NXP eyes IoT, smart vehicle opportunities

NXP Semiconductors, the world's top chip maker for the auto industry, is ramping up resources to tap into the internet of things and smart vehicle opportunities in China, where local consumers are highly responsive to new technologies.

The company announced on Tuesday that it has inked a partnership with Foxconn Industrial Internet Co Ltd, a subsidiary of the world's largest contract manufacturer Foxconn Technology Group, to pursue growth in the industrial internet of things sector.

The move is part of broader deals NXP has inked with Chinese companies including one with Iris Recognition, a leading computer vision player at a major tech conference in Shenzhen, Guangdong province, recently.