Toyota invests 400 mln in autonomous driving company

It is reported that in order to deepen and expand the two companies' cooperation in the field of travel, Chinese autonomous driving startup Pony.ai raised USD 462 million from Toyota Motor and other investors. Among them, Toyota invested USD 400 million to accelerate the development and commercialization of autonomous driving.

A new funding round has nearly doubled the startup's valuation to $ 3 billion over a year ago. Taking into account the previous financing, Pony.ai's total funding amounted to nearly $ 800 million. Investors include Sequoia Capital, IDG Capital Partners, and Morningside Ventures. 

Previously, Toyota and Pony.ai had publicly piloted autonomous driving projects in China in August 2019, using Toyota's Lexus brand SUV, combined with Pony.ai's automated driving software system and hardware solutions.

James Peng, CEO of Pony.ai, said: "This investment will allow Pony.ai to deeply integrate the autonomous driving system with Toyota's powerful automotive platform and technology." Explore more possibilities in the field of mobility.