- 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
HC Wainwright & Co. Maintains Buy on TRX Gold, Raises Price Target to $1
HC Wainwright & Co. analyst Heiko Ihle maintains TRX Gold (AMEX:TRX) with a Buy and raises the price target from $0.7 to $1.
