Luokung Subsidiary eMapGo to Provide Autonomous Driving Simulation Testing Services for Geely

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) announced that its subsidiary, eMapGo Technology, signed an agreement with Geely Automobile Research Institute to provide autonomous driving simulation testing services. The contract, valued at approximately $2.5 million, aims to enhance the safety of Geely's driving assistance system and expedite the production of its autonomous vehicles. This service's initial phase is expected to conclude in Q3 2021. Geely, China's largest automobile manufacturer, sold over 1.32 million vehicles in 2020, underlining the significance of this collaboration.

Positive

• Luokung's subsidiary, eMapGo Technology, has secured a significant contract worth approximately $2.5 million with Geely.
• The agreement focuses on enhancing the safety of Geely's autonomous driving systems, potentially leading to improved market credibility for Luokung.

Negative

• None.

BEIJING, July 22, 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 and high definition ("HD") Maps in China, today announced that one of its  subsidiaries eMapGo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China, has signed an agreement with Geely Automobile Research Institute (Ningbo) Co., Ltd. ("Geely") whereby EMG will provide autonomous driving simulation testing services for Geely.

According to the terms of the agreement, EMG will provide data services for simulation tests of Geely's new mass-produced autonomous-driving cars. The goal of these tests is to improve the safety performance of Geely's driving assistance system and to accelerate the mass production of Geely's advanced autonomous-driving vehicles. EMG will provide the initial phase of service for approximately US$2.5 million. Completion of this first phase is expected during the third quarter of 2021.

Geely is China's largest domestic automobile company and brand, boasting sales of more than 1.32 million vehicles in 2020. Geely's parent company, Geely Holding Group, has been ranked in the Fortune Global 500 for nine consecutive years.

Mr. Xuesong Song, Luokung's Chairman and CEO, stated, "Luokung's autonomous driving simulation test product is one that we are particularly proud of. We have provided services to several global automakers and tier 1 suppliers and look forward to expanding our customer base by promoting safe autonomous driving travel services. Several road tests are necessary before autonomous-driving vehicles can meet basic industry requirements and become truly commercialized. According to the RAND Corporation, an autonomous driving algorithm needs to accumulate 11 billion miles of driving data before it is at a level equivalent to a human driver. As a result, real road testing is not a feasible option to provide the huge amount of data required to realize safe and effective autonomous driving algorithms. At present, simulation tests based on a scene library are an important solution that address the lack of road test data for autonomous driving. Our tests run through full-level and all-road condition scene services of autonomous driving from L1 to L5. We are pleased to have earned the vote of confidence of Geely, one of the most reputable names in China's automotive industry."

ABOUT LUOKUNG TECHNOLOGY CORP.

Luokung Technology Corp. is a leading Spatial-Temporal intelligent big data services company, as well as a leading provider of location-based services (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 established city-level and industry-level holographic Spatial-Temporal digital twin systems and actively serves industries including autonomous driving, vehicle-road collaboration (V2X), smart transportation, smart travel, local business LBS, new infrastructure, smart cities, and smart industries (emergency, natural resources, environmental protection, water conservancy, energy, smart training, among others).

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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.

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SOURCE Luokung Technology Corp.

FAQ

What is the value of the contract between Luokung and Geely?

The contract is valued at approximately $2.5 million.

What services will eMapGo provide to Geely?

eMapGo will provide autonomous driving simulation testing services to Geely.

When is the initial phase of the contract expected to be completed?

The initial phase is expected to be completed during the third quarter of 2021.

What is the significance of this agreement for Luokung?

This agreement enhances Luokung's position in the autonomous driving sector and may expand its customer base.

How many vehicles did Geely sell in 2020?

Geely sold more than 1.32 million vehicles in 2020.