Toyota has invested $400m in Chinese start-up Pony.ai as the world’s second-largest carmaker joins forces with technology rivals in the race to develop self-driving vehicles and new mobility services.
The latest funding, which totals $462m, values the Chinese company at $3bn, giving Toyota a 13 per cent stake and a seat on Pony.ai’s board.
It follows a flurry of investments by the Japanese carmaker over the past two years in ride-hailing groups including Uber, China’s Didi Chuxing and south-east Asia’s Grab aimed at building alliances outside the traditional automotive sector.
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