China firm boosts self-driving technology with $1b overseas deals

A Chinese auto firm said Friday 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.

The announcement comes as China fast-tracks plans to put more self-driving cars on its roads and improve car safety technology in the country, the world's largest auto market.

KSS supplies air bags for normal cars and is developing autonomous car-safety systems, including collision avoidance technology.