NYSE-listed auto parts supplier Aptiv has picked up an 18% stake in Chinese self-driving technology provider MAXIEYE Automotive Technology for 570 million yuan ($80.1 million), according to a company release on Thursday.
Aptiv will tie up with MAXIEYE to develop a computing platform that integrates advanced algorithms and Wind River software, as the firm seeks to develop intelligent driving solutions that will accelerate the software-defined vehicle scene in China, per the release.
Aptiv completed its acquisition of software developer Wind River in December 2022 from private equity firm TPG Capital, for $3.5 billion.
Founded in 2016, Shanghai-based MAXIEYE provides Advanced Driving Assist System (ADAS) and Autonomous Driving System (ADS) products that can be applied across different platforms and multiple scenarios to a number of local automakers including GAC Group and Great Wall Motor, according to the company website.
MAXIEYE counts Fosun Capital, a dual currency private equity investment arm under Chinese conglomerate Fosun International; Nasdaq-listed US semiconductor firm Texas Instruments; and Nasdaq-listed US visual AI products developer Ambarella, among some of its backers and partners, according to its company website.
The investment comes shortly after DiDi Autonomous Driving, the self-driving technology arm of DiDi Global, announced that it has secured $298 million in a Series C financing round, led by Chinese state-owned automobile manufacturer GAC Group, per an announcement on Tuesday. The Series C round is expected to help expand its R&D investments into the unit’s self-driving technology as well as facilitate the commercialisation of its first robotaxi.
Investors have been increasingly tapping into the driverless taxi market. GAC Group, for example, also disclosed on October 11 that it has received approval to inject $27 million of investment into autonomous driving firm Pony.ai, which counts Japan’s Toyota Motor Corp and Chinese electric vehicle (EV) maker Nio’s investment arm Nio Capital among its backers.
