Pony.ai bags $100 million in latest financing round from Saudi Arabia's NEOM, NIF

Shanghai (Gasgoo)- On October 25, Chinese autonomous driving technology developer Pony.ai announced it has secured a $100 million worth of investment from Saudi Arabia's megaproject NEOM (New City of Future) and the latter's wholly-owned sub-fund NEOM Investment Fund ("NIF").

At the same time, Pony.ai said it planned to build a joint venture with NEOM to provide autonomous driving technology solutions for the region.

The funds raised in this financing round will be channeled towards the global development and operation of autonomous driving technologies, said Pony.ai.

Photo credit: Pony.ai

The collaboration between Pony.ai and NEOM, through the joint venture, is set to pave the way for the R&D and manufacturing of autonomous driving solutions in Saudi's NEOM and beyond, spanning across the Middle East and North Africa. Additionally, it will involve the deployment of autonomous car fleets and infrastructures related to intelligent cars.

The joint venture has plans to establish a manufacturing and R&D center for autonomous vehicles at the NEOM's site. Pony.ai said NEOM holds strategic importance in its global technology deployment, enabling the gradual expansion of autonomous driving technology and products into more Middle Eastern and North African countries.

Pony.ai remains steadfast in its commitment to global expansion, collaborating with various countries and regions to spearhead the transformation of intelligent transportation. On October 18th, Pony.ai entered into a partnership agreement with the Abu Dhabi Investment Office during the Gulf Information Technology Exhibition (GITEX Global), indicated that it has joined Abu Dhabi's Smart and Autonomous Vehicle Industry ("SAVI") cluster and has been granted the permission to conduct autonomous driving road tests on Yas Island’s roadways.

Furthermore, Pony.ai stands as the first company in China to launch fully driverless ride-hailing services in both Beijing and Guangzhou cities.