Samsung Enters The Emerging Automotive Tech Industry With An $8 Billion Contract With U.S. Tech Firm

By Ceage Sotto , Updated Nov 18, 2016 09:03 PM EST

Following the trail of giant tech companies investing in the automotive industry; Samsung has recently acquired a U.S. based automotive electronic company. The mobile giant recently acquired Harman to a staggering $8 billion contract to formally enter the tech industry's new and emerging market: Automotive Technology.

Harman Makes Samsung One Of The Key Players For Auto Technology

In an article from Sci-Tech Today, Samsung announced that it would pay $112.00 per share for the U.S. auto electronic company that is based on Stamford, Connecticut. The latest move will instantly transform the South Korean mobile giant into a major player in the rapidly emerging market for auto-entertainment and automobile connectivity.

Harman is already a $7 billion dollar-per-year player in the competitive automotive market. The company develops and manufactures touch screen panels that control vehicle functions, car entertainment systems and automotive sound systems. Notable companies that are key players in the field include Harman Kardon, JBL, Mark Levinson and Infinity, to name a few.

Samsung's Latest Acquisition Is The Largest Overseas Deal By A Korean Company

Bloomberg reports that the South Korean mobile company has just made the biggest deal by any any Korean company overseas. Samsung hopes to join the ranks of top auto tech suppliers in the world, adding that Harman's influence over the market of automotive entertainment systems is a major boost for Samsung take on the emerging auto industry market. The South Korean based company hopes to integrate it's fast processing technology and software to Harman's infotainment systems.

Sophisticated telematics systems are now fast emerging and experts say that it will be available to most cars by 2020. Samsung hopes to bank in the emerging technology to further boost their influence over the global market. The endeavor comes after the company's apparent heir was promoted to the board of the electronics firm.

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