Nokia Oyj plans to spend USD100 million to back companies that develop intelligent-car technologies. Just like what Elon Musk and Google Inc. are currently doing and investing in future vehicles that will be smarter and more connected. The investments, to be made by a new Nokia fund, are meant to support the mobile-technology company’s digital-map business, Nokia said. It’ll be run by Nokia Growth Partners, the venture-capital arm that manages about USD700 million.
Nokia is rebuilding itself and expanding to new fields after selling its mobile-phone unit to Microsoft Corp. for about USD7.5 billion last month. While Nokia now gets most of its revenue from wireless-network equipment, the Espoo, Finland-based company is also seeking to make its maps business a stronger competitor against rivals including Google. Carmakers are introducing smarter dashboard navigation systems, adding features such as real-time traffic information and automated calls to emergency services in case of accident. Manufacturers are also gradually adding automated-driving systems that may ultimately lead to self-driving vehicles.
