In late October, reports surfaced about Samsung making patent filings toward electric vehicles and electric parts, proving that the company has auto technologies in the works.
On Wednesday, Reuters reported that Samsung has created a team to develop automotive-related businesses. In particular, Samsung's development team will reportedly aim to boost sales of auto components, while initially focusing on infotainment, autonomous driving technologies and satellite navigation.
The news agency says that Samsung is looking for another profit maker since its struggles in the smartphone space are only continuing.
The company tells Reuters that its team will collaborate with outside existing divisions to plump up the sales of auto parts. Within that, there seems to be pressure on Samsung to improve upon existing infotainment systems for vehicles.
Still, investors and analysts tell Reuters that it could take several years before Samsung reaps any significant earnings via its car-related sales, as the first step is for the tech giant to make a presence in the automotive space first.
"Now that Samsung Electronics rolled up its sleeves, there needs to be a move to consolidate all the different parts into one," SK Securities analyst Kim Young-woo told Reuters.
This report follows Reuters unearthing in late October that two-thirds of Samsung's combined 1,804 patent filings since 2010 were specifically geared toward electric vehicles and electric parts for cars. Although, that report didn't include any news of the company's filings made after 2013.
Given Samsung's tech prowess, making a dent with an infotainment system for vehicles seems feasible. But it will be intriguing to see how quickly the company could deliver parts that are used and needed across the automotive industry.
