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General Motors $GM will invest USD300 million in Chinese autonomous vehicle startup Momenta. This investment is a strategic partnership that will support GM in building autonomous technologies for future models in China

Momenta FlyWheel

FlyFull-Process Data-Driven Algorithm

Momenta is among the few companies that hold a permit for gathering high-definition maps in China, a key tool in autonomous driving technologies. It is working with automakers to develop mass-production vehicles with self-driving functions to gather real-time data Reuters reported.

Momenta uses cameras, GPS, and inertial measurement units (IMUs) to generate HD maps by integrating technologies such as deep-learning-based perception and simultaneous localization and mapping (SLAM).

Momenta is also backed by SAIC Motor, GM's main Chinese partner, in addition to Toyota Motor and Daimler AG.

"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," said Julian Blissett, GM's China chief.

The startup has already developed technologies to enable AV operation on highways and city roads and to realize functions such as automatic parking. It has been granted a license to test its robotaxi fleet, which does not require any human input, in Suzhou, Jiangsu province.

“Momenta is committed to developing breakthrough artificial intelligence solutions to push beyond the frontier of possibilities today and significantly improve personal mobility experiences. Together with GM, we will jointly invest in autonomous vehicle technologies to enhance driving safety, convenience and efficiency,” said Xudong Cao, CEO of Momenta.

GM said in June it would spend $35 billion through 2025 on electric vehicles and autonomous driving technologies globally. GM's venture capital arm invested in U.S. software company Oculii. The software is used for radar sensors in self-driving cars. Other global automakers have tie-ups with Chinese firms in the nascent technology. Toyota is testing vehicles with Pony.ai, Nissan Motor works with WeRide, while Honda has teamed up with AutoX.

About GM

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

About Momenta

Momenta is a leading autonomous driving technology company. Momenta is dedicated to reshaping the future of mobility by offering solutions to enable multiple levels of driving autonomy. It has pioneered a unique scalable path toward full autonomous driving by combining a data-driven approach with iterating algorithms – referred to as its “flywheel approach” - as well as a “two-leg” product strategy focusing on both Mpilot, its mass-production-ready highly autonomous driving solutions, and MSD (Momenta Self-Driving), its driving solution targeting full autonomy. More information can be found at https://www.momenta.ai/.

Source: Reuters Momenta

From The TradersCommunity Research Desk

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