BYD partners with US autonomous driving startup Nuro to make electric robocars for goods delivery services.
The launch marks a first milestone for the world’s largest maker of consumer drones in its push into the Chinese EV space.
Jidu will use the proceeds on research and development as the company aims to unveil a concept car in April.
The investment in Horizon reflects Chinese automakers’ growing anxiety about the ongoing semiconductor shortage.
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.