Volkswagen will invest 2.4 billion euros and have a 60% stake in a new joint venture with Chinese technology company Horizon Robotics to create autonomous driving software and hardware, the automaker said on Thursday. .
The companies will work together to develop technology that can integrate multiple functions for autonomous driving into a single processor, the statement said.
Horizon Robotics, founded in 2015, serves customers such as Volkswagen’s Audi, Continental, Li Auto and SAIC, according to its website.
Volkswagen already conducts research and development in China, but this is its first joint venture specifically focused on technology, where it currently lags behind Chinese competitors in the electric vehicle market.
The automaker, which has about 40% of sales and half of profits in China, holds a 75% stake in a joint venture with JAC, a 50% stake in a business with SAIC and a 40% stake in a venture with FAW. .
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
