Volkswagen’s Cariad to buy paragon’s AI subsidiary

BERLIN (Reuters) – Volkswagen software unit Cariad has agreed to buy automotive supplier paragon’s artificial intelligence specialist subsidiary, said paragon in a statement on Thursday.

Both parties agreed to a purchase price of 40 million euros ($42.09 million) for paragon semvox, said the paragon statement.

paragon semvox has supplied the Volkswagen Group with AI-based solutions for voice control and human-machine interaction for many years, said the statement.

The closing of the transaction is expected in spring 2023, subject to various conditions, in particular the reservation of antitrust approvals, according to paragon.

($1 = 0.9503 euros)

(Writing by Miranda Murray; editing by Matthias Williams)