Representatives of Continental AG, China Unicom and Hongqiao CBD Administrative Committee together announce the official establishment of the joint venture company Unicom Continental ITS Technology Co (UCIT) at a ceremony held during the 2nd Global CCAR & IoT MNO Summit held in Shanghai on Oct 19. [Photo/en.shhqcbd.gov.cn]

Continental AG, the leading German automotive manufacturing company, has joined hands with China Unicom, the State-owned Chinese telecommunications operator, to set up a joint venture company in Shanghai Hongqiao Central Business District (CBD), providing solutions for the area's intelligent transportation system (ITS).

The decision to form a joint venture had actually been made on April 19, and the new company Unicom Continental ITS Technology Co (UCIT) was officially unveiled at the 2nd Global CCAR & IoT MNO Summit held in Shanghai on Oct 19.

Tang En, president and CEO of China region of Continental AG, described the establishment of the new company as a milestone in the development of Continental AG's smart transportation business at the summit. He said the new company would provide customized network connected auto products and services to meet the growing needs in this respect in the Chinese market.

"We believe the joint venture will accelerate the development of automobile networking in China and further promote the development of future automobiles," Tang added.