SAIC Motor's Ride Hailing Division Raises 1B Yuan - Baidu (NASDAQ:BIDU)

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.
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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.
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