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Nokia Joins Musk to Google in Investing in Intelligent Cars

Nokia Oyj plans to spend $100 million backing companies that develop intelligent-car technologies, joining the likes of billionaire Elon Musk and Google Inc. in betting that future vehicles will be smarter and more connected.

The investments, to be made by a new Nokia fund, are meant to support the mobile-technology company’s digital-map business, Nokia said today. It’ll be run by Nokia Growth Partners, the venture-capital arm that manages about $700 million.