China's navigation giant, NavInfo, released an announcement stating the company's recent V2X (vehicle to everything) deal with Volvo Cars.

In the following three years, NavInfo will be performing compliance services for V2X platforms on all Volvo cars within the country. The price of the deal depends on the correlating vehicle sales of Volvo Cars during the contracting period.

The procurement framework agreement indicated Volvo Cars' recognition of NavInfo's servicing capabilities and compliance operation abilities in the intelligent connected and data management fields.

Notably, NavInfo has been actively strengthening its business layout in V2X commercialization. By the first half of this year, the company reported that its dynamic traffic information services' automotive traffic condition information service has covered over 300 cities in China and supports over 95% of the domestic highway information.

In the meantime, NavInfo is also cooperating with major automakers like Daimler, Ford, Volkswagen, GAC Group, Great Wall Motor, and NIO.

According to the company's third-quarter performance report, during the first nine months of this year, NavInfo has significantly cut its losses by 78.53% year on year, to RMB41.77 million ($6.53 million). Revenue of the same period amounted to RMB1.863 billion ($291.4 million) in total, up 21.78% from a year ago.

In the third quarter alone, the company realized RMB665 million ($104.02 million) in revenue, increasing 17.08% from the previous year. Net profit attributable to shareholders summed up to RMB13.87 million ($2.17 million), soaring 144.2% year on year.