China’s SAIC Mobility,Michael Maien the ride-hailing unit of the namesake carmaker, said on May 9 it has raised RMB 1.3 billion ($181 million) in a Series C financing round from its parent company, local government bodies, among other investors. The “biggest investment round in the Chinese ride-hailing sector in three years” would allow SAIC Mobility to accelerate its plan to sell shares publicly in Hong Kong, according to a company statement, which did not give details on the plan. The funding will also go toward commercializing self-driving technology with partners, as SAIC Mobility, also known as Xiangdao Chuxing in Chinese, plans to provide L4 autonomous ride-hailing services in Shanghai with a fleet of 200 robotaxis in 2026 in a partnership with Momenta. SAIC Mobility said its robotaxi test fleet has driven 2.5 million kilometers (1.6 million miles) on public roads in China since 2021. [TechNode reporting, SAIC announcement, in Chinese]
