Baidu-Backed Carmaker Jidu Seeking $400 Million in Funding, Sources Say

An autonomous electric vehicle startup backed by Chinese tech giant Baidu Inc. is considering raising about $300 million to $400 million in fresh funds, according to people familiar with the situation.

Jidu Auto, a joint venture set up by Baidu with China automaker Zhejiang Geely Holding Group, is sounding out potential investors and could seek a valuation of about $3.5 billion in the round, the people said, asking not to be identified discussing a private matter.