Volkswagen to Invest $2.3 Billion in China Self-Driving Tech JV
13 Oktober 2022 - 1:57PM
Dow Jones News
By Joshua Kirby
Volkswagen AG said Thursday that it will invest more than 2
billion euros ($1.94 billion) in a joint venture in China that aims
to advance efficiency in automated driving.
The German auto group said its Cariad software subsidiary will
partner with Beijing-based Horizon Robotics, a supplier of
smart-vehicle software solutions. Cariad will be the majority
shareholder with a 60% stake, VW said, adding that the group will
invest around EUR2.4 billion in the business.
The JV will work to integrate numerous automated-driving
functions in one chip, VW said. This will increase the stability of
the system, saving costs and reducing energy consumption, VW
said.
The closing of the transaction, expected in the first six months
of 2023, is subject to approval from Chinese merger and
foreign-investment authorities, VW said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
October 13, 2022 07:42 ET (11:42 GMT)
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