Baidu's Inc. (BIDU), a Chinese technology company, said on Wednesday that its intelligent electric vehicle arm JIDU has closed Series A financing, raising nearly $400 million.
With the move, JIDU is set to continue to drive the progress in research and development to achieve the mass production of the smart vehicles.
The brand's first Robocar concept will be unveiled at the Beijing Auto Show in April, with a mass-produced model set to be launched in 2023, the company said in a statement.
The latest round of financing was backed by Baidu and its strategic partner and automaker Zhejiang Geely Holding Group.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.