Shanghai (ZXZC)- On December 20, Shanghai Baolong Automotive Corporation announced that it will invest RMB 50 million to the establishment of China Intelligent and Connected vehicle Research Institute Co. Ltd. (tentative), accounting for 4.76 percent of the company’s total registered capital.

Actually, many companies announced that they have invested in this institute. According to a statement, the new institute was co-founded by 21 companies. Every company invested RMB 50 million by cash and has a 4.76 percent of the total registered capital, which is RMB 1.05 billion.

The investors here include automakers, telecommunication corporations, mapping companies, such as FAW, Dongfeng, Changan, GAC, JMC, Beijing Automotive Research Institute, Zhengzhou Yutong Group, China Mobile, China Unicom, Navinfo, Zhejiang Asia-Pacific Mechanical & Electronic and so on.

The self-organized institute will set the technology development direction and mission, and undertake related research tasks to meet investors’ needs in developing products, technology consulting service and cultivating talents, and also provide consulting, training and testing services for the whole industry.