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    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
  Report
End-of-day quote Shanghai Stock Exchange  -  2022-09-29
14.30 CNY   +0.21%
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SAIC Motor's robotaxi unit raises 1 billion yuan in Series B funding

08/16/2022 | 06:26am EDT
FILE PHOTO: FILE PHOTO: Auto Shanghai show in Shanghai

BEIJING (Reuters) - A robotaxi unit of China's state-owned SAIC Motor has raised more than 1 billion yuan ($147.37 million) in a second round of fundraising from its autonomous technology partner Momenta and several other institutions, according to a Momenta statement and a person familiar with the matter.

The latest financing boosted SAIC Mobility Robotaxi's value to more than $1 billion, the statement said.

Momenta did not disclose the size of its investment in SAIC Mobility Robotaxi, which tapped Momenta last year to jointly develop autonomous technology.

The two companies last year began offering robotaxi test rides to the public in a Shanghai district and then in Suzhou.

Momenta's investment in SAIC's autonomous unit comes as startups have been pouring billions of dollars into autonomous technology, aiming to take an early lead in commercializing autonomous driving.

Earlier this month, China search engine giant Baidu Inc said it obtained permits to operate fully driverless robotaxi services on open roads in two Chinese cities -- the southwestern municipality of Chongqing and the central city of Wuhan.

The permits allowed commercial robotaxis to offer rides to the public without human safety drivers in the car.

In April, Baidu and Toyota Motor Corp-backed Pony.ai said that they received permits in Beijing to deploy robotaxis without safety drivers in the driver's seat on open roads within a 60 sq km area. The Beijing permits still require them to have a safety driver in the passenger seat, however.

($1 = 6.7858 Chinese yuan renminbi)

(Reporting By Norihiko Shirouzu in Beijing; Editing by Bernadette Baum)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -1.13% 114.1 Delayed Quote.-21.09%
SAIC MOTOR CORPORATION LIMITED 0.21% 14.3 End-of-day quote.-30.68%
TOYOTA INDUSTRIES CORPORATION -4.18% 6880 Delayed Quote.-25.14%
TOYOTA MOTOR CORPORATION -4.21% 1876 Delayed Quote.-10.90%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.65% 7.1365 Delayed Quote.12.27%
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Analyst Recommendations on SAIC MOTOR CORPORATION LIMITED
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Financials
Sales 2022 801 B 113 B 113 B
Net income 2022 22 932 M 3 223 M 3 223 M
Net cash 2022 44 679 M 6 280 M 6 280 M
P/E ratio 2022 7,15x
Yield 2022 4,34%
Capitalization 165 B 23 127 M 23 127 M
EV / Sales 2022 0,15x
EV / Sales 2023 0,11x
Nbr of Employees 15 059
Free-Float 22,1%
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Number of Analysts 21
Last Close Price 14,30 CNY
Average target price 19,21 CNY
Spread / Average Target 34,3%
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Managers and Directors
Xiaoqiu Wang President & Executive Director
Yong Wei Chief Financial Officer & Board Secretary
Hong Chen Chairman
Xiao Su Chen Chairman-Supervisory Board
Ruo Shan Li Independent Director
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