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    601633   CNE1000018V8

GREAT WALL MOTOR COMPANY LIMITED

(601633)
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End-of-day quote Shanghai Stock Exchange  -  05-18
35.76 CNY   +6.21%
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Chinese autonomous driving startup raises $157 million from Hillhouse, Meituan

12/21/2021 | 09:20pm EDT

SHANGHAI (Reuters) - Haomo.AI, a Chinese autonomous driving startup controlled by Great Wall Motor's Chairman Wei Jianjun, has raised nearly 1 billion yuan ($157 million) in a funding round as investors increase bets on smart car technologies.

Haomo will use the funds raised from investors - such as Hillhouse Capital's early-stage investment unit GL Ventures, Meituan, Qualcomm Ventures and others - to build its talent pool and enhance its R&D capability, the company said in a statement on Wednesday.

The company did not provide details on valuation.

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.

General Motors Co announced in September that it would 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 No.1 car market.

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

Haomo, formerly known as the intelligent driving department of Great Wall Motor, said it expected to make its Level 2 semi-autonomous driving system, which requires supervision by a human driver, available in 34 vehicle models by the end of 2022.

The system is currently available in five Great Wall Motor vehicle models.

Haomo also produces Level 4 autonomous driving logistics vehicles that can handle all aspects of driving in most circumstances with no human intervention to deliver groceries and parcels with partners including Meituan.

($1 = 6.3716 Chinese yuan)

(Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY 0.81% 36.12 Delayed Quote.-38.39%
GREAT WALL MOTOR COMPANY LIMITED 6.21% 35.76 End-of-day quote.-26.33%
HONDA MOTOR CO., LTD. 0.59% 3216 Delayed Quote.-0.34%
MEITUAN INC. 3.20% 170.8 Delayed Quote.-23.69%
NISSAN MOTOR CO LTD 2.53% 494.8 Delayed Quote.-9.59%
QUALCOMM, INC. 0.09% 130.57 Delayed Quote.-28.60%
TOYOTA INDUSTRIES CORPORATION 1.11% 8200 Delayed Quote.-9.58%
TOYOTA MOTOR CORPORATION 1.75% 2039 Delayed Quote.-2.92%
UNITED PARCEL SERVICE INC -2.81% 167.39 Delayed Quote.-21.90%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.18% 6.7341 Delayed Quote.6.61%
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Financials
Sales 2022 181 B 27 009 M 27 009 M
Net income 2022 8 684 M 1 294 M 1 294 M
Net cash 2022 10 387 M 1 548 M 1 548 M
P/E ratio 2022 11,4x
Yield 2022 4,05%
Capitalization 253 B 37 660 M 37 660 M
EV / Sales 2022 1,34x
EV / Sales 2023 1,11x
Nbr of Employees 77 934
Free-Float 44,2%
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Number of Analysts 30
Last Close Price 10,57 CNY
Average target price 16,92 CNY
Spread / Average Target 60,0%
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Managers and Directors
Feng Ying Wang General Manager
Hong Shuan Li Chief Financial Officer & Executive Director
Jian Jun Wei Chairman
Cai Juan Lu Member-Supervisory Chairman
Li Hui Ma Independent Non-Executive Director
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