Jul 4, 2023

(Yicai Global) July 4 -- Shares of Navinfo rose after the Chinese Google Maps-like navigation service provider said it joined hands with artificial intelligence unicorn Horizon Robotics to develop autonomous driving technology. Navinfo [SHE: 002405] closed 6.1 percent up at CNY12.32 (USD1.71) today, after earlier gaining as much as 8 percent. Navinfo and Horizon signed a strategic cooperation framework agreement to cooperate in the research and development of new-generation solutions for self-driving passenger cars, the Beijing-based company announced today. The pair will also promote the mass production of cost-effective passenger car autonomous driving solutions, it added. The navigation, human-machine driving, and high-precision map capabilities of Navinfo will be introduced into Horizon’s assisted driving and urban autonomous driving-related products to create industry-leading intelligent driving solutions, Navinfo noted. Moreover, Horizon will provide its new partner with high-quality chip products, solutions, and technical support, Navinfo said, adding that the parties will also leverage the unique advantages of their respective chip products to create a combined chip solution. Founded in 2002, Navinfo is China’s first company to have obtained a navigation electronic map license. It has been focusing on the high-precision map business since 2015. The Chinese joint ventures of carmaking giants Toyota, BMW, Volkswagen, and Ford are among Navinfo’s main clients. Horizon was established in 2015 by Yu Kai, a former executive at Chinese tech giant Baidu. It is the only smart automotive chip startup in China that received the pre-installed mass production verification. Last October, Volkswagen’s software unit Cariad announced it will invest EUR2.4 billion (USD2.6 billion) to take 60 percent of a JV with Horizon to develop advanced driver assistance systems and autonomous driving solutions. Editor: Futura Costaglione