Continental and China Unicom Smart Connection (CUSC), a fully owned subsidiary of China Unicom, unveiled their newly formed joint venture—Unicom Continental Intelligent Transportation Technology (Shanghai) Co., Ltd. (UCIT)—at the 2nd Global CCAR & IoT MNO Summit. Both companies had signed the strategic joint venture contract at Auto Shanghai in April.
The automotive industry is experiencing an unprecedented transformation, Major Mega trends like automated driving, electrification and connectivity are shaping the future of mobility; with the development of intelligent connected vehicles, the requirements on data and software services are increasing. The establishment of UCIT is an important milestone for the development of our ITS business in China, and the new company will provide tailor made connected vehicle products and services to satisfy the increasing market demands in China. And we are convinced that the establishment of the new company will accelerate the development of connected vehicles and contribute the future mobility start earlier with us.—Enno Tang, President and CEO of Continental China
UCIT—jointly invested by Continental and China Unicom Smart Connection with an equal 50% share—will be located in Shanghai Hongqiao Business District. It aims to develop and provide ITS solutions and mobility services which will better suit the dynamics of the China market.