By Michael Elkins
Yicai Global, the financial news arm of state-owned media conglomerate, Shanghai Media Group reports today, citing a source at the company, that Baidu-backed (NASDAQ:BIDU) Jidu Auto is absent from the ongoing Shanghai Auto Show because the event did not fit in with the automaker’s product marketing plans.
The Shanghai International Automobile Industry Exhibition opened its doors on Monday without Jidu. There was speculation that the electric vehicle startup was forced to miss the 20th Shanghai Autoshow. However, Yicai Global’s source says that information is incorrect. According to the unnamed source, Jidu Auto is preparing for a major upcoming matter and training its smart robot cars according to plan.
Jidu took part in the Guangzhou International Automobile Exhibition in January after unveiling its first robot car, the Robo-01 Lunar Edition, last October. Priced at CNY 399,800 (CNY 1 = $0.1452), deliveries are expected to begin later this year.
Jidu was created in February 2021 by Baidu and carmaker Geely Automobile Holdings (OTC:GELYY).
Shares of BIDU are down 1.68% in mid-day trading on Wednesday.