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Chinese giant Baidu and automaker Geely put nearly $400 million more into their electric car venture

Source: mbn.media mbn.media
News Snapshot:

BEIJING — Chinese tech company Baidu and auto manufacturer Geely are putting more money into the electric car venture Jidu that they partnered on just about a year ago. Both companies announced Wednesday they are putting nearly $400 million into Jidu in a Series A financing round. The capital injection comes less than a year after Jidu was launched in March 2021 with $300 million in initial capital from undisclosed investors. Baidu has majority ownership of Jidu, with a 55% share of the company, while Geely has a 45% stake, according to records accessed through Wind Information. Both companies declined…

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