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China’s Baidu, Geely put nearly $400 million into electric car venture Jidu

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An outline of Jidu’s concept car is pictured here. Jidu is the electric car company set up by Chinese internet giant Baidu and automaker Geely. Jidu plans to begin mass production and deliveries of its first car in 2023.

Baidu

BEIJING — Chinese tech company Baidu and auto manufacturer Geely are putting more money into the electric car venture Jidu that they partnered on just about a year ago.

Both companies announced Wednesday they are putting nearly $400 million into Jidu in a Series A financing round. The capital injection comes less than a year after Jidu was launched in March 2021 with $300 million in initial capital from undisclosed investors.

Baidu has majority ownership of Jidu,…



Source cnbc.com

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