January 16, 2019, Cogobuy Group (“Cogobuy” or the “Company”, stock code: 400.HK; with its subsidiaries (the ‘‘Group’’)), a platform providing artificial intelligence and internet of things (“AIoT”) business solutions in China, is pleased to announce its subsidiary, INGDAN.com, entered a strategic agreement with Toyota to establish the “Toyota INGDAN.com Innovation Platform” (“Innovation Platform”) smart car ecosystem in China. Through the new platform, the two parties will apply Toyota's core technologies to China's innovative enterprises, and empower the Chinese smart car industry to develop the next generation of automotive products and applications.
Through the Innovation Platform, Toyota will introduce hundreds of advanced Japanese automotive technology suppliers, while INGDAN.com will provide access to its abundant upstream and downstream enterprises and project resources to strengthen the currently weak industrial chain, both helping to facilitate greater auto industry innovation in China. Additionally, several outstanding new startups are expected to grow out of the new ecosystem, which will help the Company capture new energy and industrial dividends.
Mr. Jeffrey Kang, CEO of Cogobuy Group, said, “Our partnership with Toyota is a major breakthrough in the development of China’s IoT and smart automotive industry. It also positions our two companies well in the new autonomous driving and new energy markets both domestically and globally. During Premier Li Keqiang visit to Japan last May, he stated that increased sharing of innovation resources in China and Japan’s automobile industry can help both countries’ automobile industries upgrade from being manufacturing-oriented to intelligence-oriented. We are excited to connect Toyota’s advanced automotive manufacturing technology suppliers with Cogobuy’s abundant supply chain and project resources, and to enable companies on the new Innovation Platform achieve quick and efficient industrial upgrades.
About the Toyota INGDAN.com Innovation Platform
The Toyota INGDAN.com Innovation Platform is a new innovative resources ecosystem for the smart car industry, jointly established by INGDAN.com and Toyota. The platform connects nearly 100 Japanese advanced auto technology suppliers with more than 100 upstream and downstream Chinese supply chain and project resources for artificial intelligence, autonomous driving, new energy vehicles, auto parts, and automotive electronics, helping to advance the Chinese and Japanese automotive industries with industrial upgrades and smart technology capabilities.