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Chinese self-driving car unicorn Momenta bets on electric heavy-duty trucks:report
Chinese self-driving startup Momenta is investing RMB 500 million ($70 million) in electric truck maker ZERON, which has delivered over 700 trucks and aims for 1,500 by year-end. This move diversifies Momenta's focus within the autonomous vehicle market, amidst plans for an IPO and development of delivery robots.
Key points
- Momenta raised RMB 500 million ($70 million) for electric truck maker ZERON.
- ZERON, co-founded by former TuSimple VP, has delivered over 700 trucks.
- The company aims to exceed 1,500 truck deliveries by year-end.
- Momenta is backed by major automotive firms like Toyota, GM, and Mercedes-Benz.
- The startup plans an IPO in the US and is developing Level 4 delivery robots.
Why it matters
- The move aligns with the rise of electric vehicles and autonomous technology trends leading up to 2025.
- It reflects a shift in focus for traditional automakers toward electric and autonomous heavy-duty vehicles.
Momenta's investment in ZERON showcases a strategic shift toward electric heavy-duty trucks, emphasizing its commitment to the growing autonomous vehicle market and diversification ahead of potential market expansions.