Samsung Joining Autonomous Car Race

A new company is joining the long list of those taking at a stab at the autonomous car business — Samsung.

Perhaps best known for flatscreen TVs and smartphones, news outlets are reporting that Samsung is launching a new division of its business aimed at manufacturing car parts for bigger automakers.

Engadget reports that the first project will be in-car infotainment systems, and that Samsung will eventually work its way up to car parts that enable autonomous driving. Engadget adds that many smartphone components also lend themselves to autonomous driving, making Samsung a credible player.

Both Motley Fool and Engadget point out that Samsung actually launched its own auto division, Samsung Motors, back in 1994. However, the market dive of 1997 forced Samsung to sell to Renault. Samsung reportedly still owns a 19-percent stake in that division.

CNBC points out that Samsung’s mobile phone division has plunged from over 60 percent to now just over 30 percent, and speculates the move may be fueled by a need to find new areas for growth. It also points out that Samsung’s biggest rival, LG Electronics, announced a deal in 2013 to manufacture car parts for General Motors’ electric Chevrolet Volt.