Ayala Corp is investing into self-driving cars by reserving at least $100 million (Php4.7 billion). This will represent 50% of a potential joint venture with an unnamed car manufacturer.
“We saw an opportunity where the automotive industry itself is being disrupted. The established manufacturing facilities are not set to produce these next-generation vehicles,” Tan said in an exclusiveinterview with Nikkei.
The Ayalas have various interests in several car dealerships in the Philippines, including Isuzu, Volkswagen and Honda but it’s not sure if the joint-venture will be with any one of them. Tan promised that negotiations should be done within 3 years and the final project plan can be revealed by then.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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