Baidu-Geely EV venture sets up new company

Beijing (Gasgoo)- JiDU Auto, an intelligent electric vehicle joint venture between China’s searching engine giant Baidu and Chinese automaker Geely, set up a new technology company on June 7, with a registered capital of RMB 2 billion, according to Chinese company information provider Qichacha. The website says that the tech company is wholy controlled by a wholy-owned subsidiary of Baidu.  

Xia Yiping, CEO of Jidu; photo credit: JiDU

The new company’s business covers technology service, technology development of new energy complete vehicles and new energy vehicle parts, sales of new energy vehicles and production test equipment.

In January, 2021, Baidu and Geely announced the plan to establish a company to build intelligent electric vehicles. On March 2, JiDU was formally registered.  

At JiDU's second-quarter media conference, Xia Yiping, CEO of the new venture, revealed that its first model will be showcased at the 2022 Beijing Auto Show and the price will be no less than RMB200,000 ($31,320). Baidu will provide intelligent features for the new vehicle, while Geely will offer its experience in manufacturing and supply chain. JiDU itself will be responsible for such tasks as product design.

At present, JiDU is sparing no effort to speed the launching of the first model. In order to fund its development, the company will start a new funding round in the third quarter of this year.