Ayala Corp to invest Php4.7 billion in self-driving cars

Ayala Corp is investing into self-driving cars by reserving at least $100PHP 5,869INR 8,475EUR 95CNY 728 million (Php4.7USD 0.08INR 7EUR 0.08CNY 0.58 billion). This will represent 50% of a potential joint venture with an unnamed car manufacturer.

“We saw an opportunity where the automotive industry itself is being disrupted. The established manufacturing facilities are not set to produce these next-generation vehicles,” Tan said in an exclusiveinterview with Nikkei.

The Ayalas have various interests in several car dealerships in the Philippines, including Isuzu, Volkswagen and Honda but it’s not sure if the joint-venture will be with any one of them. Tan promised that negotiations should be done within 3 years and the final project plan can be revealed by then.