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
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.