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Investing.com -- Mercedes-Benz Group AG is preparing to take a minority stake in Chongqing Qianli Technology Co., a Shanghai-listed developer of autonomous-driving systems, according to a Bloomberg report on Wednesday.
The German luxury automaker aims to strengthen its software capabilities in China through this investment. Qianli had a market capitalization of approximately $8.4 billion as of Wednesday.
The deal could be announced as early as this week, the report said. Zhejiang Geely Holding Group Co., one of Qianli’s main backers, has reportedly led efforts to bring Mercedes into the partnership.
Geely has integrated its autonomous-driving assets into Qianli, establishing the company as its primary platform for smart-driving technologies.
Once Mercedes becomes a shareholder, Qianli is expected to collaborate with the German automaker on research and development projects. The Chinese firm is also likely to supply technology for Mercedes’ upcoming vehicle models in China.
This investment represents Mercedes-Benz’s strategic move to enhance its autonomous driving capabilities in the important Chinese market.
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