Mobileye Announces New Partnership To Enter The Chinese Market

Shares of Mobileye NV MBLY were trading higher by more than 2 percent on Wednesday likely in reaction to news of a new strategic collaboration with a new partner in China.

Cogobuy Group, the largest e-commerce platform that service the electronics manufacturing industry in China, announced its intelligent hardware innovation platform, INGDAN.com, entered into a new strategic collaboration agreement with Mobileye.

INGDAN.com hosts approximately 1,500 auto industry projects and more than 8,000 hardware suppliers are part of its platform.

As part of the collaboration, both companies will work together to promote O2O services in the Chinese auto market. INGDAN.com would also act as Mobileye's only partner to promote though O2O channels for its ADAS products in mainland China and Hong Kong.

INGDAN.com will sell Mobileye's products to retail consumers, travel services agencies and automotive before and after market companies.

Mr. Jeffrey Kang, CEO of Cogobuy Group, said: "It is with great pleasure that I announce our strategic cooperation with Mobileye, which is expected to provide strong support for both INGDAN.com's global visibility and our build-out of an intelligent vehicle sub-ecosystem. Our intelligent hardware enterprise services sharing platform is 'supply chain centric' and focuses on connecting global intelligent hardware entrepreneurs, to China-based supply chain and market resources.

"We are also proud to be providing services to help IoT innovators implement their production and business plans more efficiently. The intelligent vehicle industry is only one of our growth areas; innovative startups in other industries will gather on our platform as INGDAN.com's supply chain ecosystem continuously improves. INGDAN.com will empower innovators and help them quickly prototype, produce, and distribute their ideas in China's vast market, applying new technologies to better serve society."