Volkswagen to Invest $2.3 Bln in China Self-Driving Tech JV

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.