SHANGHAI (AFP) - A Chinese auto firm said Friday it is purchasing two remote organizations and their self-driving advances for more than $1 billion, as the world's second-biggest economy looks to help its toehold in the self-ruling auto market.
Ningbo Joyson Electronic Corp. said it has consented to an arrangement to purchase US-based Key Safety Systems (KSS) Holdings Inc. for $920 million, as per an announcement to the Shanghai stock trade, where it is recorded.
Ningbo, which gives driver control frameworks to auto mammoths, for example, General Motors and Mercedes-Benz, said it likewise plans to purchase the auto route business of Germany's TechniSat Digital GmbH for $204.6 million, the announcement included.
The declaration comes as China quick tracks arrangements to put more self-driving autos on its streets and enhance auto wellbeing innovation in the nation, the world's biggest auto market.
KSS supplies air sacks for typical autos and is creating self-ruling auto security frameworks, including crash shirking innovation.
TechniSat gives route frameworks and is creating innovation for associated autos, which can help vehicles keep up safe separations and stay away from mishaps.
The Chinese firm said the arrangements will help it continue "pushing the change of driving conduct" and turn into a main supplier in self-driving and savvy auto innovation.
Situated in China's eastern city of Ningbo, Joyson has more than 7,000 representatives and works in the United States, Germany and Mexico, and China. Its income a year ago was 808 million yuan ($124.8 million).
The arrangements are as yet pending administrative endorsement.
Joyson shares were up 0.61 percent in Shanghai after the twelve break.
The arrangement is the most recent in a progression of outside buys by Chinese organizations, as Beijing urges firms to make abroad acquisitions to support mechanical expertise and extend markets.
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