Toyota invests US$400 million in Pony.ai, bringing self-driving start-up’s valuation to US$3 billion
- Japanese car giant Toyota and Guangzhou-based Pony.ai announce deeper ties as global carmakers race toward a driverless future
- They plan to advance joint efforts to develop autonomous driving technology and deploy mobility services
Chinese autonomous driving start-up Pony.ai has closed a US$462 million funding round led by Japanese car giant Toyota Motor, announcing deeper ties as global carmakers race toward a driverless future.
With Toyota’s US$400 million investment, Guangzhou-based Pony.ai will be worth just over US$3 billion, the companies said in a joint statement on Wednesday. China's most valuable self-driving company, founded by two former senior Google engineers in 2016, has launched its robotaxi services in both China and the US.
“Strengthened ties will enable deeper integration of Pony.ai's autonomous driving system with Toyota's robust vehicle platforms and technologies,” the companies said, calling it a “strategic approach” for both firms.
In addition to co-developing self-driving technologies, the two are expected to “look beyond the vehicle itself to explore further possibilities in mobility services”, according to the statement.