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THE JOINT VENTURE OF ELEKTROBIT AUTOMOTIVE GMBH, A SUBSIDIARY OF ELEKTROBIT CORPORATION, AND AUDI ELECTRONICS VENTURE GMBH (AEV) EXPANDS ITS BUSINESS FROM INFOTAINMENT SOFTWARE TO CONNECTED INFOTAI...
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THE JOINT VENTURE OF ELEKTROBIT AUTOMOTIVE GMBH, A SUBSIDIARY OF ELEKTROBIT CORPORATION, AND AUDI ELECTRONICS VENTURE GMBH (AEV) EXPANDS ITS BUSINESS FROM INFOTAINMENT SOFTWARE TO CONNECTED INFOTAINMENT SOLUTIONS
Elektrobit Automotive GmbH, a subsidiary of Elektrobit Corporation (EB) and Audi Electronics Venture GmbH (AEV), a subsidiary of AUDI AG, have decided to expand their joint venture activities in e.solutions GmbH to include systems engineering and provide systems integration services to AUDI AG and other VW Group companies for their future connected infotainment solutions. To build the required engineering competences and capacity, the joint venture will establish a new site in Ulm, Germany. By end of 2013 e.solutions is planning to hire up to 100 R&D engineers in Ulm, leveraging the existing knowledge base and competency in systems integration and software development.
Since its establishment in June 2009, the joint venture has been developing infotainment software for Audi's and other VW Group's new in-car infotainment systems. Audi is already using the infotainment software suite developed by the joint venture in its high-end infotainment system in the new A3 model launched this year. The joint venture is headquartered in Ingolstadt and it has approximately 130 employees. EB holds a 51% stake in the joint venture and AEV holds the remaining 49%. Since 2009 e.solutions has been included as subsidiary in Elektrobit Corporation's consolidated financial statements.
The expansion of the joint venture has no significant impact on the net sales, operating result and balance sheet of EB in 2012 and 2013, and thereby no material impact on EB's current financial outlook for 2012.
Oulu, October 26, 2012
EB, Elektrobit Corporation
Jukka Harju
CEO
Further information:
Jukka Harju
CEO
Tel. + 358 40 344 5466
Alexander Kocher
President, EB Automotive Business Segment
Tel. +49 9131 7701 6598
Distribution:
NASDAQ OMX Helsinki
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Elektrobit Corporation (EB)
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for wireless and automotive industries. The net sales for the year 2011 totaled MEUR 162.2. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. www.elektrobit.com
EB's Automotive Software Business
EB's Automotive Software Business has established itself internationally as one of the most important suppliers of embedded software solutions for the automotive industry. In addition to the development of innovative products, we also specialize in services and consulting for the automotive industry, supplying implementations of serial software solutions for a broad range of AUTOSAR and FlexRay, Infotainment, Navigation, HMI and Driver Assistance systems. EB continues to invest in feature integration and development tools so that the in-vehicle devices get to market more quickly and ship in volume sooner. www.automotive.elektrobit.com
AEV, Audi Electronics Venture GmbH
Audi Electronics Venture GmbH (AEV) was established in 2001 as a full subsidiary of AUDI AG. The objective of AEV is to implement automotive innovations based on new technologies. This can be achieved by making use of AEV's own function and software development as well as associated companies and co-operations. Therefore AEV is a single point of contact for high-tech entities in the field of electronics and software.
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