Baidu , the Chinese search engine company , has led an investment round into green technology start - up NextEV , which developed the NIO EP9 , one of the world ’s fastest all - electric racing cars . Sources close to the company say the overall funding round was valued at up to $ 600 million . Baidu has been looking to expand beyond its search engine and advertising businesses . She declined to give an investment figure or name the co-investors, but local media reported the overall funding round was valued at up to $600 million. The investment is the first transaction for Cloud Capital , a 20bn yuan ( $ 2.94bn ) investment fund set up by Baidu in 2016 to focus on mid- and late - stage growth in the internet sector .
Baidu , the Chinese search engine company , has led an investment round into green technology start - up NextEV , which developed the NIO EP9 , one of the world ’s fastest all - electric racing cars . Sources close to the company say the overall funding round was valued at up to $ 600 million . Baidu has been looking to expand beyond its search engine and advertising businesses . The investment is the first transaction for Cloud Capital , a 20bn yuan ( $ 2.94bn ) investment fund set up by Baidu in 2016 to focus on mid- and late - stage growth in the internet sector .