South Korean giant Samsung Electronics said Wednesday it will set up a team to develop an auto components business focusing on autonomous driving technology and entertainment systems. Kwon Oh-hyun, a vice chairman who has long managed Samsung’s electronics component business, will oversee the new team, IBNLive reports.
Reportedly the announcement comes as Samsung is under pressure to find new businesses to offset sagging profit from its smartphone sales. Technology companies have been expanding into aspects of auto technology and some have formed partnership with automakers.
It further reports that, Google has been testing self-driving cars for six years and Apple has developed software for automakers called CarPlay that let drivers use an iPhone to operate an entertainment system.