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Mitsubishi and NTT to buy 30% stake in HERE digital mapping company

Digital mapping company HERE Technologies sold a 30% stake to Mitsubishi and Nippon Telegraph and Telephone Corp (NTT), diluting German carmakers’ stake to 54% amid uncertainty about the profit potential from autonomous cars. Mitsubishi and NTT will co-invest in the Amsterdam-headquartered company through their newly established, jointly owned holding firm COCO Tech Holding B.V. in the Netherlands, HERE said on Friday. “Their investment also means we are further diversifying our shareholder base beyond automotive, which is important given the appeal and necessity of location technology across geographies and industries,” HEREÂ’s Chief Executive Edzard Overbeek said. The Japanese companies said they would collaborate with HERE to develop services such as ways to tackle road congestion and improve supply chain efficiencies. High definition maps can also be used in fleet management, asset tracking, last-mile delivery, long-distance package delivery by drones and indoor mapping applications, Overbeek told Reuters. Financial details of the transaction, which they said would close next year, were not disclosed. German carmakers BMW, Audi and Daimler saw high definition mapping as a strategic asset and bought HERE from Finnish telecoms group Nokia for around 2.5 billion euros ($2.8 billion) in 2015 to avoid becoming dependent on AlphabetÂ’s Google. FridayÂ’s deal dilutes the stake held by each German carmaker from 25% to just under 18%, HERE said. REALITY CHECK Tech companies and automakers raced to develop self-driving vehicles after Google presented a prototype car in 2012, leading German manufacturers to develop robotaxis as a way to enter the ride-hailing business to take on Uber. However, the technology costs and regulatory hurdles have spiraled, and ride-hailing businesses have struggled to reach sustainable profitability, leading to a reassessment of the business potential of robotaxis and ride hailing. “There has been a reality check setting in here,” Daimler Chief Executive Ola Kaellenius said last month, adding that spending on robotaxis would be “rightsized.” The move comes as BMW and Daimler this week announced they will exit the North American car-sharing market, halting operations in Montreal, New York, Seattle, Washington D.C., and Vancouver, as they focus on the European market. Last year, GermanyÂ’s Continental and Bosch, the worldÂ’s largest automotive suppliers, bought a 5% stake in HERE.

Submit your questions for Autoblog Podcast #357 LIVE!

We're set to record Autoblog Podcast #357 tonight, joined by Jeff Glucker of the Hooniverse Podcast. You can check out the topics below, drop us your questions and comments via our Q&A module, and don't forget to subscribe to the Autoblog Podcast in iTunes if you haven't already done so. To take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #357
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Toyo Tires will bring another wild catalog of rides to SEMA

Toyo Tires carts all kinds of toys to SEMA every year, the rubber company planning another 30 or so automotive exhibits this year in two locations. One of them, the Baja 911, comes with a pedigree not usually associated with the bewildering wares hawked at the Las Vegas show. TJ Russell was once lead fabricator for Singer Vehicle Design, now he's the head of Russell Built Fabrication in Sun Valley, CA. Sticking with the marque he knows well, Russell started with a 1991 Porsche Carrera 4 cabriolet, fitted the interior with a full roll cage, then built a hardtop around it to design a desert runner channeling the old Rothmans safari 911s. Underneath that bodywork lives a box-plate trailing arm suspension with 12 inches of travel, working 15-inch Fifteen52 FIA-approved Gravel wheels and 30-inch Toyo Open Country A/T II tires. Power comes from a purpose-built 3.8-liter air-cooled flat-six with about 350 horsepower — 100 hp more than stock — in a car that weighs 400 pounds less than the original. Oh, and as documented on Instagram with the tagline "All race outside, all business inside," the interior's full of quilted, cross-stitched leather, and Toyo says Russell's going to do a low-volume run of the Baja 911 starting early next year. ruffian-ford-mustang-sema-01 View 10 Photos Chris Ashton built a 1970 Ford Mustang Fastback called the Ruffian Mustang, inspired by the Trans Am Racing Series. The exterior changes are more subtle than one might think – the chin spoiler, hood scoop, and side mirrors are barely exaggerated versions of those on the original car, the intake vents astride the front lights and the steel bumpers teleported from 1970. Changes outside include de-chromed and flush-mounted glass, vented hood, front fenders that are dropped an inch, rear fender vents, dual side-exit pipes, and gargantuan fender flares over staggered Signature One wheels and Toyo Proxes 888 tires. The interior's fitted with a roll cage and race car workings. In spite of the Boss 427 badging, the engine's a 625-hp Chevrolet LS3 V8. button-built-ferrari-355-sema-01 View 13 Photos The Button Built Ferrari BB355TT picks up from last year's stanced BB328GTS widebody that gave many Internet denizens heart attacks. Laid up on a 1999 355 Berlinetta, the BB version appends a widebody kit designed Mitchell Button, rendered by Khyzyl Saleem and drenched in Azzuro la Plata, a color from Ferrari's Scagliette palette first used on a 1967 275GTB Le Mans racer.