BAIDU’S electric vehicle (EV) arm Jidu Auto said yesterday that it had raised nearly US$400 million from Baidu and Zhejiang Geely Holding Group in a fresh funding round.

Jidu, an EV venture between 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 said in April the company would raise a total of 50 billion yuan (US$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 carmaking.

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

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

Apple Inc., LG Electronics and Foxconn, among others, have also joined the growing list of major tech firms exploring automotive opportunities. (SD-Agencies)