BEIJING -- General Motors said on Thursday it will invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for future models in China, its first such tie-up in the world's biggest car market.
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.
The company is also backed by SAIC Motor, GM's main Chinese partner, as well as Toyota Motor and Daimler.
"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.