General Motors has announced a $300 million investment in China-based autonomous driving startup, Momenta.
Momenta was established in 2016 and specialises in high definition (HD) automated mapping systems used in autonomous vehicles. It has said it plans to test driverless vehicles in 2022 and make its systems available for series production vehicles thereafter. It expects to become profitable by 2024.
Crucially, Momenta holds a government permit for gathering HD maps in China, a key tool in autonomous driving technologies and is working with a number of automakers to develop mass-production vehicles with self-driving functions to gather real-time data.
President of GM China, Julian Blissett, said: “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.”
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