Chinese electric vehicle maker Nio IncNIO and tech giant Tencent Holding LtdTCEHY collaborated on autonomous driving and high-definition mapping areas.
Tencent inked a cooperation agreement with Nio in China, CNBC reports.
The firms look to cash in on Beijing’s focus on new energy cars.
Tencent’s partnership with Nio gives the company another opportunity to push into new business areas as its core video gaming business continues to battle regulatory headwinds.
Nio, meanwhile, is facing challenges, including widening losses and pressure on margins from higher material costs and supply chain issues.
In August, E-commerce firm Alibaba Group Holding LimitedBABA and Nio rival XPeng IncXPEV opened a computing center to train software for driverless cars.
Price Action: NIO shares traded higher by 3.95% at $10.91 in the premarket on the last check Tuesday.
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