Lear Buys Telematics Software Company
Lear Corp. has agreed to acquire Xevo Inc., a Seattle-based software supplier of telematics systems, for $320 million.
Lear says it will fund the acquisition, which is expected to close in the second quarter, through debt financing. Xevo currently employs 300 people in Seattle and Tokyo.
Xevo's technology is currently available in more than 25 million vehicles, most of which are in the U.S. The company aims to use Lear’s resources and global presence to expand into Asia and Europe.
Xevo says its Journeyware system combines an interface with a cloud-based framework that allow drivers to interact with in-car content and mobile applications utilizing real-time data. Xevo Market, an automotive commerce and services platform, connects motorists with third-party service providers through in-vehicle touchscreens and smartphone applications.
The platforms leverage Xevo's artificial intelligence, computer vision, machine learning and data analytics technologies.
A class-action lawsuit has been filed against General Motors Co. over claimed flaws in the company’s 8-speed automatic transmission used in 2015-2019 model rear-drive vehicles.
It’s the fifth generation of a vehicle that has been increasing in sales year after year since its introduction in 1997.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).