GM invests in Chinese autonomous driving startup Momenta

imageStock Markets3 minutes ago (Sep 23, 2021 02:06AM ET)

(C) Reuters. FILE PHOTO: The company logo of Chinese autonomous driving startup Momenta is seen on the facade of its office building in Beijing, China March 13, 2020. Picture taken March 13, 2020. REUTERS/Yilei Sun

BEIJING (Reuters) -U.S. automaker General Motors Co (NYSE:GM) said on Thursday that it would invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for future models in China.

In China, the world’s biggest car market, GM is making vehicles with SAIC Motor, which has also invested in Momenta. Momenta is also backed by Toyota Motor (NYSE:TM) and Daimler AG (DE:DAIGn).

This is the first autonomous driving partnership that the top U.S. automaker made in China, where it sold roughly three million vehicles last year.

GM is also developing autonomous driving technologies through its subsidiary Cruise. It also has Super Cruise driver assistance technology. Earlier this month, its venture capital arm invested in Oculii, a U.S. startup maker of software for radar sensors used in self-driving cars.

Four-year-old Momenta is among the few companies that hold a permit for gathering high-definition maps in China, a key tool in autonomous driving technologies.

GM invests in Chinese autonomous driving startup Momenta

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