Pony.ai gets $100M, establishes JV with Saudi Arabia’s Neom
Chinese autonomous vehicle startup Pony.ai has scored $100 million from Neom, Saudi Arabia's futuristic city and development project. As part of the deal,
[ sourced from TechCrunch
This is the best summary I could come up with:
Chinese autonomous vehicle startup Pony.ai has scored $100 million from Neom, Saudi Arabia’s futuristic city and development project.
As part of the deal, the two plan to establish a joint venture to develop, manufacture and deploy autonomous vehicles and smart infrastructure in Neom and key markets in the Middle East North Africa region.
The deal with Pony.ai comes amid increasing cooperation between Saudi Arabia and Chinese companies, particularly in regards to technological and scientific innovation.
The tie-up comes a day after Neom also announced plans to set up a $10 billion JV with Danish freight forwarder DSV.
Neom, the $500 billion project helmed by Saudi Arabia’s Crown Prince Mohammed bin Salman, is meant to eventually house 9 million people.
The aim of the development — part of the prince’s Vision 2030 reform plan — is to diversify the economy away from oil.
The original article contains 244 words, the summary contains 142 words. Saved 42%. I'm a bot and I'm open source!