Pony.ai, a Chinese autonomous vehicle startup, has secured a $100 million investment from NEOM, Saudi Arabia's futuristic city and development project. Under the agreement, the two entities will form a joint venture to develop, produce, and deploy autonomous vehicles and smart infrastructure in NEOM and key markets in the Middle East North Africa region. This partnership reflects the growing collaboration between Saudi Arabia and Chinese companies, particularly in the field of technological and scientific innovation.

The announcement comes shortly after NEOM revealed its plans to establish a $10 billion joint venture with Danish freight forwarder DSV.

NEOM, a $500 billion initiative led by Saudi Arabia's crown prince Mohammed bin Salman, aims to accommodate 9 million people in the future. The project, which is part of the prince's Vision 2030 reform plan, seeks to diversify the economy away from oil.

"This investment aligns with the ambitious plans announced by NEOM to achieve autonomous transportation solutions for the region. Pony.ai’s autonomous driving technology is already available today, and we are excited to utilize it in NEOM in the near future." - Majid Mufti, CEO of the NEOM Investment Fund

As part of the agreement, NEOM and Pony.ai will establish a regional research and development and manufacturing headquarters.

Read the full story at Yahoo