Toyota, Pony.ai plan to mass produce robotaxis in China
TOYOTA and partner Pony.ai are planning to mass produce robotaxis in China, setting up a venture this year which will build cars that employ the startup’s autonomous driving technology and ride-hailing services.
The two companies and GAC-Toyota, a venture between the Japanese automaker and Chinese state-owned Guangzhou Automobile Group, will invest a combined 1 billion yuan (S$187 million), Pony.ai said in a statement.
“This is not only an important step for Toyota to carry out ‘Chinese-style succession and evolution’ but also a new stage in our business cooperation with Pony.ai,” Toyota China CEO Tatsuro Ueda said in the statement.
Toyota has invested hundreds of millions of US dollars in Pony.ai since the companies first teamed up in 2019.
Pony.ai has launched robotaxi services in Beijing, Shanghai, Shenzhen and Guangzhou.
Toyota said last month it planned to accelerate the local design and development of “smart cockpits” that meet the needs of the Chinese market, part of a broad pivot to electric vehicles as it seeks to catch up with increasingly aggressive local rivals. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses