Lee Jae Yong, the Vice Chairman of Samsung Electronics Co. says that the company is looking forward  for potential plans to enter the car industry and even compete with Apple.

It has been quite a while when Apple has been rumoured to develop its own electric car that is named as the Apple Car in a project with the name Project Titan. Bob Mansfield, the former Apple executive in charge of hardware developments has resurfaced from once being retired to take responsibility of Apple's new endeavours.

It is now hard to say that Project Titan is a secret, as various information has leaked out to the people. Last September 2015, there are more than 1800 employees who are hired to undertake Apple's electric car project. This is done to achieve the 2021 completion date.

An approach that is called as the "two-pronged" approach is the process by which Apple undertakes the development of its new car.

Apple is the one in charge of developing the physical makeup of the vehicle, as well as the software components that goes with it. However, the company is not restricting itself from tapping onto other car manufacturers with regards to the distribution of the units.

As of now, Apple eyes on Tesla as its potential competitor, leaving behind the unlikelihood of Samsung being a significant threat. Now, there is still much that the public do not know about the electric car project that Samsung is also undertaking.

Based on unofficial reports, Samsung is finding ways to negotiate with Magneti Marelli in buying their assets from Fiat Chrysler Automobiles. It is important to note that this is not the first time that Samsung entered the industry.

Samsung partnered with Nissan in 1994 to ambitiously make Samsung Motors as one of the most prominent auto manufacturers in the world. Samsung's shares in Renault also give them an advantage over Apple and Tesla together.

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