Shanghai launches a large-scale demonstration application of intelligent connected vehicles on June 27, and an intelligent connected car is driving on the road. (Xinhua/Ding Ting)
BEIJING, Aug. 17 (Xinhua) -- Intelligent connection has become a breakthrough for the rise of China's automobile industry.
Although the COVID-19 pandemic has led to the downturn of the global economy, the capital market has shown confidence in the development of China's intelligent connected vehicles.
According to China Automotive Information Net (CAIN), 12 domestic enterprises in the intelligent connected vehicle sector received financing in the first half of this year, with 70 percent of them each raising more than 100 million yuan.
It's noteworthy that 500 million U.S. dollars of the investment came from well-known multinationals like Toyota and Bosch.
Domestic auto companies focusing on autonomous driving technology and auto-related intelligent applications like artificial intelligence voice are favored by investors.
According to insiders, this indicates international capital's affirmation of Chinese firms' technological strength, and also reflects related enterprises' intention of localization as the localization degree of the intelligent connected technology will affect their future development in the Chinese automobile market.
There is no doubt that China boasts a first-mover advantage in the intelligent connected vehicle sector.
A report issued recently by KPMG shows that China has risen to the top five this year from the 13th place last year globally in the industry cooperation related to autonomous vehicles.
China's intelligent connected vehicle development has shown strong momentum. According to CAIN, nearly 50 models of self-driving cars were launched in China's auto market in the first half of this year, approaching the level of the whole year of 2019.
Besides, multiple auto companies intend to seize the top spot in the mass production of 5G-related autos by launching new autopilot systems.
Technical elements with Chinese characteristics like 5G technology, Beidou Satellite Navigation System and Chinese-style blockchain technology are all unique driving forces for the development of China's auto industry, said Luo Qingqi, a senior expert in the industry.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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