JLR buys stake in car technology firm CloudCar
CloudCar has plans to use the next generation of its technology in Jaguar's first fully electric model.
Britain's biggest carmaker Jaguar Land Rover (JLR) said on Friday it was buying a minority stake in connected car technology firm CloudCar, as automakers seek out new partnerships and investments to build high-tech models.
Car manufacturers are developing connected cars, which use the internet to improve customers` driving experiences and allow vehicles to communicate with each other, in a race with tech giants such as Google.
In October, JLR, parent company Tata Motors and US carmaker Ford tested connected cars using technology designed to speed up journeys and cut accidents, the first such trials in Britain.
CloudCar, which has developed technology including to improve voice activation, has been a supplier to JLR for several years, with plans to use the next generation of its technology in Jaguar`s first fully electric model.
On Friday, the carmaker said it would invest $15 million (12 million pounds) and acquire an unspecified stake in the firm.
"This investment is integral to Jaguar Land Rover`s vehicle technology programme," said Executive Director of Corporate Strategy Hanno Kirner, adding he wanted to work with other carmakers. "The eventual need to integrate into the car hundreds of driver-focused global cloud services and content means this platform is an excellent example where cooperation ... can improve outcomes for customers, as well as reducing costs."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
07:59 PM IST