BMW boosts tech startup fund

China Daily (USA) - - BUSINESS -

BMW AG plans to boost its in­vest­ments in star­tups, as com­pe­ti­tion in­ten­si­fies with new ri­vals in­clud­ing Tesla Mo­tors Inc over tech­nolo­gies that make cars smarter and more en­ergy ef­fi­cient. The lux­ury-ve­hi­cle maker will in­vest as much as 500 mil­lion eu­ros ($533 mil­lion) through its iVen­tures cap­i­tal fund over 10 years, Mu­nich-based BMW said on Mon­day in a state­ment. The fund, which started in 2011 with 100 mil­lion eu­ros, will add au­tonomous driv­ing to its in­vest­ment ar­eas and ex­pand its reach from the United States to Europe and Asia.

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