Autos

Chinese search giant Baidu to create an electric vehicle company

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The Baidu Inc. logo is displayed on the company’s headquarters on July 3, 2019 in Beijing, China.

Wan Xiaojun | Visual China Group via Getty Images

GUANGZHOU, China — Chinese internet giant Baidu has formed a strategic partnership with automaker Geely to create a standalone electric vehicle unit, the companies confirmed on Monday.

The new unit will operate as an independent subsidiary of Baidu, the company said on Monday.

CNBC first reported the news on Friday, citing a person familiar with the matter.

Beijing-headquartered Baidu will be the majority shareholder while Chinese automaker Geely will take a minority stake, the person told CNBC. 

Hong Kong-listed shares of Geely were up…



Source cnbc.com

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