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    489   CNE100000312

DONGFENG MOTOR GROUP COMPANY LIMITED

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Dongfeng Motor : China self-driving firm DeepRoute.ai raises $300 million from Alibaba, others

09/14/2021 | 01:06am EDT
FILE PHOTO: A logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles' Day global shopping festival at the company's headquarters in Hangzhou

BEIJING (Reuters) - Chinese autonomous driving startup DeepRoute.ai said on Tuesday it raised $300 million from investors including e-commerce company Alibaba to expand its test fleet and develop technologies including self-driving trucks.

Other investors in the funding round include Greater China-focused tech investor Jeneration Capital, Chinese automaker Geely and some previous investors, DeepRoute.ai said in a statement. It did not disclose its valuation.

The investment comes as automakers and technology firms are ploughing in billions of dollars into autonomous driving, aiming to take an early lead in what many see as the future of mobility.

DeepRoute.ai's rival WeRide, backed by Nissan Motor, said this month it would develop self-driving vans, while Pony.ai, backed by Toyota Motor, said earlier it would develop autonomous trucks.

DeepRoute.ai, which is testing vehicles in the Chinese cities of Shenzhen and Wuhan, will use the funds to double the fleet of its test robo-taxis to 150 by the end of this year from the current 70, its Chief Executive Zhou Guang told Reuters in an interview.

It will also expand its workforce to 600, including in-vehicle safety drivers, by the end of this year from 400 now.

Founded in 2019, DeepRoute.ai collaborates with automaker Dongfeng Motor on self-driving technologies. It also works with Geely's ride-hailing unit Cao Cao.

DeepRoute.ai will also develop self-driving light duty trucks for urban logistics services, Zhou told Reuters, adding Alibaba would be a big client.

Alibaba said in June it plans to develop self-driving trucks with its logistics subsidiary Cainiao.

(Reporting by Yilei Sun and Brenda Goh; Editing by Muralikumar Anantharaman)


ę Reuters 2021
Stocks mentioned in the article
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ALIBABA GROUP HOLDING LIMITED -2.95% 164.5 End-of-day quote.-29.28%
DONGFENG MOTOR GROUP COMPANY LIMITED -1.88% 7.32 End-of-day quote.-19.03%
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Financials
Sales 2021 119 B 18 683 M 18 683 M
Net income 2021 13 071 M 2 045 M 2 045 M
Net Debt 2021 19 386 M 3 033 M 3 033 M
P/E ratio 2021 4,01x
Yield 2021 8,47%
Capitalization 51 827 M 8 110 M 8 109 M
EV / Sales 2021 0,60x
EV / Sales 2022 0,58x
Nbr of Employees 124 270
Free-Float 30,3%
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Dongfeng Motor Group Company Limited Technical Analysis Chart | 489 | CNE100000312 | MarketScreener
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Number of Analysts 18
Last Close Price 6,02 CNY
Average target price 8,42 CNY
Spread / Average Target 39,9%
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Managers and Directors
Qing Yang President & Executive Director
Wei He Chairman-Supervisory Board
Yan Feng Zhu Chairman
Jun Yu Head-Organization & Information Department
Guo Yuan Liu Head-Technical Development Department
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