Tencent partners with Hyundai CRADLE (Beijing) for smart mobility business

Shanghai (Gasgoo)- Tencent Intelligence Mobility, Tencent's smart transportation solution developer, announced an innovative strategic partnership formed on October 16 with Hyundai CRADLE (Beijing), for the collaboration on auto-related mobility services.

Photo credit: Tencent Intelligent Mobility

Under the agreement, both parties will make joint efforts to make each other's information systems better connected and boost the sharing of innovative resources. As part of a deepened cooperation, they will team up with startups and innovation partners to accelerate the progress of monetizing relevant innovative technologies and businesses, co-creating new value for the smart mobility domain.

Launched in late September, Hyundai CRADLE Beijing is Hyundai's fifth open innovation hub following those located in Silicon Valley of the U.S., Seoul of South Korea, Tel Aviv of Israel and Berlin of Germany. Hyundai CRADLE works as an open innovation business, which partners and invests extensively in prominent global startups to accelerate the development of advanced future automotive technologies, according to the introduction posted on Hyundai CRADLE's official website.

The formation of the new partnership also signifies that Hyundai CRADLE (Beijing) has officially become one of eco-partners of the TIME Ecological Partner Program, which is launched by Tencent at the 2020 Tencent Global Digital Ecosystem Summit.

Under the program, the Internet giant will work with OEMs, software & hardware developers and colleges to connect Tencent and its partners’ technologies, products and platforms, and integrate their capital, business opportunities and resources of training and marketing, driving the innovation for smart mobility industry on all fronts.

Aside from Hyundai, Tencent entered into a strategic partnership with the leading global automotive supplier at the Auto China 2020 to carry out an in-depth cooperation in IoT (Internet of Things) and AI areas, making joint effort to boost the digital transition for mobility service.

Under the MoU (Memorandum of Understanding) signed on spot, Bosch China and Tencent will collaborate on digital businesses, including providing OEMs with leading smart cockpit solutions, jointly digging data value out to offer auto industry and consumers value-added services about in-car system, contents and autonomous driving, and co-exploring innovative technologies and business models.