Tata Technologies’ shares is up 7 per cent today (April 2) after it announced a joint venture with BMW Group for development of software for the German luxury automaker. Tata Technologies’ shares were trading 7 per cent higher at ₹1,123.15.
Tata Technologies said in a stock exchange filing that the joint venture will develop automotive software for automated driving and the dashboard system among other features. Both the companies will hold a 50 percent stake in the newly-formed company.
Warren Harris, CEO and MD of Tata Technologies, said, “Our collaboration with the BMW Group demonstrates our commitment to providing top-tier solutions in automotive software and digital engineering to customers across the world. Aligned with our vision of engineering a better world, we’re excited to bring our expertise to the forefront, aiding BMW Group in engineering premium products, delivering great digital experiences for their customers and propelling its digital transformation journey in Business IT.”
Nachiket Paranjpe, President of Automotive Sales, at Tata Technologies, said, “In the evolving automotive landscape, the journey towards software-defined vehicle represents a pivotal shift in automotive software and vehicle development methodologies.”
He added, “We will leverage our deep domain knowledge and SDV expertise to collaborate with the BMW Group towards engineering vehicles that are not just technologically advanced but deliver exceptional experiences to consumers around the globe.”
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