Xiaoma Zhixing received $100 million in investment for the research and development of autonomous driving technology

On October 25th, Xiaoma Zhixing announced that it had received $100 million in investment from the Kingdom of Saudi Arabia's New Future City (NEOM) and its investment fund NIF (NEOM Investment Fund). Meanwhile, Xiaoma Zhixing and NEOM plan to establish a joint venture in New Future City in northwestern Saudi Arabia to provide autonomous driving technology solutions for the region

On October 25th, Xiaoma Zhixing announced that it had received $100 million in investment from the Kingdom of Saudi Arabia's New Future City (NEOM) and its investment fund NIF (NEOM Investment Fund). Meanwhile, Xiaoma Zhixing and NEOM plan to establish a joint venture in New Future City in northwestern Saudi Arabia to provide autonomous driving technology solutions for the region.

It is reported that this round of financing funds will be used for global research and operation investment in autonomous driving technology. Previously, Lenovo Star had invested in the A-round of Xiaoma Zhixing.

Specifically, Xiaoma Zhixing and NEOM use a joint venture company as a platform to carry out autonomous driving research and manufacturing for New Future City in Saudi Arabia and even the Middle East and North Africa region, and deploy autonomous driving service fleets and intelligent vehicle related infrastructure. The joint venture plans to establish an autonomous driving production, manufacturing, and research and development center in New Future City.

Co founder of Xiaoma Zhixing CEO Peng Jun said, "We are delighted to have reached a strategic partnership with NEOM, organically integrating Xiaoma Zhixing's leading autonomous driving technology and operational experience with the construction vision of Saudi Arabia's New Future City, and exploring innovative autonomous driving modes of transportation. This collaboration is undoubtedly a milestone for Xiaoma Zhixing in practicing its globalization strategy and a reflection of our continuous implementation of our vision of autonomous driving within reach

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