GM invests in Chinese autonomous driving startup Momenta
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.
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"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.
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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.