Pony.ai secures $100M from Saudi Arabia's Neom

Chinese autonomous vehicle startup, Pony.ai, has secured a significant investment of $100M from Neom, Saudi Arabia’s future-oriented city and development project.

• Joint Venture Creation: The investment is accompanied by plans to form a joint venture aimed at developing, manufacturing, and deploying autonomous vehicles and smart infrastructure in Neom and key markets in the Middle East North Africa region.

• Increased Collaboration: This move reflects the growing cooperation between Saudi Arabian and Chinese companies, especially in the domains of technological and scientific innovation.

• Neom's Ambitious Projects: The partnership announcement follows quickly on the heels of Neom's plan to establish a $10B joint venture with Danish freight forwarder DSV.

• Vision 2030: Neom, a $500 project led by Saudi Arabia’s crown prince Mohammed bin Salman, is part of a broader reform plan known as Vision 2030. The aim is to diversify the Saudi economy away from its heavy reliance on oil.

• CEO Statement: Majid Mufti, CEO of the Neom Investment Fund, expressed excitement about the potential for autonomous transportation solutions in the region, praising Pony.ai's technology.

• Regional Headquarters: As part of the agreement, Neom and Pony.ai will set up a regional R&D and manufacturing headquarters.

Pony.ai's autonomous driving technology is already operational in Beijing and Guangzhou, and the company holds licenses to operate driverless cars in Shanghai and Shenzhen. This technology will soon be utilized in Neom.