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Jan. 10, 2021, 10:32 p.m. EST

Baidu taps Geely as electric-vehicle partner

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By Tim Rostan

The web-search and artificial-intelligence company Baidu /zigman2/quotes/209050136/composite BIDU +1.11% , often described as China's answer to Google, has selected Geely /zigman2/quotes/207616414/delayed GELYY -6.13% /zigman2/quotes/200716015/delayed HK:175 -1.22% 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.

/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 263.49
+2.90 +1.11%
Volume: 422,741
March 5, 2021 9:36a
P/E Ratio
27.41
Dividend Yield
N/A
Market Cap
$89.82 billion
Rev. per Employee
N/A
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/zigman2/quotes/207616414/delayed
US : U.S.: OTC
$ 61.70
-4.03 -6.13%
Volume: 0.00
March 4, 2021 3:51p
P/E Ratio
30.99
Dividend Yield
0.96%
Market Cap
$31.19 billion
Rev. per Employee
$387,243
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/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 24.35
-0.30 -1.22%
Volume: 77.63M
March 5, 2021 4:08p
P/E Ratio
31.35
Dividend Yield
1.03%
Market Cap
HK$242.03 billion
Rev. per Employee
HK$3.04M
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