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HARMAN Announces $800M In New Automotive Audio Awards

Stocks in this article: HAR

Harman International Industries, Incorporated, the leading global audio and infotainment group (NYSE: HAR) today announced that it has extended its leadership in automotive audio globally with $800M of new awards from major automakers in North America, Europe and Asia.

Market Penetration in North America:

  • Ford Motor Company has chosen Harman as a branded audio partner for selected future programs. This newly established partnership is the result of a common focus on technical innovation and a shared vision to create an unmatched ownership experience.

Continued Success in Europe:

  • BMW has expanded its audio relationship with HARMAN, adding its future cross-car line ultra-premium fourth trim level audio systems worldwide to the existing branded audio business for BMW’s other trim level vehicles.
  • Harman has received a letter of intent from Volvo Car Corporation to provide ultra-premium branded audio for its cross-car line SPA platform vehicles. This is HARMAN’s first branded audio award with Volvo and marks the beginning of a strategic new relationship.
  • The Fiat Group has also awarded HARMAN a second luxury branded audio contract for its famed Maserati sports car line, in addition to its Fiat Abarth models.

Growing Partnerships in Asia:

  • HARMAN has secured eight new program awards with six different OEMs across Asia. In China, HARMAN was awarded the first ever branded audio business with JAC, a domestic automaker, as well as additional programs with current partners BAIC and Geely. In Japan, our long-term partnerships with Subaru (with the Harman/Kardon brand) and Lexus (with the Mark Levinson brand) continue, as HARMAN has been nominated for two replacement platforms with each company. In Korea, the Company continues to expand its portfolio of business with Kia by securing HARMAN’s first branded audio award in the small C-segment SUV platform.

“We are pleased to report that we continue to be the preferred partner to automakers with audio solutions that can address a variety of regional requirements, vehicle classes, and consumer tastes,” said Dinesh C. Paliwal, HARMAN’s Chairman, President, and CEO. “With our OEM car audio backlog up 23% over last year, it’s clear that customers in all major markets continue to acknowledge our technological leadership, strong brand portfolio, and best-in-class global footprint.”

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