iMotion Automotive Technology (Suzhou) Co., Ltd. (“iMotion”) has received the approval from the Stock Exchange of Hong Kong for its hearing, with Citigroup, Huatai International, and CCB International as its joint sponsors.
iMotion is a leading autonomous driving solution provider in China with a focus on automotive driving (AD) domain controller. They encompass advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities.
According to iMotion, they offer a wide range of autonomous driving solutions and products. They provide OEMs with various AD domain controllers adapted to their different costs and technical requirements. They also offer iFC solutions to OEMs based on our core algorithms, which feature level 2 autonomous driving functions at an affordable price.
According to Frost & Sullivan, the market size of China’s AD domain controller was CNY 9.8 billion in 2022, it is expected to reach CNY 64.5 billion by 2026, with a CAGR of 60.1%. This growth is driven by the breakthroughs of technologies, the acceleration of commercialization of automated driving, and the increase in penetration rate of autonomous driving.
Autonomous driving domain controller players has been divided into four categories: Global Tier1 suppliers, Local Tier1 suppliers, autonomous driving domain controller software platform vendors, and OEMs. Global Tier 1 has BOSCH, ZF from Germany, and APTIV from Ireland; Local Tier 1 includes Huawei (华为), Baidu (百度), and DJI (大疆); platform vendors include China's Untouch (未动科技), Neusoft (东软) and CICV (国汽智联); OEMS has NIO (蔚来), Li Auto (理想), Xpeng (小鹏) and Tesla.
Yukun Lu, CTO of iMotion, stated: “Motion has established stable collaborations with top-tier domestic and international OEMs. The main competitiveness of iMotion lies in its rapid accumulation of practical mass production experience in the early entry into the market, in-depth understanding of the needs of the host factory and ADAS system, automotive supply chain and engineering capabilities, as well as algorithm iteration capabilities under data closed loop.”
This round of financing of iMotion will mainly be used to increase investment in autonomous driving solutions and product development, increase capital expenditures related to research and development headquarters, production plants, and new production lines, expand sales and service networks, and the use for working capital and general corporate purposes.