Luokung Announces eMapGo to Provide Autonomous Driving Data Services for Zenseact

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate eMapGo Technology (EMG) will provide autonomous driving data services for Zenseact, a subsidiary of Volvo Cars. EMG, a leader in China's HD Maps and navigation services, aims to establish safety benchmarks for autonomous driving technology. This partnership presents significant business expansion opportunities for EMG, which has set industry standards for high-precision maps and serves major automotive clients like Bosch and Ford. The collaboration is positioned to enhance autonomous driving reliability.

Positive

• Partnership with Zenseact enhances business growth potential.
• EMG is a leading provider in the autonomous driving HD Maps sector.
• Collaboration intends to set safety benchmarks for autonomous technologies.

Negative

• None.

BEIJING, Sept. 7, 2021 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that its operating affiliate eMapGo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China, has signed an agreement to provide autonomous driving data services for Zenseact, a wholly owned subsidiary of Volvo Cars, the automotive division of the Swedish multinational manufacturing company, focusing on the development of autonomous driving and active safety software together with its lead customer Volvo Cars. As a next step, Zenseact intends to industrialize the autonomous driving platform and set real-life autonomous safety benchmarks to increase the reliability of its own products.

EMG is China's leading autonomous driving HD Maps service provider. The company led the development of the industry standard for "Autonomous Driving High-precision Map Collection Element Model and Interaction Format" and standards for "Technical Requirements of Automated Valet Parking Map and Localization" in China. EMG provides services such as mass production of autopilot high-precision maps, autopilot simulation testing, data collection and management for various automotive manufacturers and Tier 1 suppliers and serves several reputable customers such as Zenseact, Bosch, Continental, Audi, Ford, Volvo, Volkswagen, Geely, Hongqi, BAIC New Energy, among others.

Mr. Xuesong Song, Chairman and CEO, stated, "We are pleased to be partnering with Zenseact as their autonomous driving data services provider and look forward to working closely with their team in fulfilling their mission of creating a safe and reliable autonomous driving platform. We believe this agreement with Zenseact represents a tremendous opportunity for EMG's business expansion as we look to establish new relationships with more partners around the globe."

About Luokung Technology Corp.

Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and related intelligent spatial-temporal big data, Luokung establishes city-level and industry-level holographic spatial-temporal digital twin systems serving industries including smart transportation (autonomous driving, smart highway and vehicle-road collaboration), natural resource asset management (carbon neutral and environmental protection remote sensing data service), and LBS smart industry applications (mobile Internet LBS, smart travel, smart logistics, new infrastructure, smart cities, emergency rescue, among others).  The Company routinely provides important updates on its website: www.luokung.com/en.

ABOUT EMAPGO

eMapgo, a variable interest entity ("VIE") of Luokung, is a leading provider of navigation and electronic map services in China, as well as a leading provider in Internet map services, geographic information system engineering and other A-level mapping qualifications. EMG possesses the National Class-A qualification certificates of navigable Surveying and Mapping, and actively develops autonomous driving and HD Map services. Effective March 17, 2021, Luokung consummated its acquisition of EMG through the purchase of the equity interests of Saleya Holdings Limited, which, through a series of contracts between its wholly-owned subsidiary DMG Infotech Co., Ltd. and EMG, made EMG Luokung's VIE. For more information, please visit EMG's website: www.emapgo.com.cn.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "probable", "potential", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination and analysis of the existing law, rules and regulations and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you the statement herein will be accurate. As a result, you are cautioned not to rely on any forward-looking statements.

CONTACT:

The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com

Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com

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SOURCE Luokung Technology Corp.

FAQ

What is the recent partnership announced by Luokung Technology Corp. (LKCO)?

Luokung's affiliate eMapGo Technology has signed an agreement to provide autonomous driving data services for Zenseact, a subsidiary of Volvo Cars.

How will the partnership between Luokung and Zenseact impact the autonomous driving sector?

The partnership aims to industrialize autonomous driving technology and create safety benchmarks, potentially enhancing reliability in the sector.

What is eMapGo's role in the partnership with Zenseact?

eMapGo will provide autonomous driving data services, leveraging its expertise in high-definition maps and navigation.

Which automotive manufacturers does eMapGo provide services to?

eMapGo provides services to major automotive manufacturers, including Zenseact, Bosch, Ford, and Volvo.