Steven Millward Β· Β· 1 min readIn brief: Tencent is investing a lot in cars right now
GAC Group, the state-owned Chinese carmaker, announced Thursday that itβs teaming up with Tencent, the internet and gaming firm, to create a mobility company.
Source: Pyments
This new joint venture is worth US$149 million. It comes after a 2017 agreement in which the duo cooperated on web-connected cars, big data, and several other auto-related elements.
Also, China Money Network today reported that Tencent has led a US$120 million series A investment in Chinaβs Mogu Zhixing, which makes an in-car system that pairs with its car ownersβ app.
Editing by Eileen C. Ang
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