Car manufacturer General Motors (GM) invests $300 million in a Chinese self-driving car developing startup, Momenta. GM intends to boost the development process of autonomous vehicles in the Chinese market with this new investment.
Momenta is currently focusing on two varied technologies for its autonomous cars. The company is developing a car with complete autonomous driving capabilities and another vehicle with less advanced features that will be ready for mass production in a short time.
General Motors wants Momenta to develop hardware and software for its vehicles that are specifically designed to suit the Chinese market as GM plans to launch semi and fully autonomous vehicles in China.
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General Motors China President, Julian Blissett, said, “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.”
Beijing-based autonomous vehicle developing firm Momenta was founded by Gang Sun, Yan Xia, Xudong Cao, and Shaoqing Ren in the year 2016. Momenta has received a total funding of $1 billion till date from leading investors like Tencent, Toyota, Bosch, Daimler, SAIC Motor, and many more.
The company shares a common vision with GM as it aims to eliminate one million road traffic and pedestrian deaths in China over the next ten years. According to Momenta, autonomous vehicles will play a vital role in increasing the efficiency of logistics and mobility companies that would help reduce traffic congestion.
CEO and Co-founder of Momenta, Xudong Cao, said, “Momenta is committed to developing breakthrough artificial intelligence solutions to push beyond the frontier of possibilities today and significantly improve personal mobility experiences.” He further added that the joint venture would help them develop cutting-edge technologies to enhance driving safety, convenience, and efficiency.