GM, Toyota, BYD

Chinese self-driving car startup Momenta is exploring a US initial public offering this year that could raise as much as $300 million, Bloomberg reported on Monday, citing sources familiar with the matter. Momenta, backed by auto giants including General Motors, Toyota, and BYD, has engaged China International Capital Corp., Goldman Sachs, and UBS to assist with its plan, but has not yet confirmed its listing location, the report said. The Suzhou-headquartered company is reportedly making the advanced driver assistance systems Toyota is set to incorporate in its Chinese models. Momenta raised $300 million from General Motors in 2021 and has been working with BYD through a joint venture set up later that year. [TechNode reporting, Bloomberg]