(Image credit: BYD)
Autonomous driving is seen as the crown jewel of the electric vehicle era, and major car companies are working to get it.
After Geely's premium brand Lotus formed a joint venture with self-driving unicorn Momenta earlier this month, BYD has done the same.
Information from data provider Tianyancha shows that BYD's joint venture with Momenta, Shenzhen Dipai Zhixing Technology Co was established in Shenzhen on November 26.
The company has a registered capital of RMB 100 million ($15.7 million), with BYD contributing RMB 60 million, or 60 percent, and Momenta taking 40 percent of the shares.
The company's business scope includes artificial intelligence software development, artificial intelligence theory and algorithm development, research and development of intelligent robots, intelligent control system integration, artificial intelligence general application system, and quantum computing technology services.
The company's chairman and general manager is Yang Dongsheng, who is also vice president of BYD Company Limited, director of BYD's Institute of Product Planning and New Automotive Technology, and chief designer of its DM technology.
The move comes after Lotus and Momenta set up a company called Ningbo Lotus Robotics Co on November 12, information from data provider Qichacha shows.
The company has a registered capital of RMB 100 million, with Lotus holding 60 percent and Momenta 40 percent of the shares.
Its business scope includes research and development of intelligent robots, artificial intelligence application software development, 5G communication technology services and information system integration services.
The company is the first in China to be jointly launched by a passenger car company and an autonomous driving company, and it will be a supplier of autonomous driving solutions to Lotus, according to Auto-Bit.
It is unclear what the specific plans are for BYD's joint venture with Momenta.