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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Guangzhou Automobile Group Co Ltd    2238   CNE100000Q35

GUANGZHOU AUTOMOBILE GROUP CO LTD (2238)
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Visteon to Cooperate with Tencent on Autonomous Driving and Intelligent Cockpit Solutions for Guangzhou Automobile Group R&D

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01/10/2019 | 05:38am EST

(GlobeNewswire) - Visteon Corporation (Nasdaq: VC), a leading global cockpit electronics supplier, and China internet technology leader Tencent announced they will cooperate to develop autonomous driving and intelligent cockpit solutions, initially for Guangzhou Automobile Group (GAC) R&D Center in China.

Under the agreement, Visteons industry-first SmartCore cockpit domain control platform will incorporate Tencent Automotive intelligence (TAI) solutions to enable user interaction and control based on facial expression and voice and gesture recognition offering a compelling new digital experience to users.

Visteon, Tencent and GAC R&D will jointly develop, and share research results for, intelligent technologies for an integrated cockpit project targeted for commercialization on GAC pure electric vehicles starting in 2020.

The agreement was announced at CES 2019 in Las Vegas by Sachin Lawande, president and CEO of Visteon; Zhong Xiangping, vice president of Tencent; and Wang Qiujing, deputy chief of GAC executive committee and president of GAC R&D Center.

As a leading technology corporation, Tencent has made significant achievements in artificial intelligence, cloud and big data. With a series of well-established service ecosystems, Tencent has become an industry leader with one of the biggest user bases in China. Its TAI solution brings together a systematic content platform, big data, ecological services and AI capabilities providing intelligent, scenario-based, personalized social-network services.

Visteons SmartCore single-chip multi-core processor will help vehicle manufacturers transition to the intelligent cockpit. SmartCore independently operates multiple displays and applications throughout the cockpit, keeping occupants informed and entertained. As the first Tier 1 supplier to supply a cockpit domain controller on a production vehicle (in early 2018), Visteon will provide robust and reliable hardware systems for Tencent TAI applications.

Visteons DriveCore, a scalable, fail-safe and open platform for autonomous driving of Level 3 and above, was designed for automakers and partners. It consists of the hardware, an in-vehicle middleware for safe communication, and a PC-based software toolset enabling machine learning algorithms.

"We are pleased to cooperate with Tencent and GAC on autonomous driving and intelligent cockpits, Lawande said. In the China market, cloud-based intelligent and connected technologies are key to improving the cockpit experience. Tencent and GAC are ideal cooperative partners for Visteon in this sector, and in this very important market, as both have undergone rapid development and are committed to creativity and quality.

Xiangping of Tencent said that the intelligent vehicle will be the next-generation platform for the mobile internet. Mobility solutions are being redefined and Tencent smart mobility solutions have been leading the trend, he said. By incorporating content and service ecosystems with advanced safety features, Tencent aims to better connect people and services in the age of new mobility. This strategic cooperation with industry-leading corporations Visteon and GAC will undoubtedly accelerate the research and progress for safer, smarter and more efficient mobility services.

Qiujing of the GAC R&D Center said that Visteon and Tencent have been committed to the innovation of automotive intelligent connectivity technology. This spirit of innovation coincides with the open innovated concept of the GAC R&D Center. In the future, based on GACs independent vehicle platform, we will continue to integrate with Tencents mobility ecology, intelligent driving algorithm technology and Visteons hardware platform technology, he said. We are dedicated to more advanced intelligent connectivity vehicle technology.

Visteon and the GAC R&D Center have been working under a strategic cooperation agreement since January 2018, focused on developing Level 3-plus autonomous driving solutions and cockpit domain controllers based on the DriveCore safety autonomous driving controller and the SmartCore cockpit controller.

The launch of this cooperative effort further demonstrates the commitment of Visteon to the intelligent connectivity market. Visteon will continue to create solutions for cockpit digitization, central computing and autonomous driving.

About Visteon

Visteon is a global technology company that designs, engineers and manufactures innovative cockpit electronics products and connected car solutions for most of the worlds major vehicle manufacturers. Visteon is a leading provider of instrument clusters, head-up displays, information displays, infotainment, audio systems, SmartCore cockpit domain controllers, vehicle connectivity and the DriveCore autonomous driving platform. Visteon also supplies embedded multimedia and smartphone connectivity software solutions to the global automotive industry. Headquartered in Van Buren Township, Michigan, Visteon has approximately 10,000 employees at more than 40 facilities in 18 countries. Visteon had sales of $3.15 billion in 2017. Learn more atwww.visteon.com.

Follow Visteon:

http://twitter.com/visteonhttp://www.youtube.com/user/visteon?feature=results_mainhttp://blog.visteon.com/http://www.linkedin.com/company/2865?trk=vsrp_companies_res_photo&trkInfo=VSRPsearchId:522343161373310041683,VSRPtargetId:2865,VSRPcmpt:primaryhttps://plus.google.com/+visteonhttps://www.facebook.com/VisteonCorporationhttps://www.instagram.com/visteon/http://www.slideshare.net/VisteonCorporationhttp://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0

Media Contacts:

Jim Fisher734-417-6184 (mobile)jfishe89@visteon.com

April Li(86) 021-3325 3098ali5@visteon.com

Jonna Christensen+44 7833 766461Jonna.christensen@visteon.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9c507072-a575-4969-9c96-66bb70372d61

(c) 2019 | NMH Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
GUANGZHOU AUTOMOBILE GROUP CO LTD -1.18% 8.37 End-of-day quote.9.84%
TENCENT HOLDINGS LTD -1.24% 335.8 End-of-day quote.6.67%
VISTEON CORP -1.75% 72.06 Delayed Quote.21.53%
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Financials (CNY)
Sales 2018 76 971 M
EBIT 2018 4 299 M
Net income 2018 12 299 M
Finance 2018 31 732 M
Yield 2018 5,23%
P/E ratio 2018 5,89
P/E ratio 2019 5,38
EV / Sales 2018 0,83x
EV / Sales 2019 0,70x
Capitalization 95 494 M
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Average target price 9,31  CNY
Spread / Average Target 28%
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Xing Ya Feng General Manager & Non-Executive Director
Qing Hong Ceng Chairman
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