Volkswagen, GM invest in CICV

Shanghai (Gasgoo)- Recently, the China Intelligent and Connected Vehicles (Beijing) Research Institute (CICV) has four new investors, including Volkswagen (China) Investment, General Motors (China) Investment, Bosch (China) Investment and Hexagon (Qingdao) Manufacturing Intelligence.

Its registered capital has been increased from RMB900 million ($131million) to RMB1.1 billion ($160 million), a growth of 22.22%，according to Qichacha, an information inquiry platform about China-based companies.Besides, a number of new directors and supervisors also joined the company.
CICV was jointly initiated by China Society of Automotive Engineers (China SAE), China Association of Automobile Manufacturers (CAAM) and China Industry Innovation Alliance for the Intelligent and Connected Vehicles (CAICV). Established on March 19, 2018, CICV had 18 shareholders which are enterprises and research institutions in the fields of OEMs, parts & components, information & communication, etc.

The company's business scope ranges from engineering and technology research and test, product design, industrial design to automobile and auto parts.

Qichacha indicates the 18 stockholders of CICV include FAW Group, Dongfeng Motor, Changan Automobile, GAC Group, BAIC Group, Yutong Group and Jiangling Motors. Moreover, China Automotive Technology and Research Center, Beijing Automotive Technology Center, TUS Cloud Control, Zhejiang Asia Pacific Mechanical & Electronic, Shanghai Baolong Automotive, Desay SV Auto and NavInfo are also among them. They each invested RMB50 million ($7.24 million).

Some insiders believe that the multinational enterprises' participation into CICV not only suggests that the automobile intelligence & connectivity has become an industrial consensus, but also shows China is open to cooperation in this field.