Porsche Investing in Israeli Auto Tech
Porsche is investing tens of millions of euros in Israeli automotive start-ups.
The investment by the German automaker follows a trend by U.S. automakers like Ford and high-tech firms heavily investing in Israel’s emerging self-driving car market, according to the Jewish News Service.
The company did not say in which startups it planned to invest in yet, according to Globes.
Porsche said it will open an office in Israel to seek out innovative auto technologies for integration into the carmaker’s projects.
Its investments will be made through the Israeli venture capital funds Magma Ventures and Grove Ventures, which focuses on artificial intelligence and automotive innovation.