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Miguel Cordon · · 1 min readBaidu, Geely JV unit to invest $7.7b to enter China’s EV market
“Jidu Auto, a joint venture between Chinese giants Baidu and Zhejiang Geely Holding Group, aims to spend 50 billion yuan (US$7.7 billion) over the next five years on developing smart-car technology,” Bloomberg reported.
Details:
- As part of this plan, Jidu is looking to onboard between 2,500 and 3,000 staff, of which 500 will be software experts, over the next two to three years.
- The branding for the EV newcomer is set to be revealed in the third quarter of this year.
Context:
- The announcement comes after Xiaomi said it plans to invest US$10 billion to enter China’s growing EV space.
- Jidu’s CEO Xia Yiping previously said the company is aiming to launch its first model within three years, with new models slated to be introduced every year or 18 months.
Editing by Collin Furtado
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