Benzinga | Jun 28, 2021 08:37AM EDT

Luokung Signs Autonomous-Driving Data Services Contracts With Auto Manufacturer And Auto Parts Supplier; Financial Terms Not Disclosed

Luokung Technology Corp. (NASDAQ:LKCO) ("Luokung" or the "Company"), a leading Spatial-Temporal intelligent big data services company and provider of interactive location-based services and High Definition maps ("HD Maps") in China, today announced the signing of a designated service contract for autonomous-driving data collection and data management in China with one of the world's top auto manufacturers.

Luokung's wholly-owned subsidiary eMapgo Technologies (Beijing) Co., Ltd. ("EMG") has begun implementing these services and hopes to have a long-term role as this customer's autonomous-driving data service provider.

EMG has also been engaged by a separate international auto parts supplier headquartered in Europe to be its designated service provider for autonomous-driving simulation testing and data management platform projects. EMG will be responsible for carrying out a portion of the autonomous-driving simulation testing, data collection and management and certain related services. In addition to the project service implementation contracts, Luokung is also working closely with this customer on future initiatives.

Mr. Xuesong Song, Chairman and CEO, stated, "We have placed a premium on cultivating new service relationships with multiple automobile manufacturers globally as the entire industry continues to drive new autonomous-vehicle capabilities. We feel that these recent service contract signings are reflective of our standing within this market, and we are very pleased to be partnering with another reputable and influential company within the auto industry. We believe these partnerships validate the strength of Luokung's technology advantages and confirm our position as a preferred provider for data services in China in fields such as autonomous driving."