Self-driving firm Pony.ai gets funding from China carmaker's FAW
Self-driving technology startup Pony.ai struck a funding agreement with carmaker FAW Group, calling it the first strategic investment by a Chinese state-owned vehicle manufacturer into an autonomous-technology company.
As part of the pact, Pony.ai technology will be used in a vehicle platform that forms the basis of FAW’s Red Flag-branded electric cars, the startup said Tuesday.
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Pony.ai will also work with FAW’s Jiefang arm, the first time its technology will be used in trucks. The size of the investment wasn’t disclosed.
(Also read | Alibaba-backed autonomous car firm AutoX to test in four more cities)
Pony.ai, China’s response to General Motors Co.’s Cruise LLC and Alphabet Inc.’s Waymo LLC, develops and operates autonomous-driving fleets in the U.S. and China. It announced a $400 million investment from Toyota Motor Corp. earlier this year that pushed its valuation to more than $3 billion, and has set up its main hub in Fremont, California.
Founded in 2016, Pony.ai’s investors also include Sequoia Capital China and IDG Capital.