China’s BYD and autonomous driving startup Momenta have set up a CNY 100 million (about Rs 120 crore) joint venture to deploy autonomous driving capabilities in certain BYD car model lines, a statement from Momenta and a person familiar with the matter said. according.
The new venture, called DPI Intelligent Mobility and located in Shenzhen, adds BYD’s As an automaker with Momenta’s experience in intelligent driving capabilities, the statement said on Monday.
BYD has invested CNY 60 million (about Rs 70 crore) in the venture, while Beijing-based Momenta is investing CNY 40 million (about Rs 50 crore), the person said.
The person said that the initial scope of work would include a “Level 2 Plus” deployment autonomous driving Capacity in some vehicle model lines.
Level 2 semi-autonomous cars have technology that can take care of almost all aspects of driving, from steering to acceleration and braking, but the driver must be ready to intervene when needed.
When asked about the tie-up, a BYD spokesperson quoted Momenta’s press release. BYD declined to comment further.
Automakers and technology firms are investing billions of dollars in autonomous driving, aimed at what many consider the future of mobility.
Earlier this month, SAIC Mobility, a unit of Chinese automaker SAIC Motor and Momenta, began offering autonomous robottaxi test rides to the public in the Shanghai district as part of a trial run.
In November, Chinese search engine giant Baidu and self-driving startup Pony.ai won approval to launch paid driverless robotic taxi services in the Chinese capital, Beijing.
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