China's Hellobike sets up new robotaxi firm with Ant Group, CATL
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FILE PHOTO: A man rides a bicycle of bike-sharing firm Hellobike amid Hellobike bicycles placed on a plaza a day ahead of the World Car Free Day, in Zhengzhou, Henan province, China September 21, 2018. REUTERS/Stringer/File Photo
BEIJING (Reuters) -China's bike-sharing platform Hellobike announced on Monday the setup of a new robotaxi firm jointly with Ant Group and CATL.
The three parties have invested over 3 billion yuan ($417.40 million) in total in the new firm as an initial investment, Hellobike said in a statement.
The new firm, registered in Shanghai on Monday, will focus on level 4 autonomous driving R&D, safe applications and commercialisation.
($1 = 7.1874 Chinese yuan renminbi)
(Reporting by Beijing newsroom; Editing by Sonali Paul)
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