Oriental Morning Post, 7/19/11
Shanghai Automotive Information Systems, a subsidiary of the Shanghai Automotive Industry Corporation (SAIC), announced a joint venture with Beijing-based GPS navigation map supplier NavInfo (002405.SZ) in Shanghai yesterday. The JV, Shanghai Anyue Siwei Information Technology, will be a move by the companies into the "Internet of cars" M2M market. Anyue Siwei will be engaged in sales for electronic mapping and navigation systems, dynamic traffic information, and customized map services. The JV has registered capital of RMB 20 mln, with RMB 9.8 mln in cash from NavInfo, which holds a 49% stake in the company. Shanghai Automotive Information Systems holds the remaining 51%.
One of the first Chinese car makers to release navigation systems, SAIC is estimated to account for 15% of all in-car navigation systems in China. SAIC Internet of cars users account for more than 70% of all Internet of cars users in China.
Editor's Note: For more background on this topic, please see "Navinfo, Shanghai Automotive Info Systems Form Navigation JV" MD 5/11/11 issue.