China's Baidu, Geely team up to make smart EVs

Two Chinese business giants said on Monday (January 11) they will team up to form a new company that makes smart electric vehicles.

Search engine Baidu confirmed it would partner with Geely - marking the latest move by a tech company into the fast growing EV sector.

Baidu has experience in intelligent vehicles.

It has developed autonomous driving technology and online infrastructure.

The new EV company will rely on Baidu's intelligent driving capabilities and Geely's car manufacturing expertise.

Baidu's move comes as many tech companies race to develop smart cars.

Apple is reportedly pushing to design an electric vehicle and batteries.

Sources told Reuters last month that it was aiming for a possible 2024 launch date.

Chinese ecommerce giant Alibaba has also formed an EV venture with the country's largest automaker SAIC.

Baidu first built its autonomous driving unit, Apollo, in 2017.

It mainly supplies technology powered by artificial intelligence and runs autonomous taxi service Go Robotaxi.

As for who's in charge of the new company - Baidu said it will be their independent subsidiary, with Geely acting as a strategic investor.