Baidu Confirms Plans to Join the Smoking Hot EV Market

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In a press release on Monday, Baidu (NASDAQ: BIDU) confirmed that it was entering the red-hot electric-vehicle (EV) market. The company plans to set up an independent subsidiary company to make smart EVs, partnering with privately held Chinese auto maker Zhejiang Geely Holding Group, which will also be a strategic investor in the new venture. 

This confirms rumors circulating since mid-December that Baidu had held talks with numerous Chinese automakers regarding a collaboration, including Zhejiang Geely Holding Group, Guangzhou Automobile, and China FAW Group.

Image source: Baidu.

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