Pact sends shares of Tencent and Guangzhou Auto higher
Hong Kong — China’s Tencent Holdings and Guangzhou Automobile Group Company have agreed to collaborate on internet-connected cars — a strategic pact that sent shares in Guangzhou Auto surging. The development of self-driving cars and fast-changing technology have set in motion a flurry of alliances between internet giants and car makers. Earlier this year, Tencent bought 5% of US electric car maker Tesla for $1.78bon. Tencent and Guangzhou Auto will work together to develop internet-connected cars and artificial intelligence-aided driving, as well as explore investment in areas such as auto-related e-commerce, so-called new energy cars and vehicle insurance, the car maker said in a filing late on Monday. Guangzhou Auto said it aimed to tap Tencent’s expertise in mobile payments, social networking, big data and artificial intelligence. Tencent will also provide cloud services and other technical support. Hong Kong-listed shares of Guangzhou Auto were trading 5% higher on Tuesday morn...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.