Samsung appears ready to join fellow tech giants Apple and Google in the automotive industry.

The Korean electronics giant this week announced plans to combine several existing operations into a new automotive components business.

It will reportedly focus on autonomous driving technology, in-car entertainment displays and satellite navigation systems.

Kwon Oh-hyun, who heads the company's electronic components business, will lead the effort.

The announcement comes amid forecasts of sliding profits from smartphone sales, which increased pressure on Samsung officials to identify new revenue sources.

But the company could be forced to wait several years to see results due to longer product cycles and stricter safety standards in the auto industry.

Analysts, however, noted that Samsung could become a force in the fast-growing market by virtue of its existing operations in chips, displays and batteries.

Apple, which already produces the CarPlay system to sync car displays with an iPhone, could begin making its own electric vehicles in coming year. Google, meanwhile, is already testing its self-driving cars on highways.

By: DocMemory
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