V2X solution developer PATEO bags 19-billion-yuan credit line from seven banks in China

Beijing (Gasgoo)- On March 26, PATEO, a Chinese V2X tech company, signed credit agreements with seven banks, including the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, Bank of Shanghai, Industrial Bank, and China Merchants Bank, securing a total credit line of 19 billion yuan. 

Signing ceremony; photo credit: PATEO

Additionally, PATEO has entered into a strategic cooperation agreement with Guotai Junan, further propelling the company towards greater achievements.

Established in 2009, Shanghai-based PATEO is a leading player in the field of V2X. Its business scope encompasses in-vehicle data, automotive electronic hardware, operating systems, software, voice AI and map integration, TSP (Transit Signal Priority) V2X service operation, intelligent automotive PaaS (Platform as a Service) and SaaS (Software as a Service) cloud services, payment solutions, communication operations, and new business models related to automotive digitalization. 

PATEO currently employs over 1,200 professionals and has R&D centers in Nanjing, Shenyang, Dalian, Shenzhen, and Wuhan cities, as well as offices in Changchun, Beijing, and Frankfurt.

PATEO has already served nearly 30 automotive brands with nearly 100 vehicle models. The company have successfully implemented over a thousand projects and collaborated with major automakers such as FAW Group, Dongfeng Motor, and SAIC Motor, as well as prominent ICT companies and new energy vehicle manufacturers like ZEEKR, AVATR, VOYAH, and NETA Auto.

According to the company, PATEO has invested nearly 2 billion yuan in R&D since its inception and continues to allocate nearly 30% of its annual revenue to further enhance its R&D capabilities.