US auto giant General Motors announced that it will invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for the China market, reports Nikkei. The deal is GM’s first involvement in autonomous driving in the world’s biggest car market.
Momenta is among the few companies that hold a permit for gathering high-definition maps information in China, a key tool in autonomous driving technologies. It is working with automakers to develop mass-production vehicles with self-driving functions to gather real-time data. The company is also backed by SAIC Motor, GM’s main Chinese partner, as well as Toyota Motor and Daimler AG.
Julian Blissett, GM’s China chief 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.”