Saudi Arabian smart city developer Neom is ploughing $100 million into Chinese autonomous driving technology start-up Pony.ai to help fund its research and development and to finance its operations reinforcement, reports the South China Morning Post. This move makes Pony.ai, which is backed by Toyota, the latest Chinese electric vehicle (EV)-related business to receive investments from the Middle East, days after Chinese EV start-up BeyonCa signed a preliminary agreement with Riyadh-based investor Al Faisaliah Group about a potential investment into the Beijing-based carmaker.
Neom, a combination of “neo,” the Greek word for new, and the letter m, which represents “mustaqbal” or Arabic for future, will make the investment through the Neom Investment Fund (NIF).
The two sides will also set up a joint venture to develop, and manufacture self-driving services, autonomous vehicles, and related infrastructure in Neom and key markets in Middle East and North Africa (MENA).