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Chinese self-driving technology start-up Pony.ai gets US$100 million investment from Saudi Arabia’s smart city developer Neom
- Neom will invest the money in Pony.ai, which plans to use it to fund research and development and to reinforce its operations
- The two sides will also launch a joint venture for autonomous driving services, advanced vehicles, and smart vehicle infrastructure in Neom and key MENA markets
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Daniel Renin Shanghai
Saudi Arabian smart city developer Neom is ploughing US$100 million into Chinese autonomous driving technology start-up Pony.ai to help fund its research and development and to finance its operations reinforcement.
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This move makes Pony.ai, which is backed by Toyota, the latest Chinese electric vehicle (EV)-related business to receive investments from the Middle East, days after Chinese EV start-up BeyonCa signed a preliminary agreement with Riyadh-based investor Al Faisaliah Group about a potential investment into the Beijing-based carmaker.
Neom, a combination of “neo”, the Greek word for new, and the letter m, which represents “mustaqbal” or Arabic for future, will make the investment through the Neom Investment Fund (NIF).
The two sides will also set up a joint venture to develop, and manufacture self-driving services, autonomous vehicles, and related infrastructure in Neom and key markets in Middle East and North Africa (MENA).
“We are delighted to partner with Neom to combine Pony.ai’s world-class autonomous driving technology and operations experience with Neom’s vision to be the land of the future, where the greatest minds and best talents are empowered to embody pioneering ideas’ to develop, manufacture and deliver autonomous mobility services and vehicles to the region,” said James Peng, co-founder and CEO of Pony.ai in a statement.
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Majid Mufti, CEO of NIF, said the investment aligned with Neom’s ambitions to achieve autonomous transport solutions for the region.
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