Tianjin to boost IoV industry

Tianjin has gathered together 'internet of vehicles' (IoV) businesses, financial providers and research institutes in order to bolster the development of the industry.

At a meeting organized by the local government, strategic cooperation agreements were reached to build an IoV pilot area in the city’s Xiqing district. The meeting was attended by representatives of over 60 enterprises and 20 financial institutions.

The development of IoV, which is seen as a key way to relieve pressures on transportation, reduce energy consumption and minimize carbon emissions, will no doubt empower the innovative upgrading of the traditional vehicle industry.

Thus, it is of great importance to the port city, as the automobile sector is one of its most important pillar industries. In the first half of this year, the city's automobile industry withstood the pressure of the epidemic, achieving a cumulative output of 493,000 vehicles and a sales volume of 50.91 billion yuan($7.33 billion), a year-on-year increase of 16 percent.