Spread the love

Chinese Cybercab ? Giants Alibaba and Baidu invest in Tesla competitor

© Gorodenkoff/Shutterstock. com

Horizon Robotics, a Chinese company specializing in autonomous driving systems, is preparing its IPO in Hong Kong. At the forefront, the two technology giants Baidu and Alibaba intend to take advantage of the opportunity to strengthen their position in a sector that has the wind in its sails.

China encourages the development of autonomous driving

The company is looking to raise nearly $696.6 million in the deal, with 70% of it set to go toward R&D over the next five years. Alibaba, Baidu, and financial conglomerate Beijing Financial Holdings will be among the lead investors in Horizon Robotics, committing to acquire 30% of its shares.

Working on artificial intelligence (AI) solutions and electronic chips for autonomous driving, Horizon Robotics has already established strategic partnerships with leading manufacturers such as Volkswagen and BYD. It acts as a technology facilitator for these brands looking to develop autonomous driving solutions.

It operates in a sector that has just been shaken up by Tesla. Elon Musk's firm has in fact presented its Cybercab, a robotaxi with a futuristic design, specially designed for autonomous driving. But in China, there are also many advances in this field, while the government is promoting regulations favorable to this type of technology.

Thus, more and more companies in the Middle Kingdom are exploring the use of advanced driver assistance systems and autonomous taxis. And they are enjoying growing success, with the IPO of Horizon Robotics being the perfect example.

200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000

A strategic operation for Baidu and Alibaba

For Alibaba and Baidu, supporting Horizon Robotics is of great strategic importance. The Chinese search engine is already a major player in autonomous driving with its Apollo project, a software and hardware platform for autonomous vehicles. By investing in Horizon Robotics, it can strengthen its technology ecosystem by taking advantage of the company's hardware solutions and advanced algorithms.

It is also an opportunity to build relationships with other Chinese and foreign companies that collaborate with Horizon Robotics. This allows them to influence the evolution of the ecosystem, while ensuring a dominant position in the development and commercialization of these technologies.

Another important point is that Horizon Robotics' efforts in AI could benefit the two giants that exploit the technology in some of their activities. Like BYD did in the electric vehicle industry, Horizon Robotics could, thanks to its IPO, come and titillate the American giant in the autonomous driving sector.

  • The Chinese autonomous driving company Horizon Robotics is preparing to go public in Hong Kong.
  • Baidu and Alibaba, two Chinese technology giants, are going to invest in the company.
  • A transaction that will allow them to strengthen their position in a strategic sector, shaken up by Tesla's recent announcements.

📍 To not miss any news from Presse-citron, follow us on Google News and WhatsApp.

[ ]

Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116