Continental to buy 5% stake in digital mapping firm Here Technologies

International

Continental is to acquire a 5% indirect ownership stake in HERE Technologies, a global leader in mapping and location services. The share will be sold by HERE’s current indirect shareholders, AUDI AG, BMW Group and Daimler AG. However, financial details are not shared.

Continental will also sign a collaboration agreement with HERE, to facilitate reliable availability of highly accurate data for the efficient transportation of people and their goods.

The companies are focused on global solutions to support the needs of the automotive and mobility industries across all major markets.

Continental and HERE intend to build systems that make use of HERE HD Live Map for automated vehicles, cloud connectivity that comes with it for new applications and refinements in vehicle automation and mobility services.

“Digital maps and location-based services are key innovations for the future of connected mobility. By leveraging HERE’s technology, we look forward to generating further profitable growth in mobility services and automated driving,” said Dr. Elmar Degenhart, Continental CEO.

Edzard Overbeek, CEO of HERE Technologies, said: “Our vision for HERE is to enable an autonomous world for everyone. To achieve this you need strong partners that complement each other in different areas. Therefore, we are excited to welcome Continental as both a strategic investor and strong partner with whom we can work together on the future of mobility and transportation.”

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