SUNNYVALE, Calif., Oct. 29, 2015 /PRNewswire/ -- Telenav® (NASDAQ: TNAV), the leader in location-based platform services, announced today with Ningbo Huazhong Holdings Company Limited, a subsidiary of Huazhong Holdings Co. Ltd., a publicly traded company in Hong Kong, a joint venture company, Huatai Telematics Technology Co., Ltd. This combined endeavor capitalizes on Telenav's automotive navigation solutions to deliver personalized, connected navigation in aftermarket head units and products.
Building on Telenav's commitment to delivering global connected navigation, inside and outside the car, Huatai Telematics is a significant step in expanding connected in-vehicle experiences in China, which is one of the world's largest market for both smartphones and automobiles. With the growth of aftermarket infotainment solutions increasing at a faster rate than vehicles with embedded systems, the joint venture will employ Telenav's connected navigation technology and Huazhong's experience in Chinese aftermarket products to respond to the consumer demand for connected services in the car.
"Our co-formation of Huatai Telematics allows us to unite our sophisticated technology and automotive expertise in deepening our automotive relationships globally, specifically in China," said HP Jin, CEO and Chairman of Telenav. "We are excited to find a partner in Huazhong, which not only shares our vision of the in-car experience, but also maintains strong expertise and capabilities in the automotive vehicle and aftermarket parts and accessories industries across the China market. Huatai Telematics further cements Telenav's presence in the China market, driving auxiliary business opportunities and providing accessibility for automakers, aftermarket suppliers, partners and customers located in China."
"We look forward to the competitive and cutting edge technology Huatai Telematics will allow us to provide. Through this joint venture with Telenav, we aim to further instill our position as a market leader in China's automotive space," said Zhou Minfeng, CEO, Chairman and Executive Director of Huazhong Holdings.
Telenav's in-car connectivity technology and global reach is powering its position at the forefront of automotive technology. Telenav has established R&D and business operations in the U.S., Europe, Japan and China, with offices in Shanghai and Xi'an. Telenav is the global connected navigation supplier to Ford Motor Co. as well as to General Motors. Last year, Telenav launched its navigation solution for Great Wall Motors, a leading domestic auto manufacturer in China and the country's largest SUV and pickup manufacturer. Now the formation of Huatai Telematics further disseminates Telenav's extensive automotive experience and innovative connected in-vehicle technology - specifically in the aftermarket vertical through Huazhong's strong distribution channels, including online sales and dealer installation options - to provide cost-efficient, yet sophisticated, connected navigation at a widespread scale.
