Volkswagen Acquiring Majority Stake In China’s Horizon Robotics For $2.35 Billion
October 16, 2022, 12:39:53 AM
Volkswagen is spending approximately $2.35 billion to acquire a 60 per cent stake in China’s Horizon Robotics.
A joint venture will be formed between VW’s CARIAD software division and Horizon Robotics with the aim of accelerating the regional development of Advanced Driver Assistance System (ADAS) and Autonomous Driving systems for the Chinese market.
The transaction is expected to be completed in the first half of 2023 and CARIAD and Horizon Robotics will develop advanced driver-assistance and autonomous systems onto a single chip, increasing the stability of the system, saving costs, and reducing energy consumption.
Horizon Robotics already supplies the likes of BYD, Audi, Continental, Li Auto, and SAIC with its products. It has also received investments from BYD, Great Wall Motors, and Intel.
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