Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. REUTERS/Florence Lo
BEIJING, Jan 26 (Reuters) – Baidu's electric vehicle (EV) arm Jidu Auto said on Wednesday that it had raised nearly $400 million from Baidu and Zhejiang Geely Holding Group in a fresh funding round.
Jidu, an EV venture between China's search engine company Baidu and Chinese automaker Geely, said in a statement that it would deliver its mass-produced "robot" cars in 2023.
There were no external investors participating in the round. The company did not provide any details on its valuation.
Jidu CEO Xia Yiping told Reuters in April the company would raise a total of 50 billion yuan ($7.90 billion) to develop and make "robot" smart cars over the next five years, adding the financing would come from Baidu and other investors.
Jidu, launched a year ago, is Baidu's latest effort to leverage its artificial intelligence expertise for car-making.
Baidu also operates an autonomous driving unit under the group's umbrella called Apollo.
Technology companies around the world from Sony(6758.T) to Xiaomi Corp (1810.HK) are trying to make smart cars, building on Tesla Inc's (TSLA.O) success in commercializing EVs.
IPhone maker Apple Inc (AAPL.O), South Korea's LG Electronics (066570.KS) and Taiwan's Foxconn (2317.TW), among others, have also joined the growing list of major technology companies exploring automotive opportunities.
($1 = 6.3257 Chinese yuan)
Our Standards: The Thomson Reuters Trust Principles.
Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Write A Comment