Chinese ride-hail firm Didi is on the hunt for fresh funds for its autonomous vehicle technology unit that could value it at $5 billion, according to Bloomberg News.
Investor interest in self-driving cars is high in China on the backs of IPOs from WeRide and Pony AI, which have a market capitalization of $4.7 billion and $5.25 billion, respectively, as of Tuesday morning.
Didi Autonomous Driving, the unit Didi created in 2020, has raised a total $1.55 billion to date, per PitchBook data, including a $298 million round in October 2024. Sources familiar with the matter told Bloomberg that the unit aims to raise several hundred million dollars more and is in talks with investors, including a Beijing-based fund, to gauge interest.
The Chinese AV company is testing a fleet of roughly 200 autonomous vehicles across Beijing, Guangzhou, and Shanghai, but it has not yet begun commercial robotaxi operations.
Didi may use the upcoming funds to continue developing AV tech and speed up mass production of its electric robotaxis built in partnership with EV maker GAC Aion, the first of which are set to be produced in 2025.
TechCrunch has reached out to Didi for more information.
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