In-car electronics, Pioneer is planning to go public again, but this time around marking their entry as a data provider to businesses and consumers.
CEO Shiro Yahara plans to relist the company after their service revenues top their hardware revenue.
Pioneer, once known for its electronic products, has now sold the company to a private equity firm. Now, they are planning to go for the safer bet – pivoting to services, which require less capital.
The product release witnessed a car navigation system without a screen. The device which works on a voice control is 12 cm wide and attaches to the inside windshield. This new product works by reciting out loud the directions and works as a Wi-Fi hotspot and drive recorder.
The subscription-based device comes for 65,780 yen ($505) for the first year and then for subsequent years for 15,840 yen. Other rival products offer 200,000 and 300,000 yen, making Pioneer’s product more affordable.
Additionally, Pioneer is working with data providers and businesses to use the navigation system to find restaurants with seating and free parking spaces and will eventually provide sightseeing information.
The company is expecting 100 billion yen from both software and hardware sales by March 2030. Although experts view this as overly ambitious, the CEO is optimistic about this projection.
Pioneer’s car navigation system is now focused only on Japan and eventually plans to take it to new markets. The company is also planning to use the data from their devices with companies like Google for achieving this target.
The company is also planning to expand its product range to scooters and motorcycles, to get into the Indian markets.