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Samsung sets up team to focus on driverless cars

Samsung Electronics is setting up a new business unit to focus on automotive-related technology such as components for driverless cars, the South Korean giant said on Wednesday.

Details about the team were scarce but Samsung said it is to focus on infotainment systems and autonomous driving technology. Samsung did not say how big the team would be.

The news comes as Samsung looks to find new growth drivers amid slowing smartphone sales and as an increasing number of technology companies look to jump into the automotive space.

South Korean rival LG Electronics earlier this year announced that it would be providing key components for General Motors' upcoming electric car, the Chevrolet Bolt EV. And Google is testing driverless cars while speculation is rife that Apple, Samsung's rival in the smartphone space, will be getting into the auto sector.

Samsung's announcement came as part of its annual management reshuffle. Just last week, Samsung replaced its mobile division head JK Shin with DJ Koh.