A Chinese auto firm said on Friday it is buying two foreign companies and their self-driving technologies for more than US$1 billion, as the world’s second-largest economy seeks to boost its foothold in the autonomous car market.
Ningbo Joyson Electronic Corp said it has signed an agreement to buy US-based Key Safety Systems (KSS) Holdings Inc for US$920 million, according to a statement to the Shanghai stock exchange, where it is listed.
Ningbo, which provides driver control systems to auto giants such as General Motors and Mercedes-Benz, said it also plans to buy the car navigation business of Germany’s TechniSat Digital GmbH for US$204.6 million, the statement added.
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Ningbo Joyson Electronic Corp said it has signed an agreement to buy US-based Key Safety Systems (KSS) Holdings Inc for US$920 million, according to a statement to the Shanghai stock exchange, where it is listed.
Ningbo, which provides driver control systems to auto giants such as General Motors and Mercedes-Benz, said it also plans to buy the car navigation business of Germany’s TechniSat Digital GmbH for US$204.6 million, the statement added.
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