I also want to remind you that Harman has led the smartphone integration and we will provide the service to car companies just like what we did with Chrysler this past week, just like what we are doing with BMW this fall. With or without an embedded system in the car, our record car intake for embedded infotainment system and the recent awards from leading automakers confirm our strategy and business model.
On that note, we are pleased to have scored several key events during fiscal year 2012. We extended our relationship with BMW through a 2 billion+ order that we shared with you on the last call. And earlier in the year, we booked a 400 million [inaudible] award for Porsche-Volkswagen group.
To meet the growing demand for entry-level embedded infotainment systems, Harman launched a new scalable infotainment platform targeting entry and mixed segment vehicles. It didn’t take much. We had immediate success with this launch and we penetrated Asian automotive companies and one scalable next generation system orders from Tata Motors of India, China’s BRIC, [inaudible] and several others.
Today we are pleased to share with you a new [inaudible] major breakthrough award. We have received a significant new order from the world’s largest automaker, General Motors. This $900 million order will provide General Motors with a new, advanced, scalable infotainment technology. [inaudible] success in Europe, Asia and now North America with Chrysler, General Motors, thoroughly enforce our leadership in these technology areas. It is important to emphasize that our sales by final destination are very diversified, as shown on slide eight of your deck.The EU5 represents only 30% of the company’s sales; 74% of that 30% is in robust German market. Therefore, our exposure to European uncertainty is hardly any. We have got nothing to do with Greece and several other slumping economies, so long Germany continues to do well. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV