China’s Ruqi Mobility raises $153M for autonomous vehicle push

Ruqi Mobilitya ride-sharing platform operating under Chinese auto giant GAC Group, has raised one billion yuan – about $153 million – in Series A funding.

The funding was led by GAC Group with participation from Pony.ai, WeRide, SPAX, Ruisheng Asia and others. The company is also backed by Tencent.

Founded in 2019, Ruqi Mobility says it will use this round of funding to accelerate the development of its Robotaxi autonomous vehicle services. The company says it aims to build a fleet of more than 200 vehicles this year and eventually grow it to more than 1,000 vehicles. The company is also developing an open platform to accelerate the development and operation of motor vehicles across the industry.

Two of the investors in this round, WeRide and Pony.ai, are world leaders in self-driving technology.

Jiang Hua, CEO of Ruqi Mobility, said that Robotaxi “will truly become a service…for this reason, two of the world’s leading self-driving technology companies have decided to strategically invest in Ruqi Mobility at the same time in this cycle”.