GM Invests $300M In China's Self Driving Startup

Author: Anusuya Lahiri | September 23, 2021 10:58am

General Motors Co (NYSE:GM) would invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for China's future models,
The Toyota Motor Corp (NYSE:TM) backed startup holds a permit for gathering high-definition maps in China, a vital tool in autonomous driving technologies, Reuters reports.
Momenta is working with automakers to develop mass-production vehicles with self-driving functions to gather real-time data.
GM partner SAIC Motor and Daimler AG (OTC:DMLRY) (OTC:DDAIF) also back Momenta.
Earlier this year, GM announced spending $35 billion through 2025 on electric vehicles and autonomous driving technologies globally.
Price Action: GM shares traded higher by 1.67% at $51.62 on the last check Thursday.