While Samsung Electronics’ smartphone sales and overall revenue are falling, some of the company’s business lines are showing strong growth.
As it became known, the company received a record revenue in its automotive business. In this case, we mean the electronics that Samsung produces for the automotive market.
For example, revenue from Harman, which several years ago came under the wing of Samsung, grew by 51%. At the same time, in this case, we do not mean acoustics at all. In particular, in July, Harman signed a contract with Toyota for the supply of automotive telematics devices for 5G communications. The exact size of the contract has been kept under wraps, but industry insiders estimate it to be around $70 million.
In the third quarter, we capitalized on strong demand for connected car solutions. Orders from corporate customers increased along with sales of consumer audio equipment
Together with Samsung, LG also reported on the growth of profits from the automotive direction. In particular, the profit of division Vehicle Component Solutions grew by 45.6%.