SAIC Mobility Valued at $1B After Round-B Financing
SAIC Mobility, a strategic brand of mobile travel under Chinese automotive giant SAIC, announced on August 15 that it has completed round-B financing totaling over 1 billion yuan ($14.7 million), with investment by SAIC, Momenta and other institutions. The post-round valuation of the company has reached $1 billion, officially ranking among the “unicorns” of the industry.
SAIC Mobility says it will now promote the continuous explosive growth of business on the premise of adhering to full compliance, strive for the goal of being the first in both compliance rate and market share, and starting an IPO plan in due course.
As the strategic mobile travel brand of SAIC, it is one of the important strategic layouts for SAIC to realize “four new innovations” – electrification, internationalization, intelligent and connected vehicles networking and sharing. Since the company’s business landed three years ago, it has realized the linkage and feedback to the upstream and downstream of SAIC’s industrial chain, based on its successful practice and big data of the travel market.
In the future, SAIC Mobility will be deeply involved in SAIC’s huge car-making industrial chain, accelerate the development of innovative businesses such as ride-hailing service customization and enhance the refined operation capability at the same time.
In December 2021, Robotaxi, one of the four major innovation and development strategic projects of SAIC and the first L4 automatic driving operation platform among China’s car companies, was officially launched. This project fully integrates the superior resources of the SAIC AI Lab, Momenta, SAIC Mobility and other platforms.
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SAIC Mobility has been leading the development of industry compliance. According to the supervision data of China’s Ministry of Transport, since last year, its order completion rate of both compliant pedestrians and vehicles has been ranked first for seven consecutive months. At the beginning of this year, the company’s online car-hailing service won first place for 2021 in Nanjing, Hangzhou, Ningbo and other places.
