china firm boosts selfdriving technology with 1bn overseas deals
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

China firm boosts self-driving technology with $1bn overseas deals

Arab Today, arab today

Arab Today, arab today China firm boosts self-driving technology with $1bn overseas deals

A Chinese auto firm says it is buying two foreign companies
Shanghai - AFP

A Chinese auto firm said Friday it is buying two foreign companies and their self-driving technologies for more than $1 billion, as the world's second-largest economy seeks to boost its foothold in the autonomous car market.

Ningbo Joyson Electronic Corp. said it has signed an agreement to buy US-based Key Safety Systems (KSS) Holdings Inc. for $920 million, according to a statement to the Shanghai stock exchange, where it is listed.

Ningbo, which provides driver control systems to auto giants such as General Motors and Mercedes-Benz, said it also plans to buy the car navigation business of Germany's TechniSat Digital GmbH for $204.6 million, the statement added.

The announcement comes as China fast-tracks plans to put more self-driving cars on its roads and improve car safety technology in the country, the world's largest auto market.

KSS supplies air bags for normal cars and is developing autonomous car-safety systems, including collision avoidance technology.

TechniSat provides navigation systems and is developing technology for connected cars, which can help vehicles maintain safe distances and avoid accidents.

The Chinese firm said the deals will help it keep "pushing the reform of driving behaviour" and become a leading supplier in self-driving and smart-car technology.

Based in China's eastern city of Ningbo, Joyson has more than 7,000 employees and operates in the United States, Germany and Mexico, as well as China. Its revenue last year was 808 million yuan ($124.8 million).

The deals are still pending regulatory approval.

Joyson shares were up 0.61 percent in Shanghai after the noon break.

The deal is the latest in a series of foreign purchases by Chinese companies, as Beijing urges firms to make overseas acquisitions to boost technological know-how and expand markets.
 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china firm boosts selfdriving technology with 1bn overseas deals china firm boosts selfdriving technology with 1bn overseas deals

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china firm boosts selfdriving technology with 1bn overseas deals china firm boosts selfdriving technology with 1bn overseas deals

 



GMT 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday