Toyota is investing approximately 368 million euros in the Chinese company Pony.ai, which develops technology for self-driving cars. With the investment announced on Wednesday, the technology must be able to be applied faster and easier in Toyota models in the long term.
With the investment of millions, the cooperation between Toyota and Pony.ai, which took shape last year, is further deepened. According to Pony.ai CEO James Peng, the money will be used to build a test fleet of autonomous vehicles.
In addition to the 368 million euros from Toyota, the Chinese company raised another 57 million euros from existing investors, bringing the total capital injection to 425 million euros.