Continental & Bosch Buy Into Digital Mapping Company HERE
Following large investments from a number of other major auto industry firms, Bosch and Continental have now both acquired large stakes in the digital mapping firm HERE, according to recent reports.
To be more specific, now that the two firms have acquired a 5% stake in HERE, they join other large shareholders in the industry that you might know: Daimler, BMW, and Volkswagen’s Audi brand collectively own 74% of the mapping firm.
So, to be clear here, the German auto industry now effectively, collectively, owns the firm. Though, it is notable that Intel — hardly a German company — still owns a 15% stake in HERE.
Speaking on the stake acquisition, Continental CEO Elmar Degenhart stated: “By leveraging HERE’s technology, we look forward to generating further profitable growth in mobility services and automated driving.”
The press release added: “In addition to the investment, Continental will sign a collaboration agreement with HERE. The aim is to pave the way for technologies that facilitate the reliable availability of highly accurate data for the efficient transportation of people and their goods.”
Edzard Overbeek, CEO of HERE Technologies, said: “Our vision for HERE is to enable an autonomous world for everyone. To achieve this you need strong partners that complement each other in different areas.”
Reuters provides more: “Continental and privately owned Bosch said separately they wanted to advance their expertise in driver-assistance and other data-based technologies. … Continental said it would sign a collaboration agreement with Dutch HERE and also seek to jointly develop a high-definition live map for autonomous cars.
“Software and electronics products are the biggest drivers of growth at Hanover-based Continental which also makes fuel-injection systems and vehicle tyres. It plans to boost total sales to more than €50 billion by 2020 from €40.5 billion in 2016…A group of investors led by Chinese mapping firm Navinfo and internet giant Tencent had to abandon a plan in September to buy 10% of HERE, after failing to win US approval.”
No specifics have been, or will be, released as regards the pricing of the stake acquisitions, as the two firms agreed to not disclose such matters as part of the terms of the deal.
Related Stories:
LG Electronics & HERE Technologies Partnering On Next-Gen Telematics Solution For Self-Driving Cars
Mobileye & HERE Partnering For Crowdsourced HD Mapping To Be Used In Autonomous Vehicle Applications
HERE (Digital Mapping Firm) To Acquire Over-The-Air Software Update Firm ATS
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