China’s Baidu to enter the electric vehicle market with Geely, source says Description video: Baidu’s latest move to come is part of a broader effort to diversify its business portfolio. CNBC’s Arjun Kharpal reports. Chinese search engine Baidu and Geely […]
China’s Baidu to enter the electric vehicle market with Geely, source says
Baidu’s latest move to come is part of a broader effort to diversify its business portfolio. CNBC’s Arjun Kharpal reports.
Chinese search engine Baidu and Geely to jointly produce electric vehicles
Chinese Internet Giant Baidu Forms Strategic Partnership With Carmaker Geely To Create Autonomous Electric Vehicle Division.
The new unit will operate as an independent subsidiary of Baidu, company officials said..
Baidu, headquartered in Beijing, will become the majority shareholder, while Geely will receive a minority stake, a source told CNBC.
Geely Hong Kong Shares Up 0.45% Today After Gaining Nearly 20% On Friday. US-listed Baidu Shares Jump More Than 15% By Close.
It is known that Geely will be in charge of the actual production of the vehicles, while Baidu will focus on the vehicle’s software and technology. Internet giant is already testing its self-driving car software called Apollo in public trials of a robotic taxi in Pekin.
Baidu also has its own maps app and DuerOS voice assistant technology that can be equipped inside the car..
China’s electric vehicle market continues to grow, fueled by government support such as subsidies and infrastructure.
Local market participants NIO, Li Auto and Xpeng Motors reports a sharp increase in shipments in December.
«China has become the world’s largest market for electric vehicles, and we see consumers demanding from the growth segment the intelligence of the offered models», – said Robin lee, CEO of Baidu.
The sector continues to become more competitive as companies ramp up production and new product launches..
Last week Nio launched its first sedan called «et7». Brand Apple iPhone Foxconn signed a contract with the Chinese Byton for the production of its first car.