http://cdn.carrotenglish.net:10080//reuters/2101/120_13_210112.mp4
- Two Chinese business giants said on Monday they will team up to form a new company that makes smart electric vehicles.
- Search engine Baidu confirmed it would partner with Geely - marking the latest move by a tech company into the fast growing EV sector.
- Baidu has experience in intelligent vehicles.
- It has developed autonomous driving technology and online infrastructure.
- The new EV company will rely on Baidu's intelligent driving capabilities and Geely's car manufacturing expertise.
- Baidu's move comes as many tech companies race to develop smart cars.
- Apple is reportedly pushing to design an electric vehicle and batteries.
- Sources told Reuters last month that it was aiming for a possible 2024 launch date.
- Chinese ecommerce giant Alibaba has also formed an EV venture with the country's largest automaker SAIC.
- Baidu first built its autonomous driving unit, Apollo, in 2017.
- It mainly supplies technology powered by artificial intelligence and runs autonomous taxi service Go Robotaxi.
- As for who's in charge of the new company - Baidu said it will be their independent subsidiary, with Geely acting as a strategic investor.
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