(Yicai) May 9 -- Xiangdao Chuxing, the mobility arm of Chinese automotive giant SAIC Motor, has secured over CNY1.3 billion (USD179.4 million) in its latest fundraiser, the largest in the Chinese mobility industry in the past three years.

SAIC, industrial funds, and local government institutions participated in the Series C financing round, the Shanghai-based firm announced today. The proceeds will be used to advance robotaxi deployment, improve its ride-hailing market share in core cities, expand overseas, and deepen its commercial car rental services.

Xiangdao secured CNY300 million (USD41.4 million) from e-commerce giant Alibaba Group Holding and battery behemoth Contemporary Amperex Technology in a Series A round in 2020. In 2022, it raised CNY1 billion in a Series B round, bringing in strategic partners, such as autonomous driving firm Momenta and digital mapping service provider Amap, as shareholders.

Xiangdao also confirmed today that it plans to pursue an initial public offering in Hong Kong.

Moreover, Xiangdao announced an autonomous driving collaboration with Momenta today. The pair plans to deploy a fleet of Level-4 robotaxis in Shanghai, aiming to have 200 vehicles by the end of next year.

As a key part of SAIC’s smart mobility ecosystem, Xiangdao began piloting robotaxi services in 2021. So far, it has completed over 330,000 orders for more than 2.5 million kilometers, according to data from the company.

Editor: Futura Costaglione