Foxconn and IDG Seeking $1.5 Billion for Car Tech Fund - Bloomberg
Foxconn Technology Group and venture firm IDG Capital are seeking to raise a 10 billion yuan ($1.5 billion) fund to seed startups in automotive technologies from self-driving AI to battery development, according to a presentation for investors....
...Chinese internet giants from ride-hailing giant Didi Chuxing to Alibaba Group Holding Ltd. are also getting in on the act, keen to grab a slice of the future market for services and systems, from in-car apps to smart devices that take voice commands in-transit. Baidu Inc., which is racing to get its self-driving cars onto roads by 2021, aims also to amass a 10 billion yuan fund to invest in self-driving projects over the next three years ...
...Beyond robot cars, China has identified new-energy vehicles as a strategic emerging industry and aims to boost annual sales of plug-in hybrids and fully electric cars 10-fold in the next decade.
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