Volkswagen to pick up 60% stake in $2b tech JV with China's Horizon Robotics

Volkswagen to pick up 60% stake in $2b tech JV with China's Horizon Robotics

FILE PHOTO: Employees work on assembly line during a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. REUTERS/Aly Song/File Photo

Volkswagen‘s software unit Cariad will spend more than $2 billion and take a 60% stake in a new venture with Chinese technology firm Horizon Robotics, it said on Thursday, tackling two big challenges: software and the Chinese market.