SAIC Mobility Raises $181 Million to Accelerate Robotaxi Expansion
SAIC Mobility, the ride-hailing subsidiary of Chinese automaker SAIC Motor, announced on May 9 that it has secured RMB 1.3 billion ($181 million) in a Series C financing round. This significant investment, described as the largest in China's ride-hailing sector in three years, involves participation from its parent company, local government bodies, and other investors. The primary objectives of this funding are to accelerate plans for a public listing in Hong Kong and to commercialize self-driving technology. Specifically, SAIC Mobility, also known as Xiangdao Chuxing, intends to collaborate with autonomous driving partner Momenta to deploy a fleet of 200 Level 4 robotaxis in Shanghai by 2026. The company highlighted its technological progress, noting that its test fleet has accumulated 2.5 million kilometers of driving on public roads in China since 2021. This strategic move underscores the growing competition and investment in the autonomous vehicle sector within China, aiming to integrate advanced AI-driven transportation solutions into urban mobility frameworks.
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SAIC Mobility Raises $181 Million to Accelerate Robotaxi Expansion
SAIC Mobility, the ride-hailing subsidiary of Chinese automaker SAIC Motor, announced on May 9 that it has secured RMB 1.3 billion ($181 million) in a Series C financing round. This significant investment, described as the largest in China's ride-hailing sector in three years, involves participation from its parent company, local government bodies, and other investors. The primary objectives of this funding are to accelerate plans for a public listing in Hong Kong and to commercialize self-driving technology. Specifically, SAIC Mobility, also known as Xiangdao Chuxing, intends to collaborate with autonomous driving partner Momenta to deploy a fleet of 200 Level 4 robotaxis in Shanghai by 2026. The company highlighted its technological progress, noting that its test fleet has accumulated 2.5 million kilometers of driving on public roads in China since 2021. This strategic move underscores the growing competition and investment in the autonomous vehicle sector within China, aiming to integrate advanced AI-driven transportation solutions into urban mobility frameworks.
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