- Continental and China Unicom Smart Connection will have equal 50 percent share in the new Joint Venture
- Newly formed Joint Venture - Unicom Continental Intelligent Transportation Technology (Shanghai) Co., Ltd. - located in Shanghai Hongqiao Business District, aims to provide world class Intelligent Transportation Systems (ITS) solutions to satisfy the increasing market demands in China
Shanghai/Beijing, China, October 19, 2017. The technology company Continental and China Unicom Smart Connection(hereinafter referred to as CUSC), a fully owned subsidiary of China Unicom, unveiled the newly formed joint venture - Unicom Continental Intelligent Transportation Technology (Shanghai) Co., Ltd. (hereinafter referred to as UCIT) - at the 2nd Global CCAR & IoT MNO Summit. Mr. Enno Tang, President and CEO of Continental China, and Mr. Jiang Zhengxin, Senior Vice President of China Unicom attended and witnessed the event. Both Companies signed the strategic joint venture contract on the first press day of Auto Shanghai in Shanghai on April 19, 2017. After half year’s preparation and with the support of responsible government authorities, the official opening of the new joint venture is announced.
“The automotive industry is experiencing an unprecedented transformation, Major Mega trends like automated driving, electrification and connectivity are shaping the future of mobility,” said Enno Tang, President and CEO of Continental China, “with the development of intelligent connected vehicles, the requirements on data and software services are increasing. The establishment of UCIT is an important milestone for the development of our ITS business in China, and the new company will provide tailor made connected vehicle products and services to satisfy the increasing market demands in China. And we are convinced that the establishment of the new company will accelerate the development of connected vehicles and contribute the future mobility start earlier with us.”
Mr. Jiang Zhengxin, Senior Vice President of China Unicom said:” China Unicom and Continental started the strategic collaboration in 2011, and formally established Unicom Continental Intelligent Transportation Technology (Shanghai) Co., Ltd. after a long period of running-in. We hope this new joint venture can leverage the strengths between China Unicom and Continental to actively arrange the layout of the international market, build up domestic-and-international integrated service capability to provide software-and-hardware integrated solutions and operation services, and become a world leading technology-based service company in the field of automated driving and intelligent transportation.”
Unicom Continental Intelligent Transportation Technology (Shanghai) Co., Ltd. – jointly invested by Continental and China Unicom Smart Connection with an equal 50 percent share - will be located in Shanghai Hongqiao Business District. It aims to develop and provide ITS solutions and Mobility Services which will better suit the dynamics of the China Market.