Assembly Line

Volkswagen to take 60% stake in $2 bln tech JV with China's Horizon Robotics

đź“… Date:

đź”– Topics: Partnership

🏢 Organizations: Volkswagen, Horizon Robotics, Cariad

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. 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.

Read more at Reuters