SAIC Motor's Ride Hailing Division Raises 1B Yuan

SAIC Motor's Ride Hailing Division Raises 1B Yuan
  • SAIC Motor's ride-hailing unit raised over 1 billion yuan ($147.37 million) in the second round of fundraising from its autonomous technology partner Momenta and other institutions, Reuters reports.
  • The latest financing boosted SAIC Mobility's value to more than $1 billion.
  • Also Read: Tencent Partners With BMW, SAIC, NIO To Capitalize On China's Giant EV Market
  • SAIC Mobility tapped Momenta in 2021 to jointly develop autonomous technology.
  • The two companies offered robotaxi test rides to the public in a Shanghai district and then in Suzhou.
  • Momenta worked with automakers to develop mass-production vehicles with self-driving functions to gather real-time data for fully autonomous driving technologies for future products.
  • Momenta aimed reduction of billions of dollars in expenditure by crowdsourcing data from auto partners. 
  • Momenta expected all of its vehicles to go driverless in 2024.
  • Earlier this month, Baidu Inc BIDU won permits to operate fully driverless robotaxi services on open roads in the southwestern municipality of Chongqing and the central city of Wuhan.
  • Photo via Company
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