Song Jingli

The firm increased its net loss to USD 76.1 million in the first quarter of this year, up 175% from last year.

The move comes just after the Internet of Vehicles provider Gosuncn formed a cooperation with Baidu’s rival WeRide.

With ride-hailing down, the company is turning its drivers into couriers.

At China’s most important political event of the year, they called for development in 5G, IoT, and tech education, among other fields.

The company raised a total of USD 1.5 billion in venture capital funds to back its growth.

The firm provides services to Xiaomi, Unilever, and the National Bureau of Statistics of China, among other clients.

A total of 3,600 cars have been sold on Pinduoduo between May 1 and May 20 of 2020.

The action will prohibit the export, re-export, or in-country transfer of United States technology to the company.