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Volkswagen To Invest $2.4 Billion In Automation, Pursue Joint Venture In China

International Business TimesOct-13-2022, 23:15:02 GMT

Volkswagen (VWAGY) is looking to expand its foray into the electric vehicle market with a $2.4 billion investment, the German carmaker said Thursday. The company is also pursuing a joint venture with Chinese firm Horizon Robotics, a major chipmaker in the world's largest economy. However, the deal is pending regulatory approval. Following the deal's completion, software firm CARIAD, a subsidy of the carmaker, will hold a 60% majority stake in the joint venture. The partnership is an effort to "speed up customization of automated driving solutions for the Chinese market," the company said in a statement.

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International Business Times

Country: Asia > China (0.52)

Industry:

Automobiles & Trucks > Manufacturer (1.00)
Transportation > Ground > Road (0.83)

Technology: Information Technology > Artificial Intelligence > Robots (0.69)

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