Neom Invests $100 Mln in Self-Driving Vehicles
Neom has invested $100 million via its strategic arm, Neom Investment Fund, into Pony. ai, a company specializing in autonomous vehicles. This investment aims to manufacture self-driving vehicles, develop related technologies, and offer advanced services in Neom, the Middle East, and North Africa.
Strategic Collaboration
Neom and Pony.ai will work together to provide autonomous vehicle services, and manufacture and develop advanced vehicles and smart vehicle infrastructure in Neom. These services will cover major markets in the Middle East and North Africa. This investment embodies Neom’s ongoing commitment to building the sustainable, integrated, self-driving transport system worldwide, alongside its pivotal role in localizing advanced industries including autonomous vehicle technology.
Impact on Transportation Sector
This ambitious investment, expected to revolutionize the transport sector, includes establishing a local factory equipped with the latest technologies for manufacturing autonomous vehicles, and setting up a regional hub for research, development, and manufacturing.
Executive Insights
Majed Mufti, CEO of Neom Investment Fund, highlighted the alignment of this investment with Neom’s ambitious plans to offer autonomous mobility solutions in the region. He expressed excitement about utilizing and benefiting from Pony AI’s self-driving vehicle technology in Neom in the near future.
Neom as a Global Testbed
Neom, with its unique environment, serves as a high-level live testbed to enhance self-driving mobility experiences and technologies. This is part of a sustainable, multimodal transport system, powered by 100% renewable energy.
Building from Scratch
Being built from scratch, without the complications of old infrastructure, Neom provides an ideal environment for enhancing and implementing advanced autonomous mobility solutions on land, sea, and air. This is supported by Neom’s previous investments in vertical electric vehicles (eVTOL) with Volocopter, and in the electric water aircraft industry.
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