Automotive Nov 05, 2020 09:30 AM (GMT+8) · EqualOcean
FAW has announced a strategic investment in self-driving technology startup Pony.ai. This is the first time a state-owned automaker has invested in an autonomous-technology company. According to the firm as per the agreement Pony.ai’s technology will be used in a vehicle platform that forms the basis of FAW’s Red Flag-branded electric cars. Although the amount of the investment wasn't disclosed, Pony.ai will also work with FAW’s Jiefang arm, the first time its technology will be used in trucks. Previously backed by Sequoia Capital and IDG Capital, Pony.ai develops and operates autonomous-driving fleets in the US and China. It announced a USD 400 million investment from Toyota Motor Corp. earlier this year that pushed its valuation to more than USD 3 billion.

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