Photo: Courtesy of Baidu

Baidu's intelligent electric vehicle subsidiary Jidu announced on Wednesday that it has concluded Series-A financing, raising nearly $400 million. This round of financing was backed by Baidu and its strategic partner -- multinational auto manufacturer Zhejiang Geely Holding Group.

With the completion of the first round financing, Jidu is set to continue accelerating R&D efforts and achieving mass production soon, market analysts say.

The brand's first Robocar concept car will be unveiled at the Beijing Auto Show in April this year, with a mass-produced model set to be launched in 2023.

In January 2021, Baidu announced its plan to enter the automotive industry by launching a smart car company. In March, Jidu was established and received over $300 million in start-up capital. Now, in the span of only ten months, Jidu has received a new round of financing. 

Moving forward, Jidu will expand its R&D team with a focus on more recruitment of talent, especially in fields which include advanced autonomous driving, smart cockpit and smart manufacturing. Jidu will also build up a system to facilitate its user base growth and market operation, the company said. 

Global Times