China's Didi raises $300 million for autonomous driving unit
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
FILE PHOTO: A station for Didi Chuxing's autonomous driving taxi is seen in Shanghai, China October 27, 2020. REUTERS/Yilei Sun
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
BEIJING (Reuters) - Chinese ride-hailing giant Didi Chuxing said on Thursday it has raised $300 million for its autonomous driving unit, tapping investors to expand its technological know-how in the field for a second time since last year.
Investment firm IDG Capital led the funding while CPE, the Russia-China Investment Fund, Guotai Junan International and CCB International were among the investors participating, a representative for Didi said.
Some of the investors also recently invested in Didi's freight unit.
One of the many auto and tech firms investing heavily in self-driving technology, SoftBank-backed Didi has gained open-road testing licences in California, Beijing, Shanghai and Suzhou. It first began to develop and test autonomous driving vehicles in 2016.
Didi's autonomous driving unit raised over $500 million in May last year.
(Reporting by Yilei Sun and Brenda Goh; Editing by Edwina Gibbs)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Factbox-Who are the Skripal poisoning suspects allegedly behind deadly Czech blast?
- Magnitude 5.9 earthquake hits southern Iran -TV
- U.S. officials pledge Biden will raise cap on refugees, but old goal unlikely