JIDU Raises Nearly $400 Million in Series A Financing, Mass-produced Models to Be Launched in 2023

Rhea-AI Summary

Baidu's electric vehicle unit, JIDU, has successfully raised nearly $400 million in Series A financing, with backing from Baidu and Geely. This funding will accelerate R&D and mass production of JIDU's Robocar, set to debut in April 2022 at the Beijing Auto Show and launch in 2023. JIDU, founded in March 2021, has gained recognition for its rapid development and plans to enhance its talent pool in advanced autonomous driving and smart manufacturing. CEO Yiping Xia emphasized the commitment to delivering innovative products that redefine transportation.

Positive

• Raised nearly $400 million in Series A financing.
• Plans to unveil Robocar at Beijing Auto Show in April 2022.
• Aims to launch mass-produced models in 2023.
• Recognized for rapid product development, outperforming industry standards.

Negative

• None.

BEIJING, Jan. 26, 2022 /PRNewswire/ – Baidu's intelligent electric vehicle arm JIDU announced that it has closed 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 ("Geely").

With the completion of financing, JIDU is set to continue accelerating the progress in R&D and achieving mass production. 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. JIDU is widely recognized by the industry for its innovative product development process and the speed at which it has developed its first model, outperforming the industry average.

The success of the new round of financing will help JIDU accelerate its R&D and mass production of the Robocar. Moving forward, JIDU will expand its R&D team with a focus on talent acquisition, especially in fields including advanced autonomous driving, smart cockpit and smart manufacturing. JIDU will also build up a system to facilitate user growth and market operation. By 2023, JIDU aims to present to the world a Robocar with outstanding user experience and cost-effectiveness, setting an industry benchmark for smart cars.

As an important strategic initiative by Baidu in the field of intelligent mobility, JIDU is committed to creating a revolutionary Robocar that combines both intelligence and emotion, leading to a profound change in transportation. "It has only been 10 months since JIDU started its journey," said Yiping Xia, CEO of JIDU. "With the support of cutting-edge AI technology combined with a high-quality vehicle platform and manufacturing process, JIDU's efficient development of automotive robot has been proven – the brain, nerve system, and body of the Robocar are all under rapid development. When the product is delivered (in 2023), it will be a benchmark-level product."

Xia continued, "I would like to express my special thanks to the entire team who accompanied this project from the scratch. Moving on, we will continue to focus on product development and build our business network to quickly move forward. Our goal, as always, is to provide users with more revolutionary products that exceed expectations."

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.

About JIDU

JIDU is a Robocar start-up company initiated by Baidu Group and invested by Geely Group. Founded in March 2021 with Yiping Xia as CEO, JIDU is committed to R&D and popularization of the world's top autonomous driving and human-machine interaction technology, creating revolutionary Robocar with emotion and intelligence, giving people more space and time to realize more possibilities.

Media Contact
Intlcomm@baidu.com

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SOURCE Baidu, Inc.

FAQ

What is the significance of JIDU raising $400 million in financing for Baidu (BIDU)?

The nearly $400 million raised by JIDU will help accelerate R&D and mass production of its Robocar, enhancing Baidu's position in the electric vehicle market.

When will JIDU unveil its Robocar concept car?

JIDU will unveil its Robocar concept car at the Beijing Auto Show in April 2022.

What are JIDU's plans for mass production of its Robocar?

JIDU plans to launch mass-produced models of its Robocar in 2023.

How has JIDU's funding affected its development pace?

JIDU's recent funding is expected to significantly speed up its R&D efforts and the path to mass production.

Who are the major investors in JIDU's recent financing round?

The recent financing round was backed by Baidu and Zhejiang Geely Holding Group.