BYD has invested 60 million yuan in the venture while Beijing-based Momenta is investing 40 million yuan.
China’s BYD and autonomous driving startup Momenta have set up a 100 million yuan ($15.7 million) joint venture to deploy autonomous driving capabilities across certain BYD car model lines, according to Momenta’s statement and a person familiar with the matter. The new venture, called DPI Intelligent Mobility Company and based in Shenzhen, combines BYD’s capabilities as an automaker with Momenta’s experience in intelligent driving, the statement said on Monday. BYD has invested 60 million yuan in the venture, while Beijing-based Momenta is investing 40 million yuan, the person said.
The person said the initial scope of work will include deploying “Level 2 Plus” autonomous driving capability across certain 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.
BYD has invested 60 million yuan in the venture while Beijing-based Momenta is investing 40 million yuan
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 Inc and self-driving startup Pony.ai won approval to launch paid driverless robotic taxi services in China’s capital Beijing.
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