The launch marks a first milestone for the world’s largest maker of consumer drones in its push into the Chinese EV space.
BYD partners with US autonomous driving startup Nuro to make electric robocars for goods delivery services.
Jidu will use the proceeds on research and development as the company aims to unveil a concept car in April.
The program is part of the company’s latest efforts to offer full-scenario autonomous driving capabilities by the middle of 2023.
The investment in Horizon reflects Chinese automakers’ growing anxiety about the ongoing semiconductor shortage.
China’s leading search engine Baidu is rushing to lead the race in popularizing driver-assistance features on consumer cars.
Baidu on Thursday unveiled a new robotaxi model, called Apollo Moon, with a manufacturing cost significantly lower than competitors.
Automakers in China is struggling to regain the momentum lost during a citywide lockdown in Shanghai that began in late March.
Nickel price surge could further increase the cost of electric vehicles and force automakers to cut earnings forecasts.
Autonomous driving technologies are the most crucial part of intelligent and electric vehicles, president Wang said.