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Nio And Tencent Collaborate For Self-Driving Project

  • Chinese electric vehicle maker Nio Inc (NYSE: NIO) and tech giant Tencent Holding Ltd (OTC: TCEHY) collaborated on autonomous driving and high-definition mapping areas.

  • Tencent inked a cooperation agreement with Nio in China, CNBC reports.

  • The firms look to cash in on Beijing’s focus on new energy cars.

  • Also Read: Intel Raises $861M From Its Self-Driving Technology Mobileye’s IPO, Starts Trading Today

  • The partnership could allow Tencent to do this while also giving Nio the technology backing of one of China’s most prominent firms.

  • Tencent is already a significant investor in Nio, striving to differentiate itself from a sea of electric car start-ups.

  • Nio and Tencent will work together on high-precision mapping systems for drivers.

  • Nio will also use Tencent’s cloud computing infrastructure for data storage and training for autonomous driving.

  • Tencent’s partnership with Nio gives the company another opportunity to push into new business areas as its core video gaming business continues to battle regulatory headwinds.

  • Nio, meanwhile, is facing challenges, including widening losses and pressure on margins from higher material costs and supply chain issues.

  • In August, E-commerce firm Alibaba Group Holding Limited (NYSE: BABA) and Nio rival XPeng Inc (NYSE: XPEV) opened a computing center to train software for driverless cars.

  • Price Action: NIO shares traded higher by 3.95% at $10.91 in the premarket on the last check Tuesday.

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