Bosch and Continental Buy Stake in Digital Mapping Firm Here
Automotive suppliers Bosch and Continental are to acquire stakes in the digital mapping firm Here. The companies are each acquiring a five percent stake from its principal owners Audi, BMW and Daimler. This collaboration aims to further improve the high-precision maps needed for automated driving and digital services, the companies said.
The parties agreed not to disclose any financial details. Completion of the transaction is subject to merger control approval. A year ago, the car manufacturers that had acquired Here from Nokia in 2015 for 2.8 billion euros had already sold 15 percent to chip manufacturer Intel.
Dynamic maintenance of HD maps, synergies beyond the car business
Dr Elmar Degenhart, Chairman of Continental's Executive Board, explained that this joint venture promises growth in mobility services and automated driving. For example, Continental and Here wish to explore the possibility of an even more precise electronic horizon (eHorizon) for driver assistance systems. Moreover, improvements are to be made in determining the vehicle's position on the road, and in the dynamic maintenance and updating of the necessary information.
Dr Volkmar Denner, Chairman of the Board at Bosch, explained that this investment was also about its business with data-based services for Industry 4.0, the smart home and smart cities. Here is hoping that the strong Bosch presence in America, Asia and Europe will enable it to further expand its business globally. Bosch and Here also want to explore the possibilities of using Bosch's radar road signature to maintain the Here HD Live Map for autonomous cars.