Samsung makes $8bn vehicle push with Harman acquisition
Samsung has made an aggressive play for dominance of the in-car entertainment and services market with its $8bn purchase of Harman, putting it on a collision course with Google and Apple which both seeking to make a name for themselves in the competitive sector.
Samsung is casting an eye over alternative revenue streams by muscling in on the automotive technology sector with its biggest overseas acquisition to date.
At a stroke, the deal will propel Samsung into the top tier of auto technology suppliers and relationships with car giants such as BMW, Volkswagen and General Motors.
The purchase coincided with the arrival of Samsung Group heir-apparent Jay Y.Lee to the board of the electronics firm, indicating the future direction for the business as it seeks to revolutionise an industry that has only taken baby steps with software and online technologies this far.
Whilst Samsung has categorically stated it will not manufacture its own vehicles, it is extremely interested in bringing the so-called Internet of Things to four wheels, diversifying its income streams in the process.