Beijing (Gasgoo)- SAIC Motor’s ride-hailing arm, Xiangdao Chuxing, announced the completion of its Series B financing round, raising over 1 billion yuan ($147.68 million) in total.
Photo credit: Xiangdao Chuxing
Investors of the round include SAIC Motor, Momenta, and Gaoxing Management Consulting. Upon completion of the round, Xiangdao Chuxing’s valuation surged to $1 billion.
Notably, as a leading L4 autonomous driving solution provider, Momenta will work with Xiangdao Chuxing in the field of Robotaxis. Leveraging each’s resources and advantages, the duo will continue accumulate data and operation experiences in the mobility segment, accelerating the iteration of relevant technologies via the data-driven flywheel.
Xiangdao Chuxing’s Robotaxis were armed with Momenta's "flywheel L4" technology, which is a successful exemplary business of a win-win cooperation between a domestic autonomous driving developer and a ride-hailing platform.
The jointly developed Robotaxis have been put into open operation in December 2021 in Shanghai and Suzhou. Notably, Xiangdao Chuxing’s Robotaxi marked China’s first L4 autonomous driving operation platform initiated by an automaker.
The partners plan to further upgrade their Robotaxi and corresponding technologies, together forming an expandable and large-scale autonomous driving smart mobility service.
Xiangdao Chuxing has already put Robotaxis into open operation in Shanghai and Suzhou. Notably, it is China’s first L4 autonomous driving operation platform initiated by an automaker.
