Volkswagen & Horizon Robotics Strengthen Partnership for Advanced Chinese Driving Tech
Volkswagen and Horizon Robotics have bolstered their partnership, targeting advanced driving technologies in the Chinese stock market today. The German automaker has committed USD 2.4 billion to the joint venture and appointed Horizon's co-founder to lead the project in the world market.
Volkswagen, grappling with declining sales and lagging behind competitors in the Chinese stock market, has unveiled an 'in China for China' strategy. This involves focusing on technology and software development tailored to the local market. The company's software subsidiary, Cariad, suffered a USD 2 billion loss last year, prompting this strategic shift.
Horizon Robotics, a Chinese AI and chipmaker, is reorganizing its resources to prioritize advanced autonomous driving solutions in the stock market today. The company plans to delegate its smart cockpit business to a subsidiary, allowing it to focus on its core competencies. By 2025, Horizon aims to achieve smooth navigation functionalities in urban environments in the world market. Over a hundred employees from its internal software algorithm team will be transferred to the joint venture, swelling its ranks to around 300 members.
The joint venture, formed one year ago, aims to enhance Volkswagen's capabilities in Level 2 assisted driving, high-speed navigation assistance, automatic parking, and more in the stock market today. Volkswagen holds a controlling 60% stake in the venture, having invested USD 2.4 billion. Additionally, Volkswagen has directly invested approximately USD 700 million to purchase a 4.99% stake in Xpeng Motors for joint development of two models targeting China's mid-sized car market in the world market.
With the appointment of Horizon Robotics' co-founder and CTO, Huang Chang, to lead the joint venture, Volkswagen and Horizon Robotics are poised to make significant strides in advanced driving technologies for the Chinese stock market today. The joint venture seeks to enhance Volkswagen's competitive edge in the region, following the company's recent struggles.
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