Benzinga | Jul 22, 2021 09:27AM EDT

Luokung Subsidiary To Provide Autonomous Driving Simulation Testing Services For Geely

* Luokung Technology Corp (NASDAQ:LKCO) subsidiary eMapGo Technology (Beijing) Co., Ltd (EMG), a navigation and electronic map services provider in China, has agreed to provide autonomous driving simulation testing services for Geely Automobile Holdings Ltd's (OTC:GELYF) (OTC:GELYY) Geely Automobile Research Institute (Ningbo) Co., Ltd.

* EMG will provide data services for simulation tests of Geely's new mass-produced autonomous driving cars.

* These tests aim to improve Geely's driving assistance system's safety performance and accelerate the mass production of Geely's advanced autonomous driving vehicles.

* EMG will provide the initial phase of service for $2.5 million, with the first phase completion likely in Q3 2021.

* Price action: LKCO shares traded higher by 8.67% at $1.88, and GELYY shares traded higher by 3.6% at $60.97 in the premarket session on the last check Thursday.