Chrysler and Samsung announced a joint venture.

The chairman of Chrysler and South Korea’s Samsung business group reported that the joint venture calls for the development of a South Korean supply base for automotive parts and components for Chrysler. The announcement said the proposed joint venture “will continue studies to determine the eventual possibility of car assembly in Korea.” Iacocca said Chrysler and Samsung each will own 50% of the new company, but he refused to disclose the size of the proposed joint venture’s capital. Iacocca said the new joint venture will work with Korean companies, including Samsung, to procure automotive parts and components for vehicles assembled by Chrysler in North America.