​FAW-Jiefang-backed Zhito Technology receives hundred of millions RMB in first investment round

Beijing (Gasgoo)- Zhito Technology, the FAW Jiefang-backed commercial vehicle autonomous driving startup, has completed a hundred-million-RMB worth of investment round, the startup disclosed to a local media outlet.

Photo credit: Zhito Technology

According to Zhito Technology, participating investors include Bank of China Group Investments and Gome Capital.

Founded in 2019, Zhito Technology is dedicated to intelligent vehicle software/hardware R&D, providing smart logistics solutions for commercial vehicles. In July, the company’s J7 super truck with L3 capabilities rolled off the production line, making Zhito Technology the first Chinese company to deliver L3 autonomous products. 

CEO of Zhito Technology, Du Yiguang, said that the company had set a goal for IPO in five years since its establishment.

The CEO believed the company has strong support and advantages compared to other startups in the field, namely the endorsement from FAW Jiefang and the direct R&D model of building integrated, pre-assembly autonomous driving systems with manufacturers.

The chairman of FAW Jiefang, Hu Hanjie disclosed that multiple commercial vehicle autonomous driving developers adopted the automaker’s J7 drive-by-wire chassis, including Pony.ai and Plus.ai. The company has provided over 300 units of said chassis this year. 

As of now, Zhito Technology has realized commercialization of its autonomous driving solutions in street-cleaning and crewless port scenarios in Suzhou and Rizhao. By the end of September, the company has accumulated over 1 million kilometers of open road tests on highways. The company plans to sell 300 units of the J7 L3 vehicles to major express logistics companies this year.

Notably, Zhito Technology was also recognized as one of Gasgoo’s Top 100 Players of China's New Automotive Supply Chain this year for its autonomous driving solutions.