Luokung Technology Corp. Stock Jumps After Cooperation Agreement with Microsoft for Launch of Autonomous Driving Services
Sep 16, 2021 By MarketDepth
Luokung Technology Corp. (NASDAQ: LKCO) stock jumped about 20% after the Company announced that its operating affiliate eMapgo Technology (Beijing) Co., Ltd. (“EMG”) has signed a cooperation agreement with Microsoft to launch autonomous driving services for automakers.
Under the terms of the agreement, EMG will work with Microsoft Corporation (NASDAQ: MSFT) to provide auto manufacturers with services including the collection, storage, analysis, management and simulation testing of autonomous driving data, to assist automakers in the rapid implementation of autonomous driving technologies in China.
“As the demand for flexible computing continues to expand, China’s autonomous driving data service market shows significant room for growth. We believe EMG’s core competencies in LBS and HD Maps are an ideal fit with Microsoft’s considerable advantages in areas of cutting-edge technology such as cloud computing, artificial intelligence, elastic computing, and mixed reality. We are pleased to deepen our existing relationship with Microsoft in this effort to promote the development of safe and intelligent autonomous driving in China.”Mr. Xuesong Song, Chairman and CEO
EMG expects ongoing work with Microsoft to provide the mentioned data services when large-scale commercialization of autonomous driving takes place. Through this relationship, EMG and Microsoft plan to use their expertise in each of their respective fields to form a close cooperation that addresses the market opportunities presented by autonomous driving in China, creating an automobile industry solution designed for the Chinese market.