China's Baidu to form electric car venture in partnership with Geely – Reuters

Chinese search engine Baidu Inc. plans to form a venture with local automaker Zhejiang Geely Automobile Co. Ltd. to build electric vehicles, Reuters reported Jan. 7, citing sources close to the matter.

Baidu, which plans to equip its connected car software in the vehicles, will hold majority stake and full voting power in the venture.

The companies will use the Chinese auto group's Sustainable Experience Architecture platform for the vehicles, along with its current engineering and production capabilities.

Zhejiang Geely is the parent of Hong Kong-listed Geely Automobile Holdings Ltd. and Swedish carmaker Volvo Cars. It also holds significant investments in German automaker Daimler AG.

Nasdaq-listed Baidu also held car manufacturing talks with Guangzhou Automobile Group Co. Ltd. and state-held China FAW Group Co. Ltd.

Reuters reported Dec. 15, 2020, that Baidu was is in talks with carmakers with plans to build its own electric vehicles.

In 2017, Baidu created a self-driving vehicle unit called Apollo, which provides a connected car platform that underpins several vehicle brands in China. Baidu also operates the Go Robotaxi ride-hailing service.