Chinese Internet giant Baidu plans to invest 100 million U.S. dollars in a Chinese electric vehicle start-up, NextEV.
It's being reported that Baidu is to participate in the series C financial round, together with some existing investors.
No detailed information was given about how much of a stake Baidu will take in return.
NextEV was co-founded by some Chinese internet entrepreneurs in 2014, working to design and develop smart and high-performance vehicles.
The company unveiled its EV9 race car, which was said to be the world's fastest electric vehicle with a top speed of 257 kilometers per hour.
For more on this, CRI's Paul James spoke earlier with CRI financial analyst Einar Tangen.
