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.
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 up to $600 million. 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.