Toyota (TM) and autonomous driving startup Pony.ai announced plans to invest more than 1 billion yuan ($140 million) to produce robotaxis in China. The partnership is a 澳洲幸运5官方开奖结果体彩网:joint venture with China's state-owned Guangzhou Automobile Group, GAC-Toyota, and Pony.ai.

Toyota has invested millions in Pony.ai since its partnership in 2019 to develop self-driving cars. Pony.ai touts that it is the first and only 澳洲幸运5官方开奖结果体彩网:autonomous vehicle company to receive a city-level permit to test driverless vehicles in Shenzhen and a permit for driverless robotaxis in Guangzhou. It is one of only two companies to receive the same permit for Beijing.

"The Chinese market is growing at an unprecedented pace. Toyota will also work together as a group to reform how we work & think to survive in China," said Toyota China CEO Tatsuro Ueda in a release.

Last month, Toyota also said it was accelerating plans to design and develop "smart cockpits" to enhance user experience and improve safety features to fit the Chinese market better.

One of the largest global automakers, Toyota, is facing fierce competition from local Chinese brands in electric vehicles (EVs). Though the company sold less than 25,000 battery EVs worldwide, it aims to sell 1.5 million by 2026, making China's huge market integral to its plans.