Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

GM invests in Chinese autonomous driving startup Momenta

09/23/2021 | 02:43am EDT
Chinese autonomous driving startup Momenta in Beijing

BEIJING (Reuters) -General Motors Co said on Thursday it will invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for future models in China, its first such tie-up in the world's biggest car market.

Momenta is among the few companies that hold a permit for gathering high-definition maps in China, a key tool in autonomous driving technologies. It is working with automakers to develop mass-production vehicles with self-driving functions to gather real-time data.

The company is also backed by SAIC Motor, GM's main Chinese partner, as well as Toyota Motor and Daimler AG.

"Customers in China are embracing electrification and advanced self-driving technology faster than anywhere else in the world, and the agreement between GM and Momenta will accelerate our deployment of next-generation solutions tailor-made for our consumers in China," said Julian Blissett, GM's China chief.

The U.S. automaker said in June it would spend $35 billion through 2025 on electric vehicles and autonomous driving technologies globally. Earlier this month, its venture capital arm invested in Oculii, a U.S. maker of software for radar sensors used in self-driving cars.

Automakers and technology firms are investing billions of dollars in autonomous driving, aiming to take an early lead in what many consider the future of mobility.

Other global automakers have tie-ups with Chinese firms in the nascent technology. Toyota is testing vehicles with Pony.ai, Nissan Motor works with WeRide, while Honda has teamed up with AutoX.

(Reporting by Yilei Sun and Brenda Goh; Editing by Stephen Coates)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TOYOTA INDUSTRIES CORPORATION -0.61% 9700 End-of-day quote.18.44%
TOYOTA MOTOR CORPORATION 0.07% 2031.5 End-of-day quote.27.65%
Latest news "Economy & Forex"
12:49aQatar Energy says it is committed to being trusted energy supplier for India
12:36aOil mixed, but solid U.S. demand underpins sentiment
12:32aChina's silence on yuan's swift gains keeps markets buzzing
12:32aEMEA MORNING BRIEFING : Stocks to Struggle as Evergrande Worries Resurface
12:29aSingapore charges two people for corrupt marine fuel trading practices
12:27aThai central bank to ease rules on housing loans to support property sector
12:24aWORLD BANK : This is How Niger is Battling Climate Change
12:15aQatar energy remains committed to being trusted partner for energy supplies in india- statement
12:11aAussie, kiwi ride higher with rising yields
12:04aA court battle raises the question - how far will Japan swallow poison pills?
Latest news "Economy & Forex"