Daimler AG is taking stake in a Beijing-based firm involved in technologies related to autonomous vehicles, making its first ever investment in a Chinese startup, the Wall Street Journal reports.
The German automaker, the parent of Mercedes Benz, is participating in a US$46 million funding round for Momenta, a company that provides road sensors and high definition mapping software, the paper said.
Other investors in Momenta include NIO, an electric-vehicle maker backed by Tencent Holdings.
Daimler joins peers such as Hyundai Motors in aligning with Chinese firms as the race to develop an autonomous vehicle revs up.
China has made self-driving cars part of its national agenda, setting autonomous vehicle targets and creating sandboxes to test such technology.
In a plan unveiled by the State Council last week, Beijing pledged to invest and groom technologies for use in sectors such as national security and manufacturing.
– Contact us at [email protected]