By Clarence Leong
Baidu Inc.'s smart electric-vehicle arm JIDU has raised nearly $400 million in a fresh funding round, which will be used to accelerate its progress toward mass production of its autonomous-driving cars.
The latest fundraising was backed by search-engine giant Baidu and auto maker Zhejiang Geely Holding Group, Baidu said Wednesday. It didn't provide details of JIDU's valuation.
JIDU plans to expand its research and development team with a focus on advanced autonomous driving, smart cockpit and smart manufacturing, it said.
The EV startup was founded last March by Baidu and Geely with an initial capital injection of $300 million.
The company aims to launch a mass-produced model of its "Robocar" brand next year, it said.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
01-26-22 0423ET