China firm boosts self-driving technology with $1 billion deals

SHANGHAI: A Chinese auto firm said today it is buying two foreign companies and their self-driving technologies for more than $1 billion, as the world's second-largest economy seeks to boost its foothold in the autonomous car market. 

Ningbo Joyson Electronic Corp. said it has signed an agreement to buy US-based Key Safety Systems (KSS) Holdings Inc. for $920 million, according to a statement to the Shanghai stock exchange, where it is listed. 

Ningbo, which provides driver control systems to auto giants such as General Motors and Mercedes-Benz, said it also plans to buy the car navigation business of Germany's TechniSat Digital GmbH for $204.6 million, the statement added. 

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