- Baidu, Inc BIDU assisted autonomous electric vehicle startup, Jidu car, is Raise $300 million – $400 million in fresh funds, Bloomberg reports.
- The Baidu and Geely Automobile Holdings Ltd GELY Joint venture could target a valuation of $3.5 billion.
- The latest round of funding could include more investors than Baidu and Geely, who jointly invested $400 million in the startup’s fundraising in January. Jidu was targeting a valuation of up to $2 billion this round.
- Also read: Warren Buffett-backed EV maker among top 3 automakers in China ahead of Tesla, Nio, Xpeng
- Jidu intended to commercialize the vehicle in 2023. Jidu also intends to use the model for its robotaxi service, potentially leveraging Baidu’s autonomous driving technologies.
- Automakers raced to commercialize driverless technology amid regulatory scrutiny.
- Regardless of the giant of consumer electronics Xiaomi Corp XIACY could not be cut a regulatory breakthrough for its $10 billion EV project despite months of discussions with the National Development and Reform Commission over licensing.
- supposedly China discussed extending EV Subsidies beyond 2022.
- Price promotion: BIDU shares traded 0.41% lower at $136.01 in the premarket Monday session.
- Photo via Wikimedia Commons
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