(Yicai Global) Nov. 3 -- Shares in NavInfo advanced as much as 5.2 percent today after the Chinese digital mapmaker said it will provide navigation and e-mapping services as well as an autonomous driving data management platform to Daimler that will be installed on the German auto giant’s China-made cars over the next three years.
NavInfo’s share price [SHE:002405] closed up 1.59 percent at CNY12.13 (USD1.90). Earlier in the day it had hit CNY12.57.
The value of the contract will depend on Daimler’s China sales over the three-year contract period, the Beijing-based firm said yesterday. In the first half, Daimler delivered 441,500 Mercedez Benz in the country, a year-on-year jump of 27.6 percent.
The deal marks Stuttgart-based Daimler’s recognition of NavInfo’s high-precision mapping abilities and its handling of autonomous driving data, NavInfo said. It will help NavInfo cement its status in the global digital mapping sector and encourage the firm to develop more products for self-driving passenger vehicles.
NavInfo already has partnerships with Germany’s BMW as well as Japan’s Toyota Motor and Honda Motor. Last November it was the winning bidder for a CNY100 million (USD15.6 million) IoV data management platform run by China’s Ministry of Industry and Information Technology.
Editor: Kim Taylor