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Porsche Focuses on Increasing its Investments on Blockchain and AI Startups

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A press release from Porsche published recently says that Porsche AG, one of the leading automobile manufacturing companies in Germany, is going to increase its investments on Blockchain and Artificial Intelligence technology startups. The company is planning to invest $176 Million more for the next five years in these two technologies mainly.

This recent increase in venture capital investments of Porsche for the next five years is to compete in the highly competitive current market by focusing on new trends, technologies, and business models.

Porsche AG's Deputy Chairman said, "To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies [...] It is essential that we build a strong ecosystem with competent partners."

The press release clearly highlights the fact that the company is going to focus only on the early and growth stage businesses which work on customer experience, digital lifestyle, and mobility. Other than this, the company is giving importance to emerging technologies like Blockchain, AI, Machine Learning, and Virtual & Augmented Reality.

Porsche AG's Deputy Chairman and member of the executive board for finance and IT, Lutz Meschke realized that the Company should change their business model according to the current trends so that they can survive in the future market for a long time. He also added that "To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies [...] It is essential that we build a strong ecosystem with competent partners."

The company has already partnered with a Berlin-based blockchain startup XAIN, to explore the possibilities of implementing blockchain-based applications in its vehicles.

Porsche is already way ahead in its new journey of implementing newer technologies. The company has already partnered with a Berlin-based blockchain startup XAIN, to explore the possibilities of implementing blockchain-based applications in its vehicles. In September, Porsche noted that the Porsche Venture is already holding a small share in a firm which uses blockchain technology to manage vintage vehicles' history.
It is not only Porsche, even other companies like Daimler AG and Audi have also started working on newer technologies. Daimler AG, the manufacturer of famous Mercedes-Benz revealed that it was working on its own digital currency called MobiCoin which rewards the drivers for their environment-friendly manners.

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