Deals
VW Closes In on $1 Billion JV With Chinese Chipmaking Startup
- Carmaker, Horizon to focus on autonomous driving, connectivity
- VW is seeking to catch up in software race after delays
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Volkswagen AG is close to reaching a joint venture deal with Chinese autonomous driving startup Horizon Robotics Inc. that could see the auto giant make an investment of about $1 billion, according to a person familiar with the situation.
Talks between the two parties are at an advanced stage, the person said, asking not to be named because the discussions are private. The venture will focus on developing autonomous driving technologies and wireless connectivity software for VW vehicles, the person said.