has supplied EV batteries.

Samsung Electronics newly set up its automotive electronics unit last year and has been looking for partnerships in various sectors including auto semiconductors, display and in vehicle infotainment (IVI). Automakers put safety first so they prefer to have long-established companies as their suppliers. Samsung may be at a disadvantage in terms of this as it belatedly jumped into the auto industry so Lee has gone out himself to market his company, according to an unnamed official at the company.

By Lee Seung-hoon

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