Volkswagen to take 60 per cent stake in JV with Horizon Robotics

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Volkswagen to take 60 per cent stake in JV with Horizon Robotics
Volkswagen to take 60 per cent stake in JV with Horizon Robotics

Horizon Robotics, which supplies customers including Volkswagen’s Audi, Continental, Li Auto and SAIC, was founded in 2015. Investors include carmakers like BYD and Great Wall as well as Intel

Volkswagen will take a 60 per cent stake in a new joint venture with Horizon Robotics, Chinese Technology Company by investing 2.4 billion euros ($2.33 billion) in the latter for autonomous driving software and hardware, the carmaker said on Thursday.

Technology that can integrate numerous functions for autonomous driving onto a single chip will be developed together by the two companies, the statement said.

According to its website, Horizon Robotics, which supplies customers including Volkswagen’s Audi, Continental, Li Auto and SAIC, was founded in 2015. Investors include carmakers like BYD and Great Wall as well as Intel.

Volkswagen already carries out research and development in China but this is its first joint venture focused specifically on technology, an area where it is currently lagging behind Chinese competitors in the electric vehicle market.

The carmaker, which makes around 40 per cent of sales and half of profits in the country, holds a 75 per cent stake in a joint venture with JAC.

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