Pioneer and Mitsubishi Electric entered an agreement to further their joint development of car navigation systems.
Under the new agreement, the companies will develop a new multimedia system for car navigation.
The companies had already been jointly developing car navigation systems since 2009.
Apparently, the alliance will also make use of Mitsubishi’s technology for connecting to the vehicle’s control systems, said a Pioneer financial filing here.
The joint agreement was announced Monday. Mitsubishi will invest approximately 4 billion yen in Pioneer in exchange for approximately 20 million common shares of Pioneer stock. It is expected to go into effect on June 28.
Source: Pioneer Corporation