Samsung has reportedly decided to bring the final curtain down on its automotive OEM dream and sell its 19.9% stake in Renault-Samsung.
The Korea Herald reported that credit card company Samsung Card will divest all of its 19.9 percent stake. Renault has a controlling 81.9% stake in the Korean unit.
The report said the final decision was made recently.
“Though we are pursuing the stake sale, details such as the method of sale, the buyer and the process have yet to be decided,” the credit card company said in a statement on Thursday, according to the Herald .
Further details will be announced within the next month, it added.
The report added that the automaker said it will keep the current emblem for the vehicles that will be produced at its manufacturing plant in Busan after the stake sale, though it has yet to change its name.