SoftBank leads $500 million investment in China’s Didi

The Chinese company Didi Chuxing shows its fleet of autonomous vehicles at the World Conference on Artificial Intelligence in Shanghai, China, in August 2019.

Have I got

Carpool giant Didi Chuxing raised more than $ 500 million to fund its autonomous driving division during a tour led by SoftBank Vision Fund 2.

The company announced on Friday that its autonomous car company would use this huge investment to continue funding research and development and “speed up” the launch of driverless vehicle services in China and abroad.

Didi plans to deploy a so-called “robot taxi” in Shanghai soon. Once the product is online, the idea is that users will be able to hail autonomous cars via the company’s application. Tiger Qie, vice president of Didi and chief technology officer for his carpool unit, told CNBC in November that the goal was to launch the new service “very soon”.

It should be noted that the new capital comes from the Second Vision Fund of SoftBank. The Japanese telecommunications giant is the only investor to have actually committed money to the fund, and it is feared that Vision Fund 2 will be threatened due to the poor performance of its initial $ 100 billion investment vehicle. .

Mubadala, the sovereign fund of Abu Dhabi, was a donor of the Vision Fund, but it is now said that he does not think of engaging in the second. A source told CNBC last week that Mubadala was “super scared” by the performance of SoftBank’s initial technology fund.

Didi President Jean Liu told CNBC earlier this month that the company’s core business is still profitable despite concerns over the impact of the coronavirus pandemic. She added that the company has experienced a resumption of activity after the end of the epidemic in China.

Didi’s ambition is to launch fleets of driverless cars at a number of sites in China. The company has nodded to Beijing’s ambition to build a “complete digital infrastructure network” based on high-tech innovations such as 5G mobile Internet, artificial intelligence and the Internet. objects.

“Didi also plans to deepen cooperation with global partners in the upstream and downstream automotive industry towards mass production of autonomous driving vehicles, with the aim of advancing the transformation of the global automotive industries and transportation, “the company said in a statement on Friday.

The firm added that it currently has licenses to test autonomous cars on the roads of Beijing, Shanghai and Suzhou in China, as well as in California in the United States.

Source link

Related Posts

error: Content is protected !!