- SAIC Motor’s ride-hailing unit raised over 1 billion yuan ($147.37 million) in the second round of fundraising from its autonomous technology partner Momenta and other institutions, Reuters reports.
- The latest financing boosted SAIC Mobility’s value to more than $1 billion.
- Also Read: Tencent Partners With BMW, SAIC, NIO To Capitalize On China’s Giant EV Market
- SAIC Mobility tapped Momenta in 2021 to jointly develop autonomous technology.
- The two companies offered robotaxi test rides to the public in a Shanghai district and then in Suzhou.
- Momenta worked with automakers to develop mass-production vehicles with self-driving functions to gather real-time data for fully autonomous driving technologies for future products.
- Momenta aimed reduction of billions of dollars in expenditure by crowdsourcing data from auto partners.
- Momenta expected all of its vehicles to go driverless in 2024.
- Earlier this month, Baidu Inc (NYSE:BIDU) won permits to operate fully driverless robotaxi services on open roads in the southwestern municipality of Chongqing and the central city of Wuhan.
- Photo via Company
JMP Securities Maintains Market Outperform on C3.ai, Lowers Price Target to $25
JMP Securities analyst Patrick Walravens maintains C3.ai (NYSE:AI) with a Market Outperform and lowers the price target from $28 to $25.
