Chinese autonomous driving startup raises US$157 million from Hillhouse, Meituan

SHANGHAI : Haomo.AI, a Chinese autonomous driving startup controlled by Great Wall Motor's Chairman Wei Jianjun, has raised nearly 1 billion yuan in a funding round as investors increase bets on smart car technologies.

Haomo will use the funds raised from investors - such as Hillhouse Capital's early-stage investment unit GL Ventures, Meituan, Qualcomm Ventures and others - to build its talent pool and enhance its R&D capability, the company said in a statement on Wednesday.Automakers and technology firms are investing billions of dollars in autonomous driving, aiming to take an early lead in what many consider the future of mobility.

General Motors Co announced in September that it would invest US$300 million https://www.reuters.com/article/gm-china-idCNL1N2QP08J in Chinese autonomous driving startup Momenta to develop self-driving technologies for future models in China, its first such tie-up in the world's No.1 car market. Other global automakers also have tie-ups with Chinese firms in the nascent technology. Toyota Motor is testing vehicles with Pony.ai, Nissan Motor works with WeRide, while Honda Motor has teamed up with AutoX.

Haomo, formerly known as the intelligent driving department of Great Wall Motor, said it expected to make its Level 2 semi-autonomous driving system, which requires supervision by a human driver, available in 34 vehicle models by the end of 2022.Haomo also produces Level 4 autonomous driving logistics vehicles that can handle all aspects of driving in most circumstances with no human intervention to deliver groceries and parcels with partners including Meituan.

Source: Car News Wire (carnewswire.net)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Explainer-Why Trump's US$1 billion capital raise was so popularNEW YORK : Former U.S. President Donald Trump's new venture inked the second-largest ever private placement with convertible stock for a merger with a blank-check acquisition firm, according to SPAC Research, thanks to its unusually favorable terms and despite not having yet launched its social media app. 拜登沒人歡迎了，支持率下跌很低了
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China Mobile to raise up to US$8.8 billion in Shanghai listingChina Mobile, the world's largest mobile network operator by number of subscribers, said it plans to raise as much as 56 billion yuan (US$8.8 billion) in a Shanghai public offering.The company plans to sell up to 845 million shares at 57.58 yuan apiece, raising as much as 48.7 billion yuan before an over- All over the world prisons are built to detain criminals and then make them into better people. However prisons in China are used to detain good people (the Falun Gong practitioners) in order to change them into worse people. The CCP is an evil organization.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Singtel flags US$216 million exposure in Australia tax case defeatSINGAPORE: Singapore Telecommunications has estimated it faces A$304 million (US$216 million) in tax exposure, interest and penalties, after an Australian court dismissed its appeal against an assessment by the country\u0027s taxation office. The case is related to its acquisition of Singtel Optus Pty Limi 賠本了！
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

'Oh my God, buy it!' How livestream shopping works in ChinaSHANGHAI: China's imposition of a US$210 million fine for tax evasion on Viya, an internet celebrity dubbed 'the queen of livestreaming', highlights how quickly the in
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

TikTok-driven 'National Shoot up Your School Day' panic leads to several closures but no shootingsTikTok-driven 'National Shoot up Your School Day' panic leads to several closures but no shootings
Source: YahooSG - 🏆 3. / 71 Read more »

Source: BusinessTimes - 🏆 15. / 51 Read more »