Pioneer has established a joint venture with Shanghai Automotive Industry Corporation (Group) in a bid to expand the car navigation business in China.
The JV, namely Anyo Pioneer Motor Information Technology Co Ltd, is 51% owned by SAIC Group, the largest automaker in China, while Pioneer holds the remaining 49% stake.
The JV will provide car navigation systems to SAIC Group, and will establish a traffic information system that matches road and traffic conditions in China.
Anyo Pioneer will operate business mainly for SAIC Group’s affiliates, Shanghai GM, Shanghai VW, and Shanghai Motors.
In view of the increasing demand for integrated car navigation systems in China, the JV aims to achieve sales of RMB 1 billion in the third year and RMB 1.5 billion in the fifth year, said the Japanese company in a statement.
Courtesy: China Knowledge.