Samsung plans $22 billion for artificial intelligence, autos

Samsung logo

Including the latest plan, spending by Samsung Electronics and its affiliates on research and development and capital expenditures over the next three years will amount to 180 trillion won ($161 billion), Samsung said. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases". Samsung didn't immediately respond to a request for further comment.

By drawing on its well-established expertise in technology and start-up investments, Samsung will open up its venture incubation program to both external and internal start-up projects and provide software training.

The South Korean company has prepared a three-year investment plan to expand business. Samsung Electronics aims to intensify AI advancements by increasing researchers to 1,000 across its global AI centers.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit.

Samsung has a reputation for forging ahead with investment even when competitors brace for a slowdown, a strategy that's helped it emerge as the world's biggest chipmaker after surviving one crunch after another.

Reflecting rising calls for family-controlled conglomerates to make more social contributions in South Korea, Samsung also said its new investment plan will go a long way toward creating more jobs.

A sign outside the Samsung Electronics office in San Jose, California.

Total sales for April-June fell 4.1 per cent year-on-year to 58.48 trillion won, with revenues for the company's mobile division plunging 22 per cent in the same period.

In order to beef up the competitiveness of local small and medium-sized firms, Samsung said it will assist local firms with adopting smart factory production solutions under cooperation with the Ministry of SMEs and Startups.

"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul.

The company plans to foot 60 billion won of the total to be spent.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump Doubles Tariffs On Steel, Aluminum From Turkey
Aug 11, 2018 - 20:39
Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence". Trump announced the doubling of aluminum and steel tariffs in a tweet Friday , citing bilateral strains.

isis-killer-beheading-video-story-top The winners and losers of the English transfer window
Aug 11, 2018 - 18:59
Everton took their transfer spending past 270 million in the last 12 months after making three late additions. Pep Guardiola's City won the Premier League with 100 points last season (Martin Rickett/PA).

isis-killer-beheading-video-story-top Saudi Arabian Airlines Suspending Flights To and From Canada
Aug 10, 2018 - 16:32
Fifteen of the 19 hijackers were citizens of Saudi Arabia , and Saudi royals have always been accused of complicity in the attack. Raif was arrested in 2015 and has been sentenced to seven years in prison as well as 1,000 lashes for "insulting Islam".

isis-killer-beheading-video-story-top U.S. Sanctions Put Russia on Edge
Aug 10, 2018 - 16:30
The new USA sanctions would cover sensitive national-security controlled goods, a senior State Department official told reporters. The sanctions against Vladimir Putin's Russian Federation target USA exports of sensitive goods relating to national security .

isis-killer-beheading-video-story-top Kelvin Benjamin dominates Panthers on 28-yard TD
Aug 10, 2018 - 16:14
Charlotte Observer visual journalist Jeff Siner captured the exchange, which quickly lit up social media. Newton made a decision to approach Benjamin, who didn't seem inclined to talk, prior to the game.

isis-killer-beheading-video-story-top North Korea threatens to stall denuclearization in warning to US
Aug 10, 2018 - 15:27
Secretary of State Mike Pompeo was prepared to return to North Korea for another meeting with Kim. Bolton, in an interview on Fox News, said U.S.

isis-killer-beheading-video-story-top Rain returns to delay scheduled start
Aug 10, 2018 - 14:53
Joe Root has confirmed that the 20-year-old debutant Ollie Pope will bat at No 4 in the second Test against India at Lord's today. Chris Woakes is expected to replace all-rounder Ben Stokes, who is standing trial in Bristol on a charge of affray.

isis-killer-beheading-video-story-top Mauricio Pochettino says his side are BOLD for not signing anyone
Aug 10, 2018 - 14:06
When it's not possible it's not possible and you have to move on and believe in the way we work and be competitive. "We all know the situation".

isis-killer-beheading-video-story-top Tesla board confirms Elon Musk's buyout plans
Aug 08, 2018 - 23:45
Musk's money-losing and cash-burning company is an unlikely candidate for debt investors to be willing to help go private. Tesla stock, which has been on the rise for days, skyrocketed after the tweet and ended Tuesday up 11%.

isis-killer-beheading-video-story-top Saudi Arabia reportedly directing selloff of Canadian assets after criticism
Aug 08, 2018 - 22:11
Saudi Arabia has invested about $6 billion in Canadian businesses since 2006, data compiled by Bloomberg show. The dispute looks set to damage what is a modest bilateral trade relationship worth almost $4 billion a year.

Star witness Rick Gates’ testimony ends after Paul Manafort lawyer’s attacks
Aug 08, 2018 - 21:43
Asked if had also claimed unauthorised personal expenses from the inaugural committee, Gates replied "It's possible". He told jurors how he disguised millions of dollars in foreign income as loans in order to lower Manafort's tax bill.

isis-killer-beheading-video-story-top China's latest tariff threat brings clothing into the fray
Aug 08, 2018 - 21:05
That's a negligible amount for China, which imported 17 million tons total previous year , according to the US Census Bureau. The People's Bank of China stepped in to support the yuan yesterday after the currency slid to the lowest in more than year.

isis-killer-beheading-video-story-top Russian Federation names Steven Seagal special envoy to US
Aug 08, 2018 - 17:55
For more than a decade Seagal, who according to his own website is 66, has been a regular visitor to Russian Federation . Seagal, who occasionally appears on Russian state television, said he welcomed the appointment, Reuters reported.

isis-killer-beheading-video-story-top Saudi Arabia's diplomatic dispute with Canada: An explainer
Aug 07, 2018 - 22:10
When asked about the contract, Freeland said the government "looks forward" to hearing from Riyadh about the future of the deal. They are involved in a human rights row over Canada's demands for Canadian activists jailed in the kingdom to be released.

isis-killer-beheading-video-story-top Former Tamil Nadu chief minister Karunanidhi dies at 94
Aug 07, 2018 - 21:44
And in a career spanning 80 years, he wore different hats - a student leader, scriptwriter, orator and politician. He then founded Tamil Nadu Tamil Manavar Mandram which was the first student movement of the Dravidian movement.