Neom invests in automotive vehicle company: Saudi megaproject Neom’s investment arm, Neom Investment Fund (NIF), is investing USD 100 mn in autonomous driving company Pony.ai to introduce autonomous vehicles in Neom and key markets in the Middle East, according to a press release (pdf). NIF will also form a joint venture with Pony.ai to develop, manufacture and deliver autonomous vehicles, an autonomous driving service, and smart vehicle infrastructure throughout the MENA region.

The details: The joint venture will establish R&D and manufacturing headquarters across the region, according to the press release.

What they said: “The investment in Pony.ai is an essential part of our ambitious plans to build a smart, zero-emission, autonomous multi-modal transport system, connecting people and communities across Neom, while incubating new technologies for the benefit of the world,” Neom’s Executive Director of Land Mobility Terry Wong said.

Background: Neom previously announced rolling out automated logistics solutions at its multiple sites. These will include the world’s first fully automated seaport, autonomous ground and air shuttles and a carless city. It also recently invested USD 175 mn in a joint venture with eVTOL company Volocopter that will see them both work together on “fleets, operations and infrastructure to localize industry innovation.”

About Ponyai: Founded in 2016, Pony.ai is headquartered in Silicon Valley and focuses on autonomous mobility. The company’s products include a robotaxi, robotruck and personally owned vehicles.

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