General Motors invests $300 million in Momenta

Beijing (Gasgoo)- General Motors announced a $300 million investment in China’s leading autonomous driving startup, Momenta, to push forward the development of next-generation autonomous driving technologies among future GM vehicle models in China.

Executives from GM and Momenta; photo credit: General Motor

Under the guidance of its “zero crashes, zero emissions, zero congestion” vision, GM is actively forming partnerships globally to satisfy the diversity of demands among consumers and construct a sustainable future in the industry.

In June, GM announced its plan to allocate $35 billion to develop electric vehicles and autonomous driving technology from 2020 to 2025. The group is rapidly expanding its design and engineering capabilities in China and significantly raising its OTA updating ability based on its Vehicle Intelligent Platform electrification architecture and 5G services. In addition, the group is expecting a product debut from its Ultium electric vehicle Platform soon.    

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.”

China’s biggest automaker SAIC Motor has participated in Momenta’s C-round of financing, after it became the startup’s biggest institutional investor in March, the automaker announced last week without disclosing the amount of the investment.