Benzinga | Sep 2, 2021 09:01AM EDT

Luokung Technology Reports Its eMapgo Sponsored Technical Requirements of Automated Valet Parking Map and Localization Passed Review By China Society Of Automotive Engineers, Entered Development Phase

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 ("LBS") and high-definition maps ("HD Maps") in China, today announced that the Technical Requirements of Automated Valet Parking Map and Localization (the "AVP Requirements"), a standard project sponsored by Luokung's operating affiliate eMapgo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China, has passed the review of the China Society of Automotive Engineers and entered the development phase.

Automated Valet Parking ("AVP") is known as the L4 autonomous driving technology that enables vehicles to park themselves. Luokung believes that AVP is currently the most promising application for autonomous driving technology and is the first to achieve commercial launch. The development of the AVP Requirements will further improve and refine the AVP standards and establish a uniform set of safety and technical requirements in China, providing a clear foundation for future AVP products. The development of the AVP Requirements allows the industry to promote the progress of AVP product development and launch, as well as the safe and rapid expansion of the autonomous driving industry.

Development of the AVP Requirements will be led by EMG, together with representatives of nearly 60 industries including relevant map vendors, positioning service providers, software and hardware vendors in the field of autonomous driving, car manufacturers, communication operators, and parking lot operators.

Mr. Xuesong Song, Chairman and CEO, stated, "We are pleased that EMG will be continuing its leadership role in the development of new industry standards, in this case for the exciting and growing autonomous driving industry. We believe that this role will open up additional opportunities for Luokung in the areas of autonomous driving and supportive technologies, affirming our leading position in the industry and enabling us to establish working relationships with new partners that are as dedicated to improving industry standards and laying a foundation for more widespread application of the AVP standard."