During the 2018 China “Internet Plus” & Digital Economy Summit held in Chongqing, Tencent signed an agreement to partner with Changan Automobile in developing Intelligent Connected Vehicles.
According to the joint venture agreement, the two sides will collaborate in delivering a comprehensive solutions to intelligent connected vehicles, and building up an open platform about Internet of Vehicles and big data. Tencent’s Chairman & CEO Pony Ma and Changan Automobile’s president Zhu Huarong attended the signing ceremony.
According to Changan Automobile’s announcement, Chongqing Changan Automobile Co., Ltd will increase its investment in its wholly owned subsidiary Changan Automobile Investment (Shenzhen) Co., Ltd (Changan Investment) with RMB 98 million (USD 15.6 million). The investment will later go into the establishment of the joint venture between Changan Investment and Tencent.
Changan Investment will contribute RMB 98 million (USD 15.58 million) in monetary terms and hold 49% shares of the joint venture, while Tencent’s subsidiary Tencent will contribute RMB 102 million (USD 16.2 million) in monetary terms and hold the rest 51% shares.
The main business of the joint venture will include:
a) Internet of Vehicle platform development (including but not limited to): developing Internet of Things operating system, establishing and managing an Internet of Vehicles platform for Telematics Service Providers (TSP), carrying out a comprehensive content service solution (for both software and hardware solution) of Internet of Vehicles;
b) Big data analysis (including but not limited to): building a big data cloud platform, setting up search engines for both data analysis and machine learning, deriving a big data model of driving behaviors based on vehicles and driver data, enabling face recognition and developing AI algorithms that can detect dangerous driving patterns such as fatigue driving and inattentive driving.
TMTpost learns that the two sides will forge an open basic operating platform and a hardware platform. The joint venture will focus on a series of services related to the operation of Internet of Vehicles solutions. The joint venture will install the latest product of the Internet of Vehicles on Changan Automobile’s upcoming model, and release within this year.
“The cooperation platform that Tencent forged with Changan Automobile is completely open to other car-makers and tech companies,” a senior-level insider from Tencent revealed to TMTpost.
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