TikTok owner ByteDance said to make foray into smart cars with investment in self-driving start-up QCraft
- QCraft’s technology is currently being tested on minibuses in parts of China
- The deal would be the latest in a string of collaborations between tech companies and carmakers
A ByteDance spokesman had no immediate comment. A representative for QCraft declined to comment.
The deal, which may be announced as early as next week, follows a spate of similar investments and tie-ups between technology firms and car manufacturers, particularly in China. Both conventional and electric carmakers are rushing to gain an edge, as features like autonomous driving and smart-mobility solutions transform vehicles.
Investor interest in newer technologies that create cleaner vehicles has pushed the valuations of electric vehicle makers, including Nio and Tesla, into the stratosphere. Companies like Hyundai Motor Co and its affiliate Kia Motors Corp have also received a bump after being linked to Apple’s self-driving car project.
QCraft was established in 2019 by executives who used to work at self-driving pioneers including Waymo, Tesla and Uber Technologies. It uses large-scale intelligent simulation systems and a self-learning framework for decision making to reduce the cost of developing autonomous-driving technologies.