Chinese search engine Baidu, Inc. (NASDAQ:BIDU), which has forayed into EVs, has announced an update on the progress being made in the arena.
What Happened: On Wednesday, Baidu said its intelligent EV division JIDU has raised about $400 million in Series A financing in a funding round led by the search engine and its strategic partner Geely Automobile Holdings Limited (PNK: GELYF).
With funding secured, JIDU will continue accelerating the progress in R&D with the goal of achieving mass production, Baidu said.
The first Robocar concept car will be unveiled at the Beijing Auto Show in April. A mass-produced model is set to be launched in 2023.
Baidu first announced its EV ambition in January 2021 and JIDU was established in March of last year. The unit received over $300 million in startup capital.
Related Link: Nvidia DRIVE Orin Chip To Power Baidu's JiDU Robot EV, Same As Nio
Why It's Important: The EV sector is getting crowded, with several tech giants dipping their toes into manufacturing eco-friendly EVs.
Differentiating the products with cutting-edge technology is key to making meaningful inroads into the sector and staying competitive.
"With the support of cutting-edge AI technology combined with a high-quality vehicle platform and manufacturing process, JIDU's efficient development of automotive robot has been proven – the brain, nerve system, and body of the Robocar are all under rapid development," said Yiping Xia, CEO of JIDU.
At last check, Baidu shares were up 1.40% at $153.09.
Related Link: Baidu To Launch Autonomous Robotaxi Service In Beijing
Photo: Courtesy of Baidu, Inc.
