Mercedes to buy stake in $8.35B Chinese self-driving tech company Qianli

Mercedes-Benz Group AG is moving forward with plans to purchase a stake in a Chinese company that builds self-driving car ￰0￱ luxury German car maker wants to buy part of Chongqing Qianli Tech, a company in Shanghai that creates systems for cars that can drive ￰1￱ familiar with the matter say Mercedes wants to get better at making software for cars sold in ￰2￱ is set to buy less than half of Qianli, according to sources who did not want their names used because the discussions are ￰3￱ of Wednesday, Qianli was valued at about $8.35 billion (59.5 billion yuan). The two companies might make their deal public this week, the sources said. Geely-Mercedes partnership grows in China Geely Holding Group owns a big piece of Qianli and has been working to get Mercedes involved in the ￰4￱ moved its own self-driving car division into Qianli, making it the main company for Geely’s future smart car ￰5￱ investment shows that Geely and Mercedes are working together more ￰6￱ two companies are also talking about working together on regular gas engines, though those talks are still in early ￰7￱ car companies are changing how they do business in ￰8￱ are making stronger partnerships with local companies and building cars designed just for Chinese ￰9￱ helps them compete with fast-growing Chinese car makers like BYD and ￰10￱ of luxury electric cars from German companies have been slow because of tough competition that has pushed down prices of regular ￰11￱ to build hybrid car in ￰12￱ tariff pressures Meanwhile, Volvo Cars said it will start making a new hybrid car in the US before ￰13￱ Swedish car maker is adjusting to Donald Trump’s policies that put extra costs on foreign ￰14￱ new car, which Volvo has not described in detail yet, will be made specifically for American ￰15￱ will also help Volvo use more of its South Carolina factory’s ability to make ￰16￱ companies around the world are changing where they build cars because of President Trump’s extra charges on foreign ￰17￱ policies are part of his bigger plan to help American manufacturing grow.

Volvo’s top executive said in April that the company would make more cars in ￰18￱ July, Volvo announced it would start building its best-selling XC60 SUV in South Carolina starting in late ￰19￱ now, the factory only makes Volvo’s EX90 electric SUV and the Polestar 3. Yet, numbers show these cars use only a small part of the plant’s ability to make 150,000 vehicles each ￰20￱ your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.