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Ayala Group to Invest Up to $100M for Self-Driving Cars by 2019

Unbox 114 - Ayala Self-Driving Car
The age of self-driving cars in the Philippines is on its way to becoming reality, thanks to the Ayala Corporation. The conglomerate is apparently prepping up $100 million to make the Philippines a manufacturing center of self-driving vehicles in the Southeast Asian region.

Regional business journal Nikkei Asian Review reported the news last Tuesday, in an exclusive interview with AC Industrial Technology Holdings chief executive Arthur Tan. AC Industrial Technology is Ayala’s division that manages the conglomerate’s distributorships in Isuzu, Honda, and Volkswagen car dealerships in the Philippines. The subsidiary also has a joint venture with Austrian motorcycle company KTM and is currently Ayala’s arm in future projects in auto manufacturing.

Ayala’s $100M investment represents its 50% initial share in a planned joint venture with a foreign carmaker. The conglomerate is currently in talks with more than three companies, according to Tan. Ayala hopes to wrap-up negotiations with these corporations in three years so the partnership can begin making autonomous cars as soon as possible.

Source: Nikkei Asian Review

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