FRANKFURT (Reuters) – German auto parts and tyre maker Continental <CONG.DE> said on Tuesday it would take a minority stake in French autonomous driving company EasyMile and cooperate with it on environmental sensors, braking systems and driving safety technologies.
“Continental is pushing ahead with the development of every variant of assisted and automated driving on highways and for automated parking scenarios,” Ralph Lauxmann, head of the automated driving project at Continental, said in a statement.
Continental did not disclose financial terms of the deal.
The growth of ride-hailing services and the prospect of driverless vehicles has led to predictions that people will switch to paying for individual journeys rather than buying their own cars.
(Reporting by Niamh Melvin; Editing by Tom Sims and Maria Sheahan)