Volkswagen to plough €2.4B into vehicle automation in China and form JV with Horizon Robotics

Volkswagen is accelerating the pace to automate its electric vehicles for Chinese customers. CARIAD, a wholly-owned automotive software company of the German auto behemoth, intends to set up a joint venture with Horizon Robotics, one of China’s most serious auto chip developers, the company said on Thursday.
The German automaker plans to deploy around €2.4 billion to its cooperation with Horizon Robotics, a transaction that’s expected to be completed by 2023 and is subject to regulatory approval. Following the deal, CARIAD will hold a majority stake of 60% in the JV. It wasn’

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