Ride-hailing company Didi is looking to raise fresh capital for Didi Autonomous Driving that could value the company at about $5 billion, Bloomberg News reported Monday, citing people familiar with the situation.

Didi Autonomous Driving is now negotiating with potential investors, including a Beijing-based fund, to assess interest, the report said.

The self-driving unit plans to use the proceeds for thedevelopment of autonomous driving technologies and expedite the mass production of its robotaxi, the report said, citing a source.

Didi Autonomous Driving has a fleet of 200 cars that have undergone trials in Beijing, Guangzhou, and Shanghai, the report said.

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