Only this weekend! Samsung Discover deals! Galaxy S24 Ultra, Watch 6, Z Fold 5 or, Z Flip 5.

SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission.

Notifications
    News for you

    Samsung refutes rumors of buying a car manufacturer

    Business
    By 

    Last updated: August 21st, 2018 at 07:05 UTC+02:00

    Samsung has addressed recent rumors which suggested that the company might enter the automotive business as a player. It currently makes technological components for cars that are used by many manufacturers. The rumors suggested that Samsung would actually get into the business of making cars by acquiring a manufacturer. The company has denied it, saying it has no plans to do something like that.

    The rumors stemmed from a recent announcement by the company that it would invest over $160 billion in four key future growth areas. The automotive components business is one of those areas. It somehow ended up being perceived as a hint that Samsung is thinking about acquiring a car manufacturer to sell its own electric and self-driving cars.

    Samsung not buying a car manufacturer

    Some of you will be aware that Samsung did enter the automobile business almost two decades ago. Samsung Chairman Lee Kun-hee launched a vehicle manufacturing unit called Samsung Motors back in 1994 but the business went bankrupt after the 1997-98 Asian Financial Crisis. The unit was later acquired by Renault in 2000.

    Samsung's investment plans had led to speculation that perhaps it was seeking a return to the business and may look to acquire an existing manufacturer for that purpose. Samsung has confirmed in a message to its workers that it has no plans of doing that and won't be manufacturing its own electric and self-driving cars.

    It will continue to focus on developing displays and chips for a self-driving control system as part of its existing automotive components business. The timely denial might be to avoid sending a wrong signal to global car manufacturers many of which Samsung counts as its customers. They purchase different components from Samsung and its subsidiary Harman International and would have been concerned if one of their suppliers decided to compete with them in the market.

    Via Business Harman Internationalself-driving cars

    You might also like

    Samsung strengthens Harman by buying audio patents from popular brand

    Samsung strengthens Harman by buying audio patents from popular brand

    Samsung is a popular name in the world of true wireless earbuds, and the Galaxy Buds lineup is considered among the best. The tuning of Galaxy Buds is based on the famous ‘Harman Curve' from Harman International, which Samsung Electronics owns. The company is now strengthening Harman's audio technology by buying patents from the popular […]

    • By Asif Iqbal Shaik
    • 4 weeks ago
    Roon and Harman have a new Nucleus Titan server on the way

    Roon and Harman have a new Nucleus Titan server on the way

    One product that flew a bit under our radar at CES 2024 as we kept busy checking out Samsung's latest TVs and monitors is the Roon Nucleus Titan. Roon and Harman International, the latter of which is owned by Samsung, have developed a next-generation high-performance Nucleus server for audiophiles. The Roon Nucleus Titan, as it […]

    • By Mihai Matei
    • 1 month ago
    Samsung’s Harman acquires Roon, an audiophile-grade multi-room music platform

    Samsung’s Harman acquires Roon, an audiophile-grade multi-room music platform

    Samsung Electronics has announced that its subsidiary Harman has acquired Roon, an audiophile-grade multi-room and multi-connectivity music streaming platform. Roon is used by millions of audio enthusiasts worldwide, and the music streaming and discovery platform works well with many audio technologies, including AirPlay, Chromecast/Google Cast, and more. Samsung has made this acquisition in a bid […]

    • By Asif Iqbal Shaik
    • 3 months ago
    HARMAN Professional Solutions buys French audio company FLUX

    HARMAN Professional Solutions buys French audio company FLUX

    Samsung Electronics subsidiary HARMAN will soon add another audio company to its portfolio. HARMAN International's professional sound system arm, HARMAN Professional Solutions, has confirmed in a press release this week that it decided to buy FLUX Software Engineering. FLUX is a French-based audio software company with “roots in the 1990s during the early days of […]

    • By Mihai Matei
    • 4 months ago
    Samsung subsidiary HARMAN opens new engineering center in India

    Samsung subsidiary HARMAN opens new engineering center in India

    Samsung Electronics subsidiary Harman International has announced that it has opened a new automotive engineering center in Chennai, India. Situated on Mount-Poonamallee Road (MPR) in Porur, the new research and development center will be fully operational before the end of the second quarter of 2023. Samsung acquired HARMAN International in 2018 for $8 billion for […]

    • By Asif Iqbal Shaik
    • 11 months ago
    App store for Volkswagen cars developed in collaboration with Samsung’s HARMAN

    App store for Volkswagen cars developed in collaboration with Samsung’s HARMAN

    In 2017, Samsung acquired HARMAN International looking at its potential in the automobile and audio space. Now, the company is expanding its presence in the automobile market briskly. Volkswagen Group has announced that it has developed an app store for all its cars in partnership with Harman. Volkswagen Group, the world's second-biggest car manufacturer, is […]

    • By Asif Iqbal Shaik
    • 1 year ago