Chinese SAIC mobility robotaxi raises $148 million in Series B

Oluwajuwonlo Afolabi -

SAIC Mobility Robotaxi, an arm of the state-owned SAIC automaker, has raised $148 million in its Series B funding round, to support its aim of launching a robotaxi service in China.

  • The fund will be used to scale its robotaxi service in China, buy and develop more vehicles, improve its ride-hailing app, and advance the capabilities of its self-driving vehicles.
  • SAIC Mobility and Momenta are in a partnership to produce and deploy improved autonomous vehicles in China and started with 100-day trials of 60 vehicles in Shanghai and Suzhou, with a record of 98% satisfaction from users.
  • The two companies intend to turn their piloting into a commercialized service and deploy 200 vehicles in 2022 in China.
  • SAIC Mobility is now valued at over $1 billion in its latest raise led by SAIC Group, with participation from Momenta, Gaoheng Management Consulting, and others.