Teams Up with Leading ADAS Manufacturer Mobileye to Capture China's Market
HONG KONG, Aug. 15, 2017 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK; with its subsidiaries (the ''Group'')), the largest e-commerce platform serving the electronics manufacturing industry in China, is pleased to announce INGDAN.com, the Company's intelligent hardware innovation platform, had become the first official partner with Mobileye (NYSE: MBLY), the global leader in the development of vision technology for Advanced Driver Assistance Systems (ADAS) and autonomous driving, to roll out the Powered by Mobileye Program ("The Program") to capture the lucrative intelligent drive market propelled by the favorable national policy. INGDAN.com had facilitated cooperation between Mobileye and various vehicle manufacturers for coach buses, heavy locomotives and special-purpose vehicles. New energy vehicle projects, especially in relation to coach buses are expected to roll out from the fourth quarter 2017 at earliest.
To cater to the automotive market in China with more automobile enterprises, complex modelling platforms and diverse annual outputs, The Program is uniquely positioned among Mobileye's global strategies in boosting sales in China and INGDAN.com is its pioneer partner in China. INGDAN.com and Mobileye aim at consolidating their cooperation to exploit synergies from leveraging Mobileye's leading autonomous driving and INGDAN.com strong resource-matching capabilities. By achieving localization of technology transfer, integration and production, Mobileye expects to see its market share surge in China. Mobileye's leading ADAS technology has been well-recognized among global automotive manufacturers. Currently, Intel is acquiring approximately 84 percent of Mobileye's outstanding ordinary shares listed on The New York Stock Exchange. Upon the completion, Intel's Automated Driving Group will merge with Mobileye.
Propelled by the national policy, the market for intelligent driving in China is embracing new growth drivers. The Ministry of Transport released at the beginning of the year new requirement to have business vehicles of lengths 9 metres or above to have LDS (Lane Departure Warning) systems and FCW (Front Collision Warning) systems installed as standards. This will bring about a lucrative development opportunity to The Program. Moreover, the announcement of "China Safety Coach Assessment Programme" last month by the authorities signified a realization by the Government of internet safety works covering new areas and new businesses such as Internet of Vehicles, etc., as the key area to work on, instilling further impetus the smart car industry.
Mr. Jeffrey Kang, CEO of Cogobuy Group, said, "The national policy has given rise to huge demand for core intelligent driving technologies such as Advanced Driver Assistance Systems (ADAS) from the automobile manufacturing industry. This will create huge potential for the industry. According to projections by HIS Markit, the aggregate value of automated driving automobile sales will reach 21 million units by 2035, where 5.7 million units will be sold by China market. The Company had planned ahead to expand its foothold in the smart car business and had established a long term strategic partnership with Mobileye since 2015. With the boost from INGDAN.com, the Company successfully facilitated inclusion of an "ADAS + Internet of Vehicles" solution by Mobileye in Hong Kong Smart City Development Blueprint. We believe that following the completion of integration with Intel's Automated Driving Group, Mobileye will see its leadership position in the market further reinforced. As Mobileye's first partner in China, the Company enjoys a first-mover advantage and should be able to reap benefits from this. The Company is confident that the intelligent vehicle market will pick up a rapid-growth path within this year and will become its new growth driver.
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About Cogobuy Group
Cogobuy Groupis the largest e-commerce service platform serving the electronics manufacturing industry in China. Through the e-commerce platform, which includes a direct sales platform, an online marketplace, and a dedicated team of technical consultants and professional sales representatives, the Company provides customers with comprehensive online and offline services across pre-sale, sale, and post-sale stages. The Company serves mainly SME electronics manufacturers.
For further information, please refer to the Company's website at http://www.cogobuy.com/
INGDAN.com is a platform dedicated to connecting global intelligent hardware entrepreneurs and China-based supply chain resources. The platform provides information on hardware innovation, supply chain data and supply chain demand docking for global IoT innovators and entrepreneurs. It is a one-stop hardware innovation business platform with its core being the "supply chain."
For further information, please refer to the Company's website at http://www.ingdan.com/
Founded in 1999, in Jerusalem, Israel. Mobileye is the global leading supplier for Advanced Driver Assistance Systems (ADAS) and autonomous driving. With its cutting edge in vision-safety technology, data analysis, sensing and mapping, Mobileye is the "third eye" on the road, capable of reducing or mitigating the risk of collision. Mobileye is the supplier to 30 world- leading automakers, with its vision safety technology deployed on over 20million vehicles, in addition, Mobileye is developing autonomous driving technologies with 10 other automakers. Currently, Intel is acquiring 84 percent of its outstanding ordinary shares, and intended to merge its Automated Driving Group with Mobileye upon completion of subscription.
SOURCE Cogobuy Group
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