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Baidu's electric vehicle arm Jidu raises $400 million in new funding round

01/27/2022 | 06:46am EDT
Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing

BEIJING (Reuters) - Baidu's electric vehicle (EV) arm Jidu Auto said on Wednesday that it had raised nearly $400 million from Baidu and Zhejiang Geely Holding Group in a fresh funding round.

Jidu, an EV venture between China's search engine company Baidu and Chinese automaker Geely, said in a statement that it would deliver its mass-produced "robot" cars in 2023.

There were no external investors participating in the round. The company did not provide any details on its valuation.

Jidu CEO Xia Yiping told Reuters in April the company would raise a total of 50 billion yuan ($7.90 billion) to develop and make "robot" smart cars over the next five years, adding the financing would come from Baidu and other investors.

Jidu, launched a year ago, is Baidu's latest effort to leverage its artificial intelligence expertise for car-making.

Baidu also operates an autonomous driving unit under the group's umbrella called Apollo.

Technology companies around the world from Sony to Xiaomi Corp are trying to make smart cars, building on Tesla Inc's success in commercializing EVs.

IPhone maker Apple Inc, South Korea's LG Electronics and Taiwan's Foxconn, among others, have also joined the growing list of major technology companies exploring automotive opportunities.

($1 = 6.3257 Chinese yuan)

(Reporting by Yingzhi Yang and Brenda Goh; Editing by Himani Sarkar)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.11% 140.49 Delayed Quote.-20.96%
BAIDU, INC. 2.41% 118.53 Delayed Quote.-22.22%
HON HAI PRECISION INDUSTRY CO., LTD. 1.39% 109.5 End-of-day quote.5.29%
LG CORP. 0.40% 75400 End-of-day quote.-6.80%
LG ELECTRONICS INC. 0.00% 102500 End-of-day quote.-25.72%
SONY GROUP CORPORATION -1.45% 11205 Delayed Quote.-21.45%
TESLA, INC. 5.36% 661.6146 Delayed Quote.-40.56%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.83% 6.71219 Delayed Quote.4.79%
XIAOMI CORPORATION 0.54% 11.22 Delayed Quote.-40.95%
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Sales 2022 80 876 B 63,8 B 63,8 B
Net income 2022 2 969 B 2,34 B 2,34 B
Net Debt 2022 1 643 B 1,30 B 1,30 B
P/E ratio 2022 5,99x
Yield 2022 1,23%
Capitalization 17 617 B 13 938 M 13 897 M
EV / Sales 2022 0,24x
EV / Sales 2023 0,20x
Nbr of Employees 33 749
Free-Float 69,0%
Duration : Period :
LG Electronics Inc. Technical Analysis Chart | A066570 | KR7066570003 | MarketScreener
Technical analysis trends LG ELECTRONICS INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 102 500,00 KRW
Average target price 162 592,59 KRW
Spread / Average Target 58,6%
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Joo-wan Cho President. Chief Executive Officer & Director
Bong Seok kwon Chairman
Byoung-hoon Kim Chief Technology Officer & Executive VP
Jong-Sang Lee Vice President, Head-Legal & Compliance Support
Dae-Hyung Kim Independent Director
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