Baidu and Geely Plan $7.7 Billion Smart Car Push
- Company aims to hire more than 2,500 within three years
- Investment in electric and autonomous cars has been ramping up
Photographer: Qilai Shen/Bloomberg
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Jidu Auto, a joint venture between Chinese giants Baidu Inc. and Zhejiang Geely Holding Group, aims to spend 50 billion yuan ($7.7 billion) over the next five years on developing smart-car technology.
The company intends to hire between 2,500 and 3,000 staff for the project over the next two to three years, around 500 of which will be software engineers, it said. The branding for the nascent auto marque is set to be unveiled in the third quarter of 2021, a spokesperson added. Baidu owns 55% of Jidu and Geely has a 45% stake in the company.