Baidu , the Chinese search engine company, has led an investment round into green car start-up NextEV, which makes the NIO EP9 , one of the world’s fastest all-electric racing cars. Sources close to the subject say the overall funding round was valued at a 20bn yuan . Baidu has been looking to expand beyond its search engine and advertising businesses. The investment is the first for Baidu Capital, a 20 billion yuan ( The investment is the first transaction for Baidu Capital , a 20bn yuan ($ 2.94bn ) investment fund set up by Baidu Capital in 2016 to focus on mid- and late-stage deals in the internet sector.
Baidu , the Chinese search engine company, has led an investment round into green car start-up NextEV, which makes the NIO EP9 , one of the world’s fastest all-electric racing cars. Sources close to the subject say the overall funding round was valued at a 20bn yuan . Baidu has been looking to expand beyond its search engine and advertising businesses. The investment is the first transaction for Baidu Capital , a 20bn yuan ($ 2.94bn ) investment fund set up by Baidu Capital in 2016 to focus on mid- and late-stage deals in the internet sector.