(Yicai) March 5 -- Chinese self-driving startup Pony.ai has joined hands with South Korean tech firm GemVaxLink to advance autonomous driving technologies and applications in South Korea.

Pony.ai and GemVaxLink will set up a joint venture in Seoul before the end of the year to co-build an autonomous driving service fleet in the South Korean capital city and explore more self-driving products in the country, the Guangzhou-based company announced yesterday, citing a deal the pair recently signed.

Most cars sold in South Korea are equipped with Level 1 and L2 assisted driving technology, as L4 autonomous driving is not yet very popular in the country, Pony.ai noted. However, given its mature urban infrastructure and market environment, South Korea has good foundations for the development of self-driving technologies, the firm added.

South Korea’s autonomous driving solutions market is expected to reach a size of CNY14 billion (USD1.9 billion) by 2028 from CNY7.7 billion (USD1.1 billion) this year, Pony.ai predicted.

Founded in 2016, Pony.ai specializes in robotaxis, self-driving trucks, and intelligent driving solutions for passenger cars. It is developing autonomous driving technologies and operating fleets in China, the United States, Saudi Arabia, the United Arab Emirates, and South Korea.

GemVaxLink has rich research and development, service, and market resources for connected vehicles and software platforms in South Korea.

Editor: Futura Costaglione