Harman, which makes audio equipment for cars and is a leader in the "connected car" business, reported a revenue miss in its most recent quarter and also trimmed forecasts. But Paliwal said the company's mission remains intact despite the poor quarter.
"Harman is all about leading the connected car, the automotive space. Nothing has changed. The auto sector is very strong, We came in very strong," he said.
The CEO also noted that 20% of the company's business is in professional audio, which has dollar-denominated pricing. Furthermore, Harman does plenty of business in China, Russia, and India, three economies that have been underperforming recently.
Paliwal discussed a research report that posited there will be 220 million connected cars by 2016.
"We need to make safety the No. 1 parameter, and that is what we provide. We provide smart infotainment security," he said.
The CEO went on to explain why Harman bought Symphony Teleca and dubbed it a strategic acquisition that gives Harman a cloud analytics platform to assist it in making over-the-air updates to the connected car.
"I am very comfortable, because I have done a lot of services business in my former life. But there's a tremendous synergy with what we do," Paliwal said.
Cramer said he thinks the weakness in the stock provides a good entry point to buy.