Horizon Robotics
Assembly Line
China's Horizon Robotics raises $696 mln in biggest Hong Kong IPO of 2024
Chinese autonomous driving firm Horizon Robotics has priced its shares at the top of its range to raise HK$5.4 billion ($696 million) according to a term sheet seen by Reuters, making it the biggest Hong Kong initial public offering this year. The company sold 1.355 billion shares in a price range of HK$3.73 to HK$3.99 each, according to the company’s filings.
Volkswagen to take 60% stake in $2 bln tech JV with China's Horizon Robotics
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. The carmaker will invest $1 billion in Horizon Robotics and a further 1.3 billion euros ($1.26 billion) in the joint venture, with the transaction to be completed in the first half of 2023.
Together the companies will develop technology that can integrate numerous functions for autonomous driving onto a single chip that will be available only in China. In contrast to the partnership with Qualcomm, Volkswagen’s software unit Cariad will play an active role in developing the chip technology with Horizon Robotics, and the know-how will be shared across the Volkswagen Group, the carmaker’s China chief Ralf Brandstaetter said.