BMW has been reported to be increasing its venture capital fund, BMW i Ventures, from $106 million to $530 million (P26.4 million). This amounts to a total of 400% growth, which will go to technological advancements for future BMW cars.
In a report by a German business newspaper Handelsbatt via Reuters, the additional funding will be used to include autonomous driving, digitalization, cloud services, and artificial intelligence to the current focus of the said fund.
Since its inception in 2011, the fund has been used for electric mobility and mobility services. BMW hopes to cope with the current and upcoming technological trend with the new funding.
In addition, BMW i Ventures will also move from its current location in New York to the Silicon Valley in San Francisco.
For more information about BMW and its vehicles, visit the AutoDeal Car Brands page.
Source: Reuters
Latest News
-
Isuzu Philippines turns over 22 Traviz vans to Talisay city, Cebu / News
Isuzu Philippines provides 22 Traviz vans to Talisay City to improve barangay-level emergency response and disaster readiness.
-
Will we see the MG RX9 and MG 7 in the Philippines soon? / News
The MG RX9 luxury SUV and MG 7 performance sedan have received LTO homologation papers, hinting at a possible launch in the country.
-
Ford Island Conquest returns to Baliwag, Bulacan for an exciting three-day event / News
Ford Philippines' Ford Island Conquest roadshow returns to Luzon from November 22 to 24 at SM City Baliwag, Bulacan.
Popular Articles
-
Cheapest cars under P700,000 in the Philippines
Jerome Tresvalles · Sep 02, 2024
-
First car or next car, the Ford EcoSport is a tough package to beat
Jun 18, 2021
-
Car Maintenance checklist and guide – here’s everything you need to know
Earl Lee · Jan 12, 2021
-
Most fuel efficient family cars in the Philippines
Bryan Aaron Rivera · Nov 27, 2020
-
2021 Geely Okavango — Everything you need to know
Joey Deriquito · Nov 19, 2020
-
Family cars in the Philippines with the biggest trunks
Sep 20, 2023
-
Head to head: Toyota Rush vs. Suzuki XL7
Joey Deriquito · Oct 28, 2020
-
Why oil changes are important for your car
Earl Lee · Nov 10, 2020
-
2021 Kia Stonic — What you need to know about it
Joey Deriquito · Oct 16, 2020
-
Top 7 tips for buying a used car in the Philippines
Joey Deriquito · Nov 26, 2020