American car major General Motors Co on Thursday announced to invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for future models in China.
According to the company, in China, the world's biggest car market, GM plans to explore the e-vehicle market. The company is making vehicles with SAIC Motor, which has also invested in Momenta. Momenta is also backed by Toyota Motor and Daimler AG.
This is the first autonomous driving partnership that any top US automaker made in China. The company is reported to have sold roughly three million vehicles in China last year.
GM is also developing autonomous driving technologies through its subsidiary Cruise. It also has Super Cruise driver assistance technology. Earlier this month, its venture capital arm invested in Oculii, a US startup maker of software for radar sensors used in self-driving cars.
Four-year-old Momenta is among the few companies that hold a permit for gathering high-definition maps in China, a key tool in autonomous driving technologies.
