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Didi's Self-Driving Unit Aims Fund Raise At $6B Valuation Ahead Of IPO

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  • SoftBank Group Corp (OTC: SFTBY) (OTC: SFTBF)-backed Chinese ride-hailing company, Didi Chuxing Technology Co’s autonomous driving unit is planning to raise roughly $500 million at a $6 billion valuation, Bloomberg reports.
  •  The fundraise will help accelerate mass production of driverless vehicles and invest in artificial intelligence chips before Didi goes public by the next quarter targeting a valuation of over $62 billion.
  • The listing plans of the Uber Technologies Inc (NYSE: UBER) rival got preponed from late 2021, thanks to the vaccine-led recovery from the pandemic.
  • The self-driving unit completed a $300 million fundraising round last month. The current fundraising plans are at early stages and could change.
  • The company began testing autonomous vehicles in 2016 before spinning off the business in 2019, targeting over one million autonomous taxis by 2030.
  • Didi Freight, another spinoff that offering on-demand logistics services, is contemplating another fundraising round shortly after raising $1.5 billion at a post-money valuation of $3 billion. The unit competes with Tencent Holdings Ltd (OTC: TCEHY)-backed Full Truck Alliance.
  • Price action: SFTBY shares are trading lower by 0.46% at $41.93 on the last check Monday.
 

Related Articles (SFTBF + SFTBY)

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Posted-In: autonomous vehicles Bloomberg self-driving carsNews Tech Media

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