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China tech titans go all in amid global electric car frenzy Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/
China Evergrande New Energy Vehicle Group Ltd. s Hengchi electric vehicles at the Shanghai Auto Show in April | BLOOMBERG
Bloomberg May 10, 2021
China is shaping up to be the first real test of Big Tech’s ambitions in the world of carmaking, with giants from Huawei Technologies Co. to Baidu Inc. plowing almost $19 billion into electric and self-driving vehicle ventures widely seen as the future of transport.
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(Bloomberg) China is shaping up to be the first real test of Big Tech’s ambitions in the world of carmaking, with giants from Huawei Technologies Co. to Baidu Inc. plowing almost $19 billion into electric and self-driving vehicle ventures widely seen as the future of transport.
While Apple Inc. has long had plans for its own car and Alphabet Inc. has Waymo, its autonomous driving unit, the size and speed of the move by China’s tech titans puts them at the vanguard of that broader push. The lure is an industry that’s becoming increasingly high tech as it pivots away from the combustion engine, with sensors and operating systems making cars more like computers, and the prospect of autonomy re-envisioning how people use will them.
26 April 2021 10:09 am / 0 comments
According to a report by
Reuters, Jidu Auto will invest 50 billion yuan (around RM31.6 billion) into producing smart cars over the next five years. The company is a joint venture between Baidu (55%) and Zhejiang Geely Holding Group (45%), with the partnership first being announced back in January this year.
Jidu CEO Xia Yiping told the publication that the funding would come from Baidu and other investors, with the company aiming to launch its first EV in three years or sooner. He said the EV would target young customers and “look like a robot,” although the company would need to analyse market data before deciding on a final model.
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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
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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.
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