.
Chinese technology titan Baidu and carmaking giant Geely are to pour 50 billion yuan (US$7.7 billion) into making next-generation cars .
Jidu Auto, the electric vehicle (EV) venture formed by Baidu and Geely in January, will invest the money over the next five years and aims to deliver its first smart car by 2024, Baidu confirmed in response to a Post inquiry
.
Reuters first reported the plan earlier on Friday. Jidu’s CEO Xia Yiping told the news agency the company will aim to bring out a new model every year or 18 months after the first one.
[embed]https://youtu.be/PAMVogK2TTk[/embed]
Premium Content
Analysts ‘’Extremely Bullish’’ On China s Electric Vehicle Boom By Tsvetana Paraskova - Mar 10, 2021, 12:00 PM CST
Analysts are growing increasingly bullish on the electric vehicle (EV) market globally and in the world’s largest automotive market, China, amid an increased push from governments to cut emissions and promote green recovery from the pandemic.
Global EV sales jumped last year while the overall passenger car market crashed during the pandemic. Over the coming decades, electric car sales will only rise, driven by government incentives and falling battery costs, analysts say. And China, the biggest auto market, is set to lead the EV sales, thanks to government targets for growing new energy vehicles (NEVs) sales, the competitive market, and the Chinese dominance in the supply chain of battery metals and materials.
XPeng Inc (XPEV) Q4 2020 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.