Luokung Technology Corp. [NASDAQ: LKCO] disclosed that its operating affiliate eMapgo Technology (Beijing) Co., Ltd. (EMG) has inked a cooperation agreement with Microsoft to unveil autonomous driving services for automakers. EMG has already acquired service contracts from a European car manufacturer and a U.S. car manufacturer. These contracts are anticipated to be executed in the coming months.
As per the agreement, EMG will collaborate with Microsoft to offer auto manufacturers with services including the collection, storage, analysis, management, and simulation testing of autonomous driving data, to help automakers in the rapid deployment of autonomous driving technologies in China.
Luokung Technology Corp. [NASDAQ: LKCO] shares jumped 19.40% at the time of writing on Thursday. Luokung Technology Corp’s share price went from a low point around $0.38 to briefly over $3.86 in the past 52 weeks, though shares have since pulled back to $1.60. LKCO’s market cap has remained high, sitting at $431.94 million at the time of writing.
Additionally, EMG and Microsoft intend to use their knowledge in each of their individual fields to form a close collaboration that addresses the market opportunities offered by autonomous driving in China. It creates an automobile industry solution designed for the Chinese market through this partnership.