China's securities regulator said on Monday that it has approved the autonomous driving startup Momenta Global Limited to conduct an initial public offering (IPO) in the United States.
According to the regulator's statement, Momenta plans to issue up to 63,352,856 ordinary shares and intends to list on either the Nasdaq Stock Market or the New York Stock Exchange.
In June this year, China approved nine automakers to test vehicles equipped with advanced autonomous driving technology on public roads as part of a plan to expedite the adoption of self-driving cars.
The automotive industry has defined five levels of autonomous driving, ranging from Level 1, which includes driver assistance features such as cruise control, to Level 5, which represents fully autonomous vehicles.
Last November, China released guidelines for its national plan and began accepting corporate applications to promote more fully autonomous vehicles in the pursuit of wide-scale adoption.
Under this plan, drivers of test vehicles are allowed to release the steering wheel, with safety responsibilities being taken on by the automakers and fleet operators.
