Chinese Internet giant Tencent Holdings Ltd. has set up a joint venture with Chinese automobile manufacturer Changan Automobile Co., Ltd. to co-develop autonomous driving technologies and connected vehicle platforms.
It marks Tencent’s latest move in the automotive sector to rival Alibaba and Baidu. Last November, Tencent partnered with five automakers including Changan, GAC Group, Geely, BYD and Dongfeng Liuzhou Motor to build an “AI in car” ecosystem. Tencent said at the time it will leverage its abilities in content, big data, social media and AI to promote its partners’ product competitiveness.
For the new deal, Tencent will invest RMB102 million (US$16.2 million) and hold 51% stake of the joint venture , while Changan Automobile will fund RMB98 million (US$16 million), taking 49% of stakes, according to the later’s security filing.
Read More – China Money Network