Chinese artificial intelligence (AI) chip developer Horizon Robotics has signed a memorandum of understanding with German auto-parts maker Continental AG to set up an intelligent driving joint venture, strengthening its deployment in the booming smart vehicle industry as tech giants Baidu and Xiaomi jump on the bandwagon.
The joint venture will see both sides leverage their advantages in product quality control, supply chains, artificial intelligence chips and algorithms to provide domestic and global carmakers with advanced driver assistance systems, autonomous driving software and hardware, Horizon Robotics said in a statement on Friday.
The statement did not give details of how many shares the two companies will each hold in the joint venture.
Friday’s announcement marks the deepening of a partnership the two companies forged last September, when Horizon Robotics agreed to incorporate its Journey AI chips and algorithms into Continental’s advanced driver assistance system products.
Beijing-based Horizon Robotics has previously announced plans to launch a new Journey 5 chip that features computing power of 96 trillion operations per second, enabling Level 4 autonomy, the second-highest level of autonomous driving capability according to U.S. Society of Automotive Engineers standards.
In February, 6-year-old Horizon Robotics announced a deal that would allow it to have its full range of AI chips, advanced driver assistance systems and visual perception technology installed in smart vehicles made by domestic carmaker SAIC Motor.
Contact reporter Ding Yi (firstname.lastname@example.org)