Quick Take: Tencent, Changan Auto Announce Autonomous-Vehicle Joint Venture

Tencent Holdings Ltd. is setting up a joint venture with state-owned Chongqing Changan Automobile Co. Ltd., as the technology titan races into the booming autonomous-driving sector.

Dadi Tongtu Information Technology Co. Ltd., a unit of Tencent, will spend 102 million yuan ($16.2 million) for a 51 percent stake in the venture, while Changan will get the remaining 49 percent for 98 million yuan, according to a Changan statement on Thursday (link in Chinese).