(Yicai) Oct. 23 -- The autonomous driving subsidiary of Chinese ride-hailing giant Didi Global has secured USD289 million in its latest financing round.

The Series C fundraiser was led by Guangzhou Automobile Group and Didi, Didi Autonomous Driving announced yesterday. The proceeds will be used to research and develop self-driving technologies and speed up the release of its first mass-produced robotaxi model.

Didi set up a self-driving division focusing on developing Level-4 autonomous driving technologies in 2016. Three years later, the Beijing-based firm spun off the division into an independent company.

Developing autonomous driving requires key breakthroughs and in-depth integration of artificial intelligence, mass manufacturing, and operational networks, said Bob Zhang, chief executive officer of Didi Autonomous Driving. The strategic support from Didi and GAC cemented the company’s strategic capabilities in all three, he added.

Didi Autonomous Driving significantly enhanced its core tech capabilities this year, having conducted hybrid ride-hailing order trials in areas of Beijing, Guangzhou, and Shanghai, with safe operations for over 1,500 consecutive days.

L4 autonomous driving is one of the key technological changes that AI will bring to society in the next decade and will be able to reduce traffic accidents and enhance transport efficiency, Zhang predicted.

Didi and GAC have been partners since 2021. In April, a joint venture between Didi Autonomous Driving and GAC Aion New Energy Automobile obtained the business license. The JV’s first mass-produced L4 robotaxi model is expected to be launched next year.

Editor: Futura Costaglione