Toyota Invests $400 Million in Pony.ai to Deepen Driverless Pact

WATCH: Pony.ai CEO James Peng says the $400 million raised from Toyota will help the company commercialise its autonomous vehicle technology.(Source: Bloomberg)

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By Bloomberg News

February 26, 2020 at 3:00 AM UTC

This article is for subscribers only.

Toyota Motor Corp. invested $400 million in Pony.ai to strengthen its ties with the Chinese provider of driverless-car systems.

The investment extends the companies’ partnership formed last year and pushes Pony.ai’s valuation to more than $3 billion, the startup said in a statement. The pact enables a “deeper integration” of Pony.ai’s technology with Toyota’s vehicles.