There have been no exterior traders taking part within the spherical. The firm didn’t present any particulars on its valuation.
View PhotosBaidu additionally operates an autonomous driving unit below the group’s umbrella known as Apollo.
Baidu’s electrical automobile (EV) arm Jidu Auto stated on Wednesday that it had raised practically $400 million from Baidu and Zhejiang Geely Holding Group in a contemporary funding spherical. Jidu, an EV enterprise between China’s search engine firm Baidu and Chinese automaker Geely, stated in a press release that it will ship its mass-produced “robot” vehicles in 2023.
There have been no exterior traders taking part within the spherical. The firm didn’t present any particulars on its valuation.
Jidu CEO Xia Yiping instructed Reuters in April the corporate would increase a complete of fifty billion yuan ($7.90 billion) to develop and make “robot” good vehicles over the following 5 years, including the financing would come from Baidu and different traders.
Jidu, launched a 12 months in the past, is Baidu’s newest effort to leverage its synthetic intelligence experience for car-making.
Baidu additionally operates an autonomous driving unit below the group’s umbrella known as Apollo.
Technology firms around the globe from Sony to Xiaomi Corp are attempting to make good vehicles, constructing on Tesla Inc’s success in commercializing EVs.
iPhone maker Apple Inc, South Korea’s LG Electronics and Taiwan’s Foxconn, amongst others, have additionally joined the rising checklist of main know-how firms exploring automotive alternatives.
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With inputs from NDTV
