China's Didi raises $300m for autonomous driving unit

Other participants include CPE, the Russia-China Investment Fund, Guotai Junan International, and CCB International. Various Chinese media outlets reported the deal. Bo Zhang, CTO and CEO of the autonomous driving unit, confirmed it via WeChat Moments without mentioning the size.

“Didi will do its best to invest in autonomous driving technology R&D," he said. "I am grateful for the trust and support of our partners and investors, and especially for being able to create the future and advance this change that will have a huge impact on travel in the next 10 years.”

Didi began R&D in this area in 2016 and launched the unit as an independent subsidiary in 2019. SoftBank’s second Vision Fund committed $500 million in June 2020, becoming the first outside investor. It was also the largest single fundraising round in China’s autonomous driving industry.

In the same month, Didi opened its autonomous driving service to the public for the first time in Shanghai. Registered passengers can request free rides in self-driving cars within designated areas. Besides Shanghai, Didi has open-road testing licenses in Beijing and Suzhou, as well as in California.

In previous interviews with AVCJ, several industry participants have identified Didi as the most threatening newcomer in autonomous driving. The ride-hailing giant announced last year a plan to operate more than one million self-driving vehicles by 2030. It claims to be the only company globally with more than 100 billion kilometers of autonomous driving data.

Didi’s vehicles are equipped with nearly 20 sensors, including three LiDARs. They are priced at about RMB1 million ($150,000). As well as running its own tests, Didi leverages transportation data from its ride-hailing platform to run simulation tests.

Moreover, the unit is working with Didi’s auto solutions and financial services platforms on next-generation integrated mobility solutions, including smart charging networks, fleet maintenance services, and insurance programs for autonomous fleets. It is also cooperating with upstream and downstream partners to facilitate the mass production of autonomous driving vehicles.

Other active players in the space include Weride, which recently raised $310 million in Series B funding across three tranches. Another major domestic competitor, Pony.ai, is also well-funded. Last November, Ontario Teachers’ Pension Plan Board (OTTP) led a $267 million Series C round for the company at a post-money valuation of $5.3 billion. Pony has been running robotaxi pilot programs in China and the US.

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• Topics
• Greater China
• Expansion
• Technology
• China
• automobiles
• IDG capital
• CPE Capital
• CCB International Asset Management