Tech
Chinese self-driving developer reportedly files for IPO in the US
Chinese self-driving developer Beijing Momenta Technology Co. reportedly filed for an initial public offering (IPO) in the United States.
New of Momenta’s potential IPO in the United States comes as Tesla robotaxi tests in China gain support from the local government. Tesla’s Full Self-Driving (FSD) tech appears to be openly welcomed in China. Momenta’s self-driving tech might not get the same reception in the United States.
In fact, the Chinese self-driving firm might not push through with the IPO in the US, given the country’s perception of companies related to China, specifically its government. China has been designated a “Foreign Entity of Concern (FEOC) under the Inflation Reduction Act (IRA).
Momenta is backed by General Motors, one of the top 3 automakers in the United States. However, it also has ties to Chinese state-owned company SAIC Motor Corp and Yungeng Capital founded by billionaire Jack Ma.
People close to the matter told Bloomberg that Momenta is working with China International Capital Corp., Goldman Sachs Group Inc. and UBS Group AG on the alleged IPO listing in the Unites States.
The China-based self-driving firm is estimated to raise between $200 million to $300 million from the share sale. Momenta initially tried to raise $1 billion. Last year, rumors spread that Momenta was considering an IPO in either the US or Hong Kong.
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