Tatas-owned Jaguar Land Rover buys stake in car technology firm CloudCar
Britain's biggest carmaker Jaguar Land Rover said on Friday it was buying a minority stake in connected car technology firm CloudCar, as automakers seek out new partnerships and investments to build high-tech models.
Car manufacturers are developing connected cars, which use the internet to improve customers' driving experiences and allow vehicles to communicate with each other, in a race with tech giants such as Google.
In October, Jaguar Land Rover (JLR), parent company Tata Motors and U.S. carmaker Ford tested connected cars using technology designed to speed up journeys and cut accidents, the first such trials in Britain.
CloudCar, which has developed technology including to improve voice activation, has been a supplier to JLR for several years, with plans to use the next generation of its technology in Jaguar's first fully electric model.
On Friday, the carmaker said it would invest $15 million (12 million pounds) and acquire an unspecified stake in the firm.
"This investment is integral to Jaguar Land Rover's vehicle technology programme," said Executive Director of Corporate Strategy Hanno Kirner, adding he wanted to work with other carmakers.
"The eventual need to integrate into the car hundreds of driver-focused global cloud services and content means this platform is an excellent example where cooperation ... can improve outcomes for customers, as well as reducing costs."
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Tata Motors Ltd. (formerly known as Tata Engineering and Locomotive Company Ltd.) is an automobile manufacturer with a portfolio that covers a wide range of cars, sports vehicles, buses, trucks and defence vehicles. The firm provides commercial vehicles pickup, trucks, buses, dumpers, multi-axled vehicles, tractors, tractor-trailers, concrete mixers and cargo vehicles. It offers solutions such as customer care, finance and insurance; merchandise and accessories; pre-owned vehicles, municipal solutions, corporate and institutional sales. The company was founded in 1945 and is based in Mumbai, Maharashtra.
Jaguar Land Rover PLC is engaged in manufacturing of automobiles. It designs and manufactures automobiles in Whitley and Gaydon, United Kingdom. The company was set up by Ford Motor Company as a single entity to manage the businesses of both Jaguar Cars and Land Rover. The company was acquired from Ford by Tata Motors in 2008. The company was founded in 2002 and is based in United Kingdom.
Ford Motor Co. is a automobile manufactuing firm. Its products include cars, crossovers, sport utility vehicle, trucks and vans. The company was founded in 1903 and is based in Michigan, United States of America.