Taiwanese Foxconn and Chinese venture firm IDG Capital are set to raise an automotive technology fund for USD1.5 billion to foster startups dedicated to R&D of AI and battery for use in autonomous and electric vehicles, according to Economic Daily News on October 19, adding that the fund will target mainly startups in China, Japan and the United States. Under the agreement, both parties will run the fund together for up to 7 years, jointly investing 10% of the fund's total amount. Potential targets include Nio and Sensetime Group. In addition, Foxconn has also invested in other auto-tech startups such as Future Mobility. Other than the Foxconn-IDG Capital alliance, Baidu has also sought the partnership with the government-backed Yangtze River Industry Fund to invest in several autonomous vehicle projects.