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. The company is also working with a number of other automakers to develop electric cars for sale in China, including General Motors and Volkswagen. 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 Baidu Capital, a 20bn yuan ($2.94bn) investment fund set up by Baidu 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. The company is also working with a number of other automakers to develop electric cars for sale in China, including General Motors and Volkswagen. 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 in 2016 to focus on mid- and late-stage deals in the internet sector.