Continental and China Unicom Smart Connection (hereinafter referred to as CUSC), a fully owned subsidiary of China Unicom, unveiled the newly formed joint venture - Unicom Continental Intelligent Transportation Technology (Shanghai) Co., Ltd. (hereinafter referred to as UCIT) - at the 2nd Global CCAR & IoT MNO Summit.

Enno Tang, President and CEO of Continental China, and Jiang Zhengxin, Senior Vice President of China Unicom attended and witnessed the event. Both Companies signed the strategic joint venture contract on the first press day of Auto Shanghai in Shanghai on April 19, 2017. After half year's preparation and with the support of responsible government authorities, the official opening of the new joint venture is announced.

"The automotive industry is experiencing an unprecedented transformation, Major Mega trends like automated driving, electrification and connectivity are shaping the future of mobility," said Enno Tang, President and CEO of Continental China, "with the development of intelligent connected vehicles, the requirements on data and software services are increasing.

"The establishment of UCIT is an important milestone for the development of our ITS business in China, and the new company will provide tailor made connected vehicle products and services to satisfy the increasing market demands in China. And we are convinced that the establishment of the new company will accelerate the development of connected vehicles and contribute the future mobility start earlier with us."

(Continued on the next page)