General Motors Co. (GM) is investing $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies.
SAIC Motor, which makes vehicles with GM, has also invested in Momenta, which is already backed by Toyota and Daimler AG. Momenta holds a permit to gather high-definition maps in China, the world's largest car market, The Economic Times reported.
"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," SAIC-GM Executive Vice President Julian Blissett said, as reported by Reuters.
Momenta is currently working with automakers to develop mass-production vehicles capable of autonomous driving functions to gather real-time data since it is one of the few companies to hold a permit for map gathering in the country.
According to Reuters, GM said in June that the company plans to spend $35 billion by 2025 on autonomous driving technologies and electric vehicles throughout the world. GM has also already invested in Oculii, a U.S. software maker of radar sensors used in autonomous driving vehicles.
Reuters reported that other automakers globally are also teaming up with Chinese firms developing new technologies. Toyota is currently testing vehicles with Pony.ai, Honda is teaming up with AutoX and Nissan is working with WeRide.