Samsung To Enter Self-Driving Car Business As Components Manufacturer

Samsung confirmed today its interest in playing a part in the rapidly developing self-driving car industry. They won't be making their own vehicle, as many rumors have suggested Apple is currently, but instead the South Korean electronics giant announced that it will create a team dedicated to developing components and software for the automotive market. This team will be separate from Samsung's other businesses, but will work with its other technology divisions.

The announcement offered few specific details, however Samsung said it plans for the team to focus on self-driving and internet connected cars with things such as infotainment systems, satellite navigation, and autonomous driving technology.

In terms of the deeper motivation behind Samsung's interest in the auto industry, the company is said to also be looking for another market to fuel growth and improve profits. While the company found major success with smartphones, it is suggested that 2015 will be the second consecutive year in decline.

Investors and analysts have been calling for Samsung to use its resources in the display and chip fields to attract carmakers looking for parts, with the idea being that the company can become a major player in the auto industry. However, no timeframe was mention for when Samsung components might become available to manufacturers.

SOURCE Reuters