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China's Geely, Baidu set up EV joint venture

• Wednesday, March 3, 2021
• Source:ferro-alloys.com

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• Keywords:China, Geely, Baidu , EV joint venture

[Ferro-Alloys.com] Chinese auto manufacturer Geely and internet integrated services firm Baidu have set up the joint venture Jidu to develop the new energy vehicle (NEV) market, which includes electric vehicles (EVs).

With 2bn yuan ($309mn) of registered capital, Jidu will sell NEVs and provide technical services for NEVs and their parts and components, software development and information system services.

 

Baidu owns 55pc of the joint venture and Geely 45pc. Other details, including the location, construction schedules and design capacity were undisclosed.

 

Geely has raised its vehicle sales guidance to 1.53mn in 2021 in anticipation of a sustained recovery in China's economy. The firm sold 1.32mn vehicles in 2020, down from 1.36mn in 2019 because of disruptions during the Covid-19 outbreak in last year's first quarter.

 

Source: Argusmedia

 

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