Samsung Electronics is starting to focus on a different kind of mobile technology. The South Korean company, known for its Galaxy smartphones, is launching a new unit dedicated to automotive tech. It’s also setting up a $300 million fund to invest in startups in the field. “During this period of extraordinary transformation in the automotive industry, we are excited to play a leadership role in supporting and shaping the future of smarter, more connected vehicles,” says Young Sohn, president and chief strategy officer of Samsung. Samsung does not plan to manufacture cars, the company said in its press release. Instead it intends to expand work it’s already doing in the automotive area, including developing self-driving car technology.
