News and Announcements
Connexion Media Signs Distribution Partnership with Chinese Auto Hardware Vendor
- Published February 22, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates, Events
Connexion Media Limited (ASX:CXZ), a smart car innovator, is pleased to announce that it has signed a distribution agreement with Chinese automotive hardware vendor, Tass Internet of Vehicles Co.Limited (TassIOV).
KEY TAKEAWAYS:
- Connexion Media has signed a Memorandum of Understanding (MOU) with Chinese auto hardware vendor, Tass Internet of Vehicle Co. Limited.
- TassIOV currently supplies embedded hardware devices to 2 China-based automakers and has commercial relationships with an additional 5 China-based automakers.
- Reciprocal distribution with TassIOV to co-sell CXZ Telematics services to China-based automakers and CXZ to co-sell TassIOV’s hardware devise into the European and US automaker markets.
- Substantial commercial opportunity for Connexion to enter the Chinese automotive market where annual new vehicle sales are expected to exceed 22 million units by 2020.
For Connexion, entry into the Chinese market presents a substantial commercial opportunity for the company. China is currently the fastest growing new vehicle market in the world, with an estimated 22 million units expected to be sold annually by 2020 and an estimated total market size of 200 million vehicles, also by 2020.
George Parthimos, CEO of Connexion Media, said:
“Connexion has been approached by multiple Chinese parties wanting to collaborate in the past 12 months. The Company is pleased to be partnering with its first Chinese partner TassIOV, because it has substantive existing customer networks across China.
We are excited by the opportunity that our partnership with TassIOV presents. With many new Chinese made vehicles expected to be internet connected in the near term, Connexion Media is well placed to be an early mover in the Chinese connected car market.”
XU TAO, CEO of TassIOV, said:
“We are pleased to be partnering with Connexion Media and look forward to our reciprocal relationship which will be of great mutual benefit to our companies. We also look forward collaborating with Connexion Media to develop SaaS solutions for the Chinese market that are integrated with our hardware.”
These parties are working towards upgrading the MOU to binding together a commercial contract. Connexion media will retain all ownership and operating rights to its telematics products.
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