Google, supplier Continental near self-driving car deal: report
Continental CEO Elmar Degenhart and CFO Wolfgang Schäfer hold a red license plate that gives them permission to test autonomous vehicles in Nevada.
(Credit: Continental)
Continental, a German automotive supplier, is hammering out partnership agreements with Google and IBM for self-driving cars, according to a report in the Frankfurter Allgemeine on Thursday.
Google is a pioneer in autonomous vehicles, but Continental is headed the same direction, for example through a partnership announced earlier this year with BMW. Although consumers probably know the company best for making tires, it also is a major supplier that makes everything from disk brakes to lithium-ion batteries.
Acquisitions have broadened Continental’s business. In 2006, it acquired Motorola’s automotive electronics business, for example. In 2012, it reported net income of $ 2.5 billion on revenue of $ 43.7 billion.
Partnerships with Google and IBM could be announced at the Frankfurt auto show in September, the newspaper said. The partnerships would involve shared investments up front and then shared revenue from the business later.
Because Continental has existing relationships with automakers as well as … [Read more]
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