Wednesday, April 28, 2021

Baidu, Geely Joint Venture Unit to Invest $7.7b to Enter China’s Electric Vehicle Market

 Tesla was the number one EV seller in China last year. This year the competition is ramping up.

Via TechInAsia, April 24:

“Jidu Auto, a joint venture between Chinese giants Baidu and Zhejiang Geely Holding Group, aims to spend 50 billion yuan (US$7.7 billion) over the next five years on developing smart-car technology,” Bloomberg reported.
  • As part of this plan, Jidu is looking to onboard between 2,500 and 3,000 staff, of which 500 will be software experts, over the next two to three years.
  • The branding for the EV newcomer is set to be revealed in the third quarter of this year.
  • The announcement comes after Xiaomi said it plans to invest US$10 billion to enter China’s growing EV space.
  • Jidu’s CEO Xia Yiping previously said the company is aiming to launch its first model within three years, with new models slated to be introduced every year or 18 months.

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