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2022: Raising $400 million
On January 26, 2022, electric car manufacturer Jidu Auto, a joint venture between Baidu and Geely, announced the attraction of $400 million in investments from its owners. External investors did not participate in the round. The company did not provide any details about its valuation.
According to records obtained through Wind Information, Baidu owns a controlling stake in Jidu with a 55% stake in the company, and Geely owns 45% of the shares. Both companies declined to say how much each contributed to the latest round of funding.
Jidu plans to expand its research and development team, focusing on advanced autonomous driving, intelligent cab, and intelligent manufacturing. The company intends to deliver its serial "robotic" cars in 2023.
Jidu CEO Xia Iping said in April 2021 that the company will raise a total of 50 billion yuan ($7.90 billion) to develop and manufacture "robotic" smart cars over the next five years, adding that funding will come from Baidu and other investors.
The Jidu startup was founded in March 2021 by Baidu and Geely with an initial capital investment of $300 million and is an attempt by Baidu to use its experience in artificial intelligence to produce autonomous cars. Baidu also operates an autonomous drive under the auspices of a group called Apollo.
According to Dealogic, investment in Chinese electric car companies tripled to $6.61 billion in 2021 from $2.17 billion in 2020, helped by the growing Chinese interest in such transport. In the United States, the figure more than doubled to $924 million in 2021 compared to $353 million in 2020.[1]
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