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Tencent partners up with Geely on smart car tech

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Miguel A. Rodriguez
Miguel A. Rodriguez
21 January 2021
The electric car business gains more ground by the day

After last week Baidu announced that it started a strategic partnership with Geely to create an electric vehicle unit, now another company announced a similar deal with the largest Chinese carmaker.

Geely, the Volvo Cars owner and holder of 9.7% of Daimler revealed that it signed a deal with Tencent to create a smart vehicle cockpit and autonomous driving. Both companies will try and develop cockpits to have mobile and mobility service applications and test self-driving cars. Moreover, the mobile apps will refer to multiscreen interaction, intelligent speech, and smart surfaces, which could be accessed both by drivers and passengers.

This is not Tencent’s first rodeo in the electric vehicle business. The company currently has investments in Tesla and Nio, and it also independently develops smart car technologies.

Following the news, Tencent stock price added 3.7% during the Hong Kong trading hours, while Geely’s rose 5.6%, pushing for a new record high.

Read here about the partnership between Baidu and Geely!

Sources: reuters.com, edition.cnn.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.