Baidu, Geely EV Venture Raises $400 Million of Fresh Funding

What’s new: China’s internet search giant Baidu Inc. and automaker Zhejiang Geely Holding Group are pouring more money into their smart car development partnership.

Jidu Auto, a smart electric vehicle joint venture between Baidu and Geely, completed a $400 million funding round backed by the two shareholders, the company said Wednesday. The breakdown of the new investment was not disclosed.