LKCO Stock: Why It Significantly Increased Today

By Annie Baker ● Sep 16, 2021
  • The stock price of Luokung Technology Corp. (NASDAQ: LKCO) increased by over 34% during intraday trading. This is why it happened.

The stock price of Luokung Technology Corp. (NASDAQ: LKCO) – a leading spatial-temporal intelligent big data services company and provider of interactive location-based services (LBS) and high-definition maps (HD Maps) in China – increased by over 34% during intraday trading. Investors are responding positively to Luokung Technology announcing that its operating affiliate eMapgo Technology (Beijing) Co., Ltd. (EMG), a leading provider of navigation and electronic map services in China, has signed a cooperation agreement with Microsoft to launch autonomous driving services for automakers.

Under the terms of the deal, EMG will work with Microsoft to provide auto manufacturers with services including the collection, storage, analysis, management, and simulation testing of autonomous driving data, to assist automakers in the rapid implementation of autonomous driving technologies in China. And EMG anticipates continuing to work with Microsoft to provide these data services when large-scale commercialization of autonomous driving takes place. 

Through this relationship, EMG and Microsoft are planning to use their expertise in each of their respective fields to form close cooperation that addresses the market opportunities presented by autonomous driving in China, creating an automobile industry solution designed for the Chinese market.

EMG already obtained service contracts from a European car manufacturer and a U.S. car manufacturer. And these contracts are expected to be implemented in the coming months.

KEY QUOTE:

“As the demand for flexible computing continues to expand, China’s autonomous driving data service market shows significant room for growth. We believe EMG’s core competencies in LBS and HD Maps are an ideal fit with Microsoft’s considerable advantages in areas of cutting-edge technology such as cloud computing, artificial intelligence, elastic computing, and mixed reality. We are pleased to deepen our existing relationship with Microsoft in this effort to promote the development of safe and intelligent autonomous driving in China.”

— Xuesong Song, Chairman and CEO

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.