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1788 - Guotai Junan International Holdings News Story

HK$1.38 -0.0  -0.7%

Last Trade - 9:08am

Sector
Financials
Size
Mid Cap
Market Cap £1.22bn
Enterprise Value £2.37bn
Revenue £444.9m
Position in Universe 779th / 6100

UPDATE 1-Self-driving truck startup Plus raises extra $220 million

Wed 31st March, 2021 5:32pm
(Adds an investor, paragraph 4)
    BEIJING/SAN FRANCISCO, March 31 (Reuters) - U.S. autonomous
truck startup Plus said on Wednesday it had raised an extra $220
million from investors in an extension of a $200 million funding
round in February, as the global auto industry looks to a
driverless future.
    A source with direct knowledge of the matter also said Plus
was in advanced talks with a few special purpose acquisition
companies (SPAC) over a potential merger, adding an announcement
was expected within weeks.
    SPACs are becoming an increasingly popular way for private
companies to seek public listings as a cheaper and less
administratively burdensome alternative to an initial public
offering (IPO).
    The latest funding round was led by FountainVest Partners
and ClearVue Partners, Plus said in a statement. Other investors
included Phi Zoyi Capital, Quanta Computer Inc  2382.TW  and
Millennium Technology Value Partners, as well as existing
investors including Sequoia Capital China, SAIC Motor
 600104.SS  and Full Truck Alliance.
    Plus raised $200 million in February from investors such as
Guotai Junan International, CPE, and Wanxiang International
Investment. 
    Plus did not disclose its valuation after the fundraising.
    The Cupertino-based startup, which was founded in 2016, has
a joint venture with China's state-owned automaker FAW to
develop and build autonomous trucks. It is testing trucks in the
United States, China and Europe.
    With the funding it will accelerate its production and
deliveries of autonomous trucks and improve research
capabilities. 
    Automakers and technology firms are investing billions of
dollars in autonomous driving, aiming to take an early lead in
what many consider the future of road transport, though some
industry insiders say it will take time for the public to fully
place their trust in these vehicles.
    Plus' rival TuSimple filed for a U.S. IPO earlier this
month. Other self-driving companies such as Velodyne  VLDR.O ,
Luminar Technologies  LAZR.O  and Aeva  AEVA.N  have also
recently filed to go public, banking on an historic boom in U.S.
capital markets.  urn:newsml:reuters.com:*:nL4N2LL48I

 (Reporting by Yilei Sun in Beijing and Jane Lee in San
Francisco. Editing by Tony Munroe, Mark Potter and Jane
Merriman)
 ((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging:
y.sun.thomsonreuters.com@reuters.net))
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