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19 Nov 2024
BEIJING (Reuters) - China's securities regulator announced on Monday that it has approved the initial public offering (IPO) of autonomous driving startup Momenta Global Limited in the United States.
Momenta intends to issue up to 63,352,856 ordinary shares and will list on either the Nasdaq Stock Market or the New York Stock Exchange, according to the regulator's statement.
In June, China authorized a group of nine automakers to conduct tests on public roads with vehicles equipped with advanced autonomous driving technologies. This move is part of a broader plan to expedite the adoption of self-driving cars.
The automotive industry classifies autonomous driving into five levels, from level one, which includes driver assistance features like cruise control, to level five, which represents fully self-driving vehicles.
Last November, China issued guidelines for a nationwide program to start accepting applications from companies aiming to introduce more fully autonomous vehicles for widespread use. Under this plan, test vehicle drivers can take their hands off the steering wheels, with automakers and fleet operators assuming responsibility for safety.
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