AI Autonomous Driving Co. Momenta Participates in SAIC Mobility Series B to Scale Robotaxis

SAIC Mobility, SAIC’s ride-hailing service platform, completed its series B
financing of more than RMB 1 billion to scale its robotaxi service in China.
Momenta, a leading AI and autonomous driving company was one of several
institutions that participated in the financing which now increases SAIC
Mobility’s value to US$ 1 billion.

SAIC Mobility and Momenta have been developing and deploying data-driven
solutions using Momenta’s “Flywheel L4” technology to scale safe and
efficient autonomous driving in China.

SAIC Mobility Robotaxi was officially launched in December 2021 and is now
operating in Shanghai and Suzhou. A major strategic project of SAIC Motor,
this is one of the first domestic L4 autonomous driving platforms for a car
company. According to the results of the first 100 days of service,  the
overall user satisfaction rate was 98%, and 80% of riders used the service
two or more times after their initial experience.

Zhuang Jingxiong, CEO of SAIC Mobility, said, “SAIC Mobility’s automotive
leadership in the Yangtze River Delta has spread nationwide. SAIC Mobility
is backed by the significant resources and experience of SAIC Motor, and
Momenta is providing SAIC Mobility with technological and software
leadership as we continue to iterate solutions together.”

SAIC Mobility Robotaxi is powered by Momenta’s “Flywheel L4” technology,
which employs a data-driven approach to continuously improve its capability
through deep learning (as opposed to a “rules-based” approach).

Cao Xudong, CEO of Momenta, said, “SAIC Mobility Robotaxi’s success is the
organic combination of “operational experience” and “leading autonomous
driving technology.” Our two companies together will continue to develop the
technology, products and commercial implementation to meet the future and
diverse travel needs of end users. We believe that this will become the
industry benchmark for autonomous driving and in-depth cooperation between
leading car companies and operating platforms, and the future of scalable
unmanned driving.”

Momenta is a leading autonomous driving company committed to creating a
better future for smart mobility through breakthrough AI technology. It has
pioneered a uniquely scalable path towards full autonomous driving with a
data-driven approach, called its “flywheel,” which quickly iterates and
improves its algorithms. Its “two-leg” product strategy combines
mass-production highly autonomous driving solutions (Mpilot) and fully
autonomous driving (MSD or “Momenta Self Driving”) technologies. This
strategy provides different levels of autonomous driving capability, while
realizing large-scale implementation of highly automated driving solutions.
Ultimately this will enable safer, more convenient, and efficient travel in
the future.

In the future, SAIC Mobility will work together with Momenta to scale
robotaxi service to enable safer, more convenient and efficient future smart
travel by leveraging their respective capabilities and advantages.