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Samsung drops all plans of entering the EV market

As the future of cars is destined to be seized by electric vehicles, we have seen many tech giants that have traditionally not been into automobile manufacturing, enter this market segment. While companies like Sony are stepping into the EV game with their own vehicles, other companies like LG and Panasonic are doing so by manufacturing EV parts like batteries.

Samsung: Existing partnerships

It was no wonder that technology giant Samsung, too, thought of joining the bandwagon by manufacturing its own cars. It indeed had plans to do so when news poured in reporting that the company was considering designing entire cars.  But now it seems that the very ties Samsung made with other companies in its race to grow big, would now act as a roadblock to entering the EV lane. Entering the EV market would mean making competitors out of the partners it has had long-standing agreements and joint ventures with.

Samsung has thus given up on all its plans for direct EV manufacturing.  Maintaining healthy ties with its current partners, the company wants to focus on its current business of supplying components to EV manufacturers. It has been supplying batteries to BMW, several components to Tesla and also displays to many car manufacturers. The company is also in talks with Stellantis.

An already crowded EV market

According to Samsung officials, one additional reason why the company has stepped out of the EV race, is the sheer number of companies entering into the market day after day. The market is so crowded that by 2025 there would be a minimum of 100 EV cars plying on US roads alone. Making profit in the face of such cut-throat competition, is what Samsung is considering as a risky bargain.

Meanwhile, Samsung’s decision to step out of competition is good news for Apple which certainly has plans to enter the EV market. Very recently we heard reports of Apple working in full swing towards launching its first EV vehicle- The Apple Car

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