Chinese autonomous driving startup Uisee and Gohigh Data Networks Technology [000851:CH] reached an agreement on February 23 to collaborate on 5G powered internet of vehicles (IoV), as reported by Sina Tech on the same day. The two firms aim to form an ecosystem that integrates cellular vehicle-to-everything (C-V2X) and autonomous driving technology. Also, Uisee will work with Gohigh on the applications of self-driving cars in airports and industrial parks.
The worldwide intelligent driving industry has experienced robust development in recent years with increasing investments in the sector. Specifically, National Business Daily reported that the global self-driving market recorded 39 financing events in 2020, amounting to RMB43.1bn, up 30% from that of 2019. More recently, Uisee raised RMB1bn on January 25. Currently, vehicles equipped with level 2 autonomous driving technologies have begun commercial uses. By 2020, the market penetration rate of Level 2 vehicles in China has reached 15%. Some automobile makers, such as Great Wall Motor [2333:CH], are accelerating the tests of level three vehicles.