Volkswagen to take 60% stake in $2 billion tech JV with China’s Horizon Robotics
By Victoria Waldersee
BERLIN (Reuters) -Volkswagen’s software unit Cariad will spend more than $2 billion and take a 60% stake in a new venture with Chinese technology firm Horizon Robotics, it said on Thursday, tackling two big challenges: software and the Chinese market.
The carmaker will invest $1 billion in Horizon Robotics and a further 1.3 billion euros ($1.26 billion) in the joint venture, with the transaction to be completed in the first half of 2023.
Together the companies will develop technology that can integrate numerous functions for autonomous driving onto a single chip that will be available only in China.
The venture will mean Volkswagen has a supplier in each major region – North America, Europe and China – given its existing supply relationships with U.S. chipmaker Qualcomm and Franco-Italian STMicrolectronics.
In contrast to the partnership with Qualcomm, Volkswagen’s software unit Cariad will play an active role in developing the chip technology with Horizon Robotics, and the know-how will be shared across the Volkswagen Group, the carmaker’s China chief Ralf Brandstaetter said.
“That’s why this cooperation with Horizon Robotics is deeper,” he added.
Its part of a wider push by Volkswagen to strengthen its software offering and make its mark on the Chinese electric vehicle market, where it lags domestic competitors – notably BYD – and Tesla.
Horizon Robotics, founded in Beijing in 2015, has supplied customers including BYD, Volkswagen’s Audi, Continental, Li Auto and SAIC, according to its website.
Investors include carmakers like BYD and Great Wall Motors as well as Intel.
($1 = 1.0283 euros)
(Reporting by Victoria WalderseeEditing by Madeline Chambers, Miranda Murray and Barbara Lewis)
Inside Trump's White House: The Real Story of His Presidency
36% Off
Beyond Biden: Rebuilding the America We Love
51% Off
The Dying Citizen: How Progressive Elites, Tribalism, and Globalization Are Destroying the Idea of America
58% Off
Liberal Tears Mug - Funny Coffee Mug for Men | Republican Mug - Gifts for Conservatives | Leftist Tears Trump Cup - Novelty Mug, Funny Political Coffee Mugs, Republican Gifts (Leftist Tears) (11 OZ)
$15.99 (as of November 1, 2024 16:50 GMT -04:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Trump Merchandise Trump Hat 2024 MAGA Hat Make America Great Again for Donald Trump Hat 45-47 President Pink
25% OffAuto Amazon Links: No products found.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Now loading...