Baidu and Geely injected the cash in their electric vehicle joint venture and the proceeds will be used for R&D and mass production of the cars.
Internet group Baidu and carmaker Zhejiang Geely Holding Group provided $400m in series A funding for their China-based electric vehicle (EV) joint venture, Jidu, today, as the country’s EV ecosystem develops further.
Incubated in March 2021 with $300m, Jidu is working on an artificial intelligence-enhanced autonomous EV system equipped with machine learning algorithms that help improve its self-driving capabilities.
The series A money will go toward research and development (R&D) efforts and mass production of the company’s products due to…
