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TOYOTA MOTOR CORPORATION

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GM invests in Chinese autonomous driving startup Momenta

09/23/2021 | 01:55am EDT

BEIJING, Sept 23 (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)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 0.52% 83.65 Delayed Quote.44.75%
HONDA MOTOR CO., LTD. 1.37% 3477 End-of-day quote.20.83%
NISSAN MOTOR CO., LTD. 1.27% 587.8 End-of-day quote.4.96%
SAIC MOTOR CORPORATION LIMITED 1.31% 20.82 End-of-day quote.-14.81%
TOYOTA MOTOR CORPORATION 0.40% 1993.5 End-of-day quote.25.27%
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Financials
Sales 2022 30 992 B 271 B 271 B
Net income 2022 2 671 B 23 377 M 23 377 M
Net Debt 2022 17 659 B 155 B 155 B
P/E ratio 2022 10,5x
Yield 2022 2,87%
Capitalization 27 611 B 242 B 242 B
EV / Sales 2022 1,46x
EV / Sales 2023 1,35x
Nbr of Employees 366 283
Free-Float 71,1%
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Number of Analysts 21
Last Close Price 1 993,50 JPY
Average target price 2 257,50 JPY
Spread / Average Target 13,2%
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Managers and Directors
Akio Toyoda Executive President, CEO & Representative Director
Kenta Kon CFO, Director & Chief Officer-Accounting Group
Takeshi Uchiyamada Chairman
Keiji Yamamoto Chief Information, Security & Software Officer
Seiji Sakai Manager-Information Systems & IT Management
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TOYOTA MOTOR CORPORATION25.27%241 844
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