$NIO & $TCEHY Collaborate on Autonomous Driving

:pushpin: Chinese electric vehicle maker Nio Inc (NYSE: NIO) and tech giant Tencent Holding Ltd (OTC: TCEHY) collaborated on autonomous driving and [high-definition mapping areas]

:pushpin: Tencent inked a cooperation agreement with Nio in China, CNBC reports.

:pushpin: The firms look to cash in on Beijing’s focus on new energy cars.

:pushpin: The partnership could allow Tencent to do this while also giving Nio the technology backing of one of China’s most prominent firms.

:pushpin: Tencent is already a significant investor in Nio, striving to differentiate itself from a sea of electric car start-ups.

:pushpin: Nio and Tencent will work together on high-precision mapping systems for drivers.

:pushpin: Nio will also use Tencent’s cloud computing infrastructure for data [storage and training for autonomous driving]
(Apple Supplier TSMC Bags Tesla As New Client For EVF Chips - Tesla (NASDAQ:TSLA), Taiwan Semiconductor (NYSE:TSM) - Benzinga).

:pushpin: 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]

:pushpin: Nio, meanwhile, is facing challenges, including widening losses and pressure on margins from higher material costs and supply chain issues.

:pushpin: In August, E-commerce firm Alibaba Group Holding Limited (NYSE: BABA) and Nio rival XPeng Inc (NYSE: XPEV) opened a computing center to train software for driverless cars.

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