EV Maker Jidu Raises $400 Million in Fresh Funding Round

Jidu Automotive, the electric vehicle unit of Chinese technology company specializing in internet services and artificial intelligence Baidu Inc. (BIDU) announced having raised $00 million from its recently concluded financing round.

Lead investors in the financing round included; Baidu and Zhejiang Geely Holding Group. There were no external investors who took part in this financing round. The company did not provide its valuation following the financing round.

In a press statement, Jidu said it would deliver its mass produced robot cars next year. Back in April last year, the company’s CEO Xia Yiping said they are working to raise $7.90 billion (50 billion yuan) to develop and make robot smart cars over the next five years.

The chief executive said financing of this initiative would come from its parent company Baidu and other investors.

In recent times Baidu has been increasing its efforts to leverage its artificial intelligence expertise for car-making.

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