China’s major new energy vehicle maker, BYD, officially announced its newly established joint venture with China’s leading autonomous driving company, Momenta, dedicated to the intelligent driving field.

The new company, Shenzhen Dipai Zhixing Technology Co., Ltd., was registered on November 26th, 2021, with a registered capital of RMB100 million, according to China’s corporate database, Qichacha.

BYD Auto Industry Company Limited owns 60% of the company’s stake, while Momenta accounts for the rest 40%. The legal representative of Dipai Zhixing is Yang Dongsheng, BYD’s vice president and dean of its automobile technology research institute.

The company is licensed to operate in various areas, such as IoT application service, artificial intelligence data platform, algorithm, intelligent robot development, and quantum computing.

The automaker disclosed that with BYD’s intelligent technologies and vertical integration capabilities, adding Momenta’s experience and technologies in intelligent driving, the joint venture is well-positioned to develop advanced intelligent driving solutions that aim the future.

In fact, this was not the first time for an automaker to co-establish joint ventures with Momenta. On November 12th, Geely has formed a cooperation with the autonomous driving developer through its Lotus Cars subsidiary, Wuhan Lotus E-commerce Co., Ltd.

The joint venture, Ningbo Lotus Robotics Co., Ltd., has a registered capital of RMB100 million, with Geely owning 60% of the company’s stake while Momenta owns the rest 40%.

Notably, Lotus Robotics has the same registered capital and equity distribution as Dipai Zhixing.