Continental to get 5 percent stake in HERE: Tie-up to focus on maintaining HD Maps

For those not in the know, Continental is a German automotive company that specializes in tyres, braking systems, powertrain, chassis components and a lot more.

By: | Published: January 5, 2018 12:02 PM

Continental has recently signed a definitive agreement in order to acquire a 5 percent indirect ownership stake in HERE Technologies, which is a renowned brand in the field of mapping and location services. The share will be sold by HERE’s current indirect shareholders, Audi AG, BMW Group and Daimler AG. The involved parties in the agreement have agreed not to disclose any financial details. The transaction is subject to merger control approval. In addition to the investment, Continental will sign a collaboration agreement with HERE. The aim is to pave the way for technologies that facilitate the reliable availability of highly accurate data for the efficient transportation of people and their goods. The companies are focused on global solutions to support the needs of the automotive and mobility industries across all major markets. The focus of collaboration on systems for dynamically maintaining and updating HD maps. For those not in the know, Continental is a German automotive company that specializes in tyres, braking systems, powertrain, chassis components and a lot more. The company was founded in 1871 as a rubber manufacturer and it was ranked third in global OEM automotive parts sales in the year 2012. One of the main areas of expertise of Continental is fuel consumption reduction that is achieved through more efficient fuel injection systems, reduced rolling-resistance tyres along with hybrid propulsion systems.

Commenting on this, Dr. Elmar Degenhart, CEO at Continental, said, “Digital maps and location-based services are key innovations for the future of connected mobility. By leveraging HERE’s technology, we look forward to generating further profitable growth in mobility services and automated driving."

Edzard Overbeek, CEO, HERE Technologies, said, “Our vision for HERE is to enable an autonomous world for everyone. To achieve this you need strong partners that complement each other in different areas. Therefore, we are excited to welcome Continental as both a strategic investor and strong partner with whom we can work together on the future of mobility and transportation.”

 

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