Baidu’s Futuristic AI-based EV Venture Ready to Succeed Volvo’s Legacy in 2023
Baidu’s EV Dream Gets a New Lease of Life with Additional $400 Million Funding
China’s search engine giant, Baidu is ready with its futuristic electric machine that could spell the end of all ICE-based vehicles in the country. Giant funding round into JiDu Auto, jointly owned and developed by Greely (the owner of Volvo), and Baidu, will take on all the other major Electric Vehicle makers in the world from 2023, once mass production starts.
Baidu is all set to create the ‘Volvo’ of Chinese Electric Vehicle market. Almost a year after the launch of JiDu Auto, Baidu’s ambitious electric vehicle (EV) venture, the company is ready to take on the market with new funding round. Last week, Baidu and Zhejiang Geely Holding Group invested nearly $400 million in JiDu Auto’s Series A financing round, to expand on the market opportunities around the world. This would allow the EV automaker to mass produce driverless cars in 2023, fulfilling a bulk of demands.
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JiDu Auto is Baidu’s second venture into the automobile segment, following its autonomous driving unit project- Baidu Apolong or Apollo.
Currently, Baidu is the majority stakeholder in JiDu (55%). The owner of iconic car brand ‘Volvo”, Greely holds the remaining stake in JiDu.
JiDu’s robocar is already getting a lot of attention due to its head-turning AI capabilities, world-class aerodynamics and the eye-catching PixelJ logo. The latest funding would further attract investors to put more monies into AI-based technologies to develop world-class EVs of the future.
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