It seems like companies from various sectors are trying to tackle the electric vehicle business. If last week we talked about how Hyundai was in preliminary talks with Apple, today we find out about Baidu and Geely.
According to CNBC, the Chinese internet behemoth Baidu already formed a strategic partnership with the multinational automotive company Geely to create an electric vehicle unit, an independent subsidiary of the former.
Under the partnership, Baidu will be responsible for the electric vehicle's software and technology, while Geely will focus on manufacturing them.
This will not be Baidu's first attempt to make a debut in this type of business. The company has already tested its driverless car software – Apollo – in Beijing during public robotaxi trials. Baidu also owns DuerOS – a map app and voice assistant technology that can be implemented inside a vehicle.
Following the news, during the American trading hours, Baidu stock price closed 15% higher. During the Hong Kong trading session, Geely soared almost 20%.
Read here all about Hyundai and Apple!