China self-driving agency raises $300 mln from Alibaba, others

A emblem of Alibaba Group is seen on the firm’s headquarters in Hangzhou, Zhejiang province, China, November 11, 2019. REUTERS/Aly Music/File Picture

BEIJING, Sept 14 (Reuters) – Chinese language autonomous driving startup mentioned on Tuesday it raised $300 million from buyers together with e-commerce firm Alibaba (9988.HK) to broaden its check fleet and develop applied sciences together with self-driving vehicles.

Different buyers within the funding spherical embrace Larger China-focused tech investor Jeneration Capital, Chinese language automaker Geely (GEELY.UL) and a few earlier buyers, mentioned in a press release. It didn’t disclose its valuation.

The funding comes as automakers and know-how corporations are ploughing in billions of {dollars} into autonomous driving, aiming to take an early lead in what many see as the way forward for mobility.’s rival WeRide, backed by Nissan Motor (7201.T), mentioned this month it could develop self-driving vans, whereas, backed by Toyota Motor (7203.T), mentioned earlier it could develop autonomous vehicles. learn extra, which is testing autos within the Chinese language cities of Shenzhen and Wuhan, will use the funds to double the fleet of its check robo-taxis to 150 by the tip of this 12 months from the present 70, its Chief Govt Zhou Guang informed Reuters in an interview.

It’s going to additionally broaden its workforce to 600, together with in-vehicle security drivers, by the tip of this 12 months from 400 now.

Based in 2019, collaborates with automaker Dongfeng Motor (0489.HK) on self-driving applied sciences. It additionally works with Geely’s ride-hailing unit Cao Cao. may even develop self-driving mild obligation vehicles for city logistics companies, Zhou informed Reuters, including Alibaba could be a giant shopper.

Alibaba mentioned in June it plans to develop self-driving vehicles with its logistics subsidiary Cainiao. learn extra

Reporting by Yilei Solar and Brenda Goh; Modifying by Muralikumar Anantharaman

Our Requirements: The Thomson Reuters Belief Rules.

Related posts

Chattanooga Expertise Council Broadcasts 2022 Expertise Excellence Awards


Lead in know-how, and shed the follower idea, says DRDO chairman


CBAK Power Expertise (NASDAQ:CBAT) jumps 11% this week, taking three-year positive factors to 191%