China’s Geely and Baidu partner for ‘electric car venture’
January 11, 2021
Two of China’s biggest companies, automaker Geely and technology giant Baidu will join hands to form a joint venture producing electric cars.
Geely Holding Group, which owns car brands such as Volvo, said it will focus on creating “intelligent vehicles” with the help of Baidu, which is known for owning a popular Chinese internet search engine.
“We believe that by combining Baidu’s expertise in smart transportation, connected vehicles and autonomous driving with Geely’s expertise as a leading automobile and EV manufacturer, the new partnership will pave the way for future passenger vehicles,” said Robin Li, co-founder and chief executive of Baidu according to BBC.
The new partnership will face strong competition in China, as the country’s e-commerce platform Alibaba has also partnered with Geely’s competitor SAIC to create EVs.
According to Associated Press, Geely and Baidu’s tie-up is a result of efforts to cover the costs involved in producing electric vehicles and reaching government-imposed sale quotas. The country is the world leader in producing electric vehicles, according to the Chinese Climate Policy.
Picture: Unsplash
