Baidu Backed Autonomous EV Startup Explores Raising Funds; Could Seek $3.5B Valuation

Baidu, Inc BIDU backed autonomous electric vehicle startup, Jidu Auto, is weighing raising $300 million - $400 million in fresh funds, Bloomberg reports.
The Baidu and Geely Automobile Holdings Ltd GELYY joint venture could seek a valuation of $3.5 billion.
The latest funding round could see more investors other than Baidu and Geely, which jointly invested $400 million in the startup's fundraising in January. Jidu sought a valuation of as much as $2 billion in that round.
Also Read: Warren Buffett-Backed EV Maker Ranked Amongst Top 3 Automakers in China Beating Tesla, Nio, Xpeng
Jidu aimed to commercialize the vehicle in 2023. Jidu also looks to use the model for its robotaxi service, potentially leveraging Baidu's autonomous driving technologies.
Carmakers raced to commercialize driverless technology amid regulatory scrutiny.
Separately, consumer Electronics giant Xiaomi Corp XIACY failed to cut a regulatory breakthrough for its $10 billion EV project despite months of conversations with the National Development and Reform Commission about the licensing.
China reportedly discussed extending EV subsidies beyond 2022.
Price Action: BIDU shares traded lower by 0.41% at $136.01 in the premarket on the last check Monday.
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