​BYD incorporates joint venture with autonomous driving superstar

Beijing (Gasgoo)- BYD has registered a joint venture company in Shenzhen with China’s autonomous driving startup Momenta, recently, according to the corporate database, Qichacha.

Photo credit: Momenta

The new company, Shenzhen Dipai Intelligent Mobility Technology Co., Ltd., was registered on November 26th, with a RMB100 million ($15.66 million) registered capital. The database showed that BYD holds 60% of the company’s stake with RMB60 million ($9.39 million) invested, and Momenta puts in RMB40 million ($6.26 million), at a 40% stake.

Dolphin; photo credit: BYD

The joint venture is authorized to operate in such areas, including IoT application and service, AI public data platform, AI basic resource and technology platform, AI software/algorithm development, and quantum computing technology service.

Momenta (Suzhou) is a wholly-owned subsidiary of Momenta Hong Kong Limited.

At the beginning of this month, Momenta has closed its C+ round of financing worth over $500 million, concluding the largest financing movement in China’s autonomous driving development history. 

Early on in September, there were already talks about the startup’s IPO plan and its intention to set up a joint venture with BYD to promote the implementation of autonomous driving technologies, sources close to the matter told local media outlets.

However, neither company has yet to make an official announcement.