General Motors invests $300 million in Chinese startup Momenta

General Motors said on Thursday it will make an investment of $300 million in Chinese autonomous driving startup Momenta for developing self-driving technologies for future models in China.

This is the first such tie-up by GM in China.

Momenta is one of the few companies that hold a permit for collecting high-definition maps in China, a key tool in autonomous driving technologies. It is working with automakers to develop mass-production automobiles with self-driving functions to gather real-time data.

The company has the backing of SAIC Motor, Toyota Motor, and Daimler.

“Customers in China are embracing electrification and advanced self-driving technology faster than anywhere else in the world, and the agreement between GM and Momenta will speed up our deployment of next-generation solutions tailor-made for our customers in China,” said Julian Blissett, GM’s China chief.