(Yicai Global) April 13 -- Chongqing Changan Automobile Co., one of China’s biggest carmakers, will join with a map-compiling unit of Chinese internet titan Tencent Holdings Ltd. to develop an Internet of Vehicles platform.
The pair signed an agreement in which Tencent Dadi Tongtu Technology Co. will hold a 49-percent share with a total CNY98 million (USD15.6 million) investment, while state-backed Changan will retain the remaining 51-percent share with a CNY102 million stake. The joint venture will design a platform which includes developing an IOV operating system, building a big data cloud and using a facial recognition and authentication system.
Changan will cease sales of traditional fuel vehicles from 2025 and fully electrify all its products, it announced last year. Its NEV line-up will include 21 pure-electric vehicles and 12 hybrid-electric cars, while projecting overall investment of CNY100 billion in its industry chain by 2025.
Editors: Ben Armour, Emmi Laine