Auto Business Going Through 'Unprecedented Change' Amid Connected Cars, Harman CEO Says
The automotive business is experiencing “an unprecedented social and technological transformation” due to increasingly intelligent connectivity and autonomous vehicles, with the car “getting an upgrade as never seen before,” said Harman CEO Dinesh Paliwal on an earnings call Thursday. The…
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company reported a 12 percent rise in revenue in fiscal Q1 to $1.9 billion but cautioned on 2018 revenue due to staggered timing of automotive program launches. Longer term, the company believes it will have revenue growth from its automotive backlog, higher margin automotive services and increasing demand for connected car and autonomous driving technologies. Last-quarter revenue at its connected car unit rose 11 percent to $843 million from the year-ago period, the company said. Shares closed up 7 percent Thursday to $87.54.