General Motors will invest $300m in China’s autonomous driving start-up Momenta to accelerate developments of next generation vehicles in the world’s largest car market.
“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,” Julian Blissett, president of GM China, said in a statement on Thursday.
In China, GM is manufacturing vehicles with SAIC Motor, which also invested in Momenta. The start-up firm has also received funding from Toyota and Daimler.
Carbon neutral push
The investment in Momenta is part of GM’s $35bn global investment in electric and autonomous vehicles between 2020-2025 announced back in June as the carmaker aims for a vast majority of vehicles it produced to be electric by 2035 and for the entire company to be carbon neutral by 2040.
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