No outside investors were participating in this round. The company did not provide any information about its valuation.
see photosBaidu also operates an autonomous driving unit under the umbrella of the group called Apollo.
Baidu’s electric vehicle (EV) arm Jidu Auto said on Wednesday that it has raised about $400 million from Baidu and Zhejiang Geely Holding Group in a new funding round. Jidu, an EV venture between China’s search engine company Baidu and Chinese automaker Geely, said in a statement that it will deliver its mass-produced “robot” cars in 2023.
No outside investors were participating in this round. The company did not provide any information about its valuation.
Jidu CEO Xia Yiping told Reuters in April that the company would raise a total of 50 billion yuan ($7.90 billion) over the next five years to develop and build “robot” smart cars, with funding coming from Baidu and other investors.
Jidu, launched a year ago, is Baidu’s latest attempt to leverage its artificial intelligence expertise to build cars.
Baidu also operates an autonomous driving unit under the umbrella of the group called Apollo.
Technology companies around the world, from Sony to Xiaomi Corp., are trying to build smart cars based on Tesla Inc.’s success in commercializing EVs.
iPhone maker Apple Inc., South Korea’s LG Electronics and Taiwan’s Foxconn, among others, have joined a growing list of major technology companies exploring automotive opportunities.
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