BEIJING, July 22,
2021 /PRNewswire/ -- 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 and high definition ("HD")
Maps in China, today announced
that one of its subsidiaries eMapGo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider
of navigation and electronic map services in China, has signed an agreement with Geely
Automobile Research Institute (Ningbo) Co., Ltd. ("Geely") whereby EMG will
provide autonomous driving simulation testing services for
Geely.
According to the terms of the agreement, EMG will provide data
services for simulation tests of Geely's new mass-produced
autonomous-driving cars. The goal of these tests is to improve the
safety performance of Geely's driving assistance system and to
accelerate the mass production of Geely's advanced
autonomous-driving vehicles. EMG will provide the initial phase of
service for approximately US$2.5
million. Completion of this first phase is expected during
the third quarter of 2021.
Geely is China's largest
domestic automobile company and brand, boasting sales of more than
1.32 million vehicles in 2020. Geely's parent company, Geely
Holding Group, has been ranked in the Fortune Global 500 for nine
consecutive years.
Mr. Xuesong Song, Luokung's
Chairman and CEO, stated, "Luokung's autonomous driving simulation
test product is one that we are particularly proud of. We have
provided services to several global automakers and tier 1 suppliers
and look forward to expanding our customer base by promoting safe
autonomous driving travel services. Several road tests are
necessary before autonomous-driving vehicles can meet basic
industry requirements and become truly commercialized. According to
the RAND Corporation, an autonomous driving algorithm needs to
accumulate 11 billion miles of driving data before it is at a level
equivalent to a human driver. As a result, real road testing is not
a feasible option to provide the huge amount of data required to
realize safe and effective autonomous driving algorithms. At
present, simulation tests based on a scene library are an important
solution that address the lack of road test data for autonomous
driving. Our tests run through full-level and all-road condition
scene services of autonomous driving from L1 to L5. We are pleased
to have earned the vote of confidence of Geely, one of the most
reputable names in China's
automotive industry."
ABOUT LUOKUNG TECHNOLOGY CORP.
Luokung Technology Corp. is a leading Spatial-Temporal
intelligent big data services company, as well as a leading
provider of location-based services (LBS) and HD Maps for various
industries in China. Backed by its
proprietary technologies and expertise in HD Maps and related
intelligent Spatial-Temporal big data, Luokung established
city-level and industry-level holographic Spatial-Temporal digital
twin systems and actively serves industries including autonomous
driving, vehicle-road collaboration (V2X), smart transportation,
smart travel, local business LBS, new infrastructure, smart cities,
and smart industries (emergency, natural resources, environmental
protection, water conservancy, energy, smart training, among
others).
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to,
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including any underlying assumptions, are forward-looking
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"estimate", "expect", "intend", "may", "might", "plan", "probable",
"potential", "should", "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's
examination and analysis of the existing law, rules and regulations
and other data available from third parties. Although we believe
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you the statement herein will
be accurate. As a result, you are cautioned not to rely on any
forward-looking statements.
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SOURCE Luokung Technology Corp.