According to The Australian Financial Review, Suzuki Motors has taken a strategic stake in Melbourne-based vehicle maker Applied EV, paving the way for the Japanese automobile giant to use the Australian technology as part of Suzuki’s push into the global electric- and autonomous-vehicle markets.
Applied EV, which builds “software-defined vehicles” that can be used as a platform for human-driven or driverless cars, had been planning an initial public offering (IPO) this year, but pushed it back when Suzuki came on board as part of a $21 million funding round, said Applied EV co-founder and CEO, Julian Broadbent.
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