(HK CNN，11/01/2021) Chinese search giant #Baidu is teaming up with carmaker #Geely to build electric vehicles, the latest move by a tech company to shape the future of the autos industry.
Baidu is creating a company to manufacture intelligent electric cars. Geely (GELYF), the largest privately-owned carmaker in China, will invest as a strategic partner.
The new company will use Baidu's autonomous driving technology and Geely's electric vehicle modular platform
Carmakers are increasingly open to collaboration with rivals and tech companies. The investment required to develop electric cars has helped spark a wave of partnerships, with companies teaming up to spread the costs.
Last week, Hyundai's stock had its best day in at least two decades after the South Korean automaker was reported to be in early talks with Apple to develop electric cars.
Baidu's car company will focus on passenger vehicles and operate as an independent subsidiary, according to its statement on Monday. Baidu will also utilize its artificial intelligence capabilities and mapping systems.
Geely, which owns Volvo, has been trying to transform from a car manufacturer to "a tech company" focused on "intelligent, electric transport."
Shares in Geely hit a record high & soared its best day since November 2008, after Reuters reported the company would team up with Baidu.
China is the world’s largest electric vehicle market, accounting for about half of global sales
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