Jidu CEO Xia Yiping told Reuters in April the company would raise a total of 50 billion yuan ($7.90 billion) to develop and make “robot” smart cars over the next five years, adding the financing would come from Baidu and other investors.
Jidu, launched a year ago, is Baidu’s latest effort to leverage its artificial intelligence expertise for car-making.
Technology companies around the world from Sony to Xiaomi Corp are trying to make smart cars, building on Tesla Inc’s success in commercializing EVs.
($1 = 6.3257 Chinese yuan)
(Reporting by Yingzhi Yang and Brenda Goh; Editing by Himani Sarkar)