China-based map maker NavInfo to team up with Huawei on IoV, cloud service platform

Shanghai (Gasgoo)- NavInfo, a China-based leading navigation map maker, announced on April 17 that it has signed a letter of intent with Huawei, a global leading provider of ICT infrastructure and smart devices, saying both parties decides to form a strategic partnership to improve innovation ability of Internet economy age and speed up intelligence process for China's manufacturing industry.

According to the announcement, both parties have the intention to conduct cooperation in such areas as the cloud service platform, intelligent driving, IoV (Internet of Vehicles) and vehicle infrastructure cooperative system. Besides, they plan to jointly explore the extension of global business. In the future, both companies will further discuss or cooperate in autonomous driving or relevant technical domains if they all agreed that there are development and cooperation opportunities in these fields. 

In the meantime, the Beijing-based tech company displayed its five-sphere integrated technology deployment in Shanghai, including location-based big data, CV-used driver assistance system, new energy intelligent mobility solution, intelligent connectivity related to AR navigation and smart cockpit solution as well as ADAS Map-based V2X digital application map.

On April 15, NavInfo announced that its full-year revenue in 2018 edged down 1.06% year on year to RMB2.134 billion, while the net profit attributable to parent company's shareholders surged 80.65% to RMB479 million.

The IoV, chip as well as advanced driver assistance system & autonomous driving were three key growing sectors whose annual revenues jumped 14.26%, 11.92% and 24.14% over the previous year respectively to RMB540 million, RMB580 million and RMB52.928 million.

For the first three months of the year, the map maker earned RMB52.193 million in revenue, a year-on-year growth of 15.25%. Its quarterly net profit slumped 42.68% from the year-ago period to RMB42.026 million.