China's GAC Invests $27 Million in Self-Driving Startup Pony.ai
- tech360.tv
- Oct 15, 2024
- 2 min read
China's GAC Group invests $27 million in Pony.ai for autonomous driving development. Pony.ai collaborates with GAC and Toyota in a joint venture for robocar production. Chinese automakers, including Xpeng Motors, are ramping up efforts in the autonomous driving sector.
This investment aims to enhance the development of GAC's automated driving functions and foster collaboration between the two companies. The partnership is seen as a step towards boosting China's autonomous driving capabilities to compete with industry leader Tesla, which recently unveiled plans to launch its driverless taxi, the Cybercab, by 2026.
The collaboration between GAC and Pony.ai dates back to 2018, with Pony.ai also investing in GAC's ride-hailing platform OnTime in April 2022. Together, they are set to operate an autonomous ride-hailing fleet. Pony.ai has received substantial backing, including a US$400 million investment from Toyota since 2020. Last August, Pony.ai, Toyota, and GAC announced a joint venture to produce robocars, further solidifying their partnership.
State-owned GAC has also shown interest in the autonomous driving sector by becoming a strategic investor in WeRide, another self-driving car company based in Guangzhou. Both WeRide and Pony.ai are eyeing overseas listings, having obtained approval from Chinese regulators. Pony.ai recently revealed that its autonomous ride-hailing vehicles have covered an impressive 40 million kilometers, with 4 million kilometers achieved entirely in driverless mode.
Following Tesla's lead, more Chinese automakers are gearing up to enter the autonomous driving market. Xpeng Motors' CEO, He Xiaopeng, announced plans for a new model tailored for autonomous ride-hailing services to go into production in 2026. In a parallel development, Tesla's CEO Elon Musk shared details about the company's upcoming robotaxi, featuring innovative design elements and a target price point below US$30,000.
China's GAC Group invests $27 million in Pony.ai for autonomous driving development.
Pony.ai collaborates with GAC and Toyota in a joint venture for robocar production.
Chinese automakers, including Xpeng Motors, are ramping up efforts in the autonomous driving sector.
Source: TECHNODE
