- An autonomous electric driving startup backed by Chinese Internet search leader Baidu ( NASDAQ: BIDU ) is reportedly seeking new funding that could give it a valuation of $3.5B.
- According to a report from Bloomberg , Jidu Auto, which is a joint venture between Baidu ( BIDU ) and Geely Automobile Holdidngs ( OTCPK:GELYY ) is looking at raising between $300M and $400M as it seeks to launch its first commercial vehicle in 2023. Jidu is also saying to be using its vehicle model for robotaxi service that could use autonomous driving technologies developed by Baidu.
- Jidu raised $400M in funds from Baidu ( BIDU ) and Geely ( OTCPK:GELYY ) in January, and the company might be looking to add new investors to a new round of financing.
- Last week, Baidu ( BIDU ) unveiled the Apollo RT6, an electric vehicle ready for production with an initial starting price of $37,000 .
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Baidu electric car startup Jidu said looking to raise new funding, $3.5B valuation