Artificial intelligence company that builds driverless cars earned $300m in revenue last year, making it the biggest winner of a $10 billion deal announced in May.
The company, Autonomous AI, says it has over a hundred million customers in more than 80 countries.
The revenue generated from the sale of the company to Chinese conglomerate Dalian Wanda is expected to reach $2 billion, according to an industry source.
The firm said in a statement the deal with Wanda would “continue to support Autonomous in the future”.
Autonomous AI was formed in 2010 to build a fully autonomous car that was capable of driving itself.
The new partnership will see the company use the expertise it gained to develop autonomous vehicles for Dalian, which will be able to operate on its own, the company said.
Wanda has been trying to sell the Chinese state-owned conglomerate for years.
The Chinese conglomerate bought Dalian in 2016 for $US4.5 billion.
The deal is the largest in the auto industry to date.
Wang Jia, Autonomy’s CEO, said the agreement with Wang Wanda will enable the company “to further enhance its own capabilities in autonomous vehicles and to further accelerate the development of autonomous systems”.
He said Autonomy expects to create about 1,000 jobs.
“Autonomous is the name of the game, the business is the engine and the business of Autonomy is the business engine,” he said.
“There are no barriers between us and the people who love Autonomy and want to invest in Autonomy.”
Wang added Autonomy has a large network of customers around the world and its customers will have the “freedom and the flexibility to invest and develop.”
The company’s first commercial autonomous vehicle was developed for China’s Ministry of Transportation in 2016.
It will be capable of taking passengers from Beijing to Hong Kong, and returning to Beijing in five minutes.
“Our customers want to make their cars as safe and reliable as possible, and we are helping them with that,” Wang said.
He said the company’s aim is to have a fully automated vehicle in the field by 2020.