Jaguar Land Rover (JLR) has launched its latest Open Innovation Hub in India, aiming to collaborate with startups to develop cutting-edge mobility products and services. The launch was announced on Wednesday.

What Happened: The new hub is a part of JLR’s ongoing Open Innovation Programme, initiated in April 2022. The Indian hub will concentrate on deep tech areas such as artificial intelligence, big data and analytics, the Internet of Things, advanced driver assistance system and sensors and devices.

The hub, launched in partnership with corporate innovation platform and investor, Plug and Play, aims to unite industry, government, academia, and other stakeholders to develop industry-leading solutions for JLR, such as optimising batteries for electric powertrains, identifying optimal locations for charging infrastructure, and delivering more advanced ADAS.

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The India hub is the fifth to be launched since the inception of the Open Innovation Programme, which has engaged with over 2,500 start‑ups globally, resulting in 33 formal collaborations so far.

India’s rapidly growing startup sector and JLR's already established presence and close links to the Tata Group make the country the ideal location for the newest Innovation Hub, the company added.

The launch of the innovation hub comes at a time when JLR’s parent company, Tata Motors, is facing a slump in its share price. The stock has dropped around 9% in the last 30 days, with technical analysts predicting further correction. The company has been grappling with a 15% decline in total sales in September.

JLR has been facing supply chain disruptions, leading to a slight decline in retail sales. The company reported 1.03 lakh units sold, a 3% drop compared to the same quarter last year.

Price Action: Tata Motors shares were up 0.29% to trade at ₹882.05 on Wednesday afternoon.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.