In a stock exchange filing of 26 October Elektrobit Automotive GmbH, a subsidiary of Elektrobit Corporation (EB), and Audi AG’s Audi Electronics Venture GmbH (AEV) subsidiary announced they had decided to expand their joint venture activities in e.solutions GmbH to include systems engineering and provide systems integration services to Audi and other VW Group companies for their future connected infotainment solutions.
To build the required engineering competences and capacity, the joint venture will establish a new facility in Ulm, Germany. By the end of 2013 e.solutions plans to recruit up to 100 R&D engineers there.
Since its establishment in June 2009, the joint venture has been developing infotainment software for Audi’s and other VW Group’s new in-car infotainment systems. Audi is already using the infotainment software developed by the JV in the new A3 model launched this year. The joint venture is headquartered in Ingolstadt and it has approximately 130 employees. EB holds a 51% stake and AEV the remaining 49%. Since 2009 e.solutions has been included as subsidiary in Elektrobit Corporation’s consolidated financial statements.
EB advised shareholders that the expansion of the joint venture would have no significant impact on its net sales, operating result and balance sheet in 2012 and 2013, and no material impact on its current financial outlook for 2012.
