China’s BYD and Momenta establish a $15.7 Million Joint Venture

China’s BYD and Momenta have formed a 100 million yuan joint venture for the installation of autonomous driving capabilities in some of the BYD car models. The new venture formed by the two companies is called DiPi Intelligent Mobility Co. and is located in Shenzhen. 

BYD has invested a total of $60 million yuan and the Beijing-based Momenta has invested $40 million in this venture. The level-2 semi-autonomous cars have the technology that is capable of taking care of almost all the aspects of driving. 

Earlier, a Chinese automaker SAIC Motor along with Momenta started offering autonomous test rides of the robotaxi to the public in Shanghai as a part of its trial. Baidu Inc, the Chinese search engine, and Pony.ai, the self-driving car startup got approval to launch paid driverless robotaxi services in Beijing, the capital of China.