Project Manager News Hubb
Advertisement Banner
  • Home
  • Project Management
  • Project Management Tools & Software
  • Contact
No Result
View All Result
  • Home
  • Project Management
  • Project Management Tools & Software
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Project Management

Volkswagen To Take 60% Stake In $2 Billion Tech JV With China’s Horizon Robotics

admin by admin
October 16, 2022
in Project Management


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.

(Reporting by Victoria WalderseeEditing by Madeline Chambers, Miranda Murray and Barbara Lewis)



Source link

Previous Post

E-Bus Deal Puts Oslo On Track For Zero-Emissions Public Transport Goal

Next Post

UK Business Minister Rees-Mogg Says Deregulation Plans On Track

Next Post

UK Business Minister Rees-Mogg Says Deregulation Plans On Track

Recommended

Strikes At Ukraine Nuclear Plant Prompt UN Call For Demilitarised Zone

8 months ago

What Is Proof of Concept? · Blog · ActiveCollab

8 months ago

Moderna’s Vaccine Facility In Britain To Create Over 150 New Jobs

3 months ago

Bolt, Orion-E To Build Solar Plants In Brazil For About $630 Million

7 months ago

German Exporters Prepare For A Challenging 2023

3 months ago

Benin Tests Power Of A Rural Mini-Grid With 1.7 MW Solar Project

4 months ago

project manager-59

© 2022Project Manager News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Project Management
  • Project Management Tools & Software
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Project Management
  • Project Management Tools & Software
  • Contact

© 2022 Project Manager News Hubb All rights reserved.