Baidu taps Geely as electric-vehicle partner – MarketWatch

The web-search and artificial-intelligence company Baidu
BIDU,
+15.57%
,
often described as China’s answer to Google, has selected Geely
GELYY,
+17.38%

175,
-2.56%

as its automotive-industry partner for a long-anticipated move into electric vehicles. Geely, based in Hong Kong, owns the Volvo and Lotus brands, among others. Baidu shares have surged nearly 50% in the past month and nearly 90% in the past three months as investors have awaited an update on the Beijing-based company’s EV plans. “We believe that by combining Baidu’s expertise in smart transportation, connected vehicles and autonomous driving with Geely’s expertise as a leading automobile and EV manufacturer, the new partnership will pave the way for future passenger vehicles,” said Robin Li, Baidu’s CEO and co-founder, in a company news release. The partnership is reportedly to take the form of a stand-alone company.