Baidu and Geely Automobile will team up to make electric vehicles for the Chinese market, a person familiar with the matter said, deepening the internet giant’s foray into automobiles as its core business slows.
Geely’s shares soared as much as 10 per cent in Hong Kong, while Baidu gained 2 per cent in New York. The pair may announce their new venture as early as next week, the person said, asking not to be identified talking about a private deal. China’s internet search leader picked the fast-growing carmaker after discussions with potential partners including closely held WM Motor, Guangzhou Automobile and FAW Group, the person said. It will control the venture with a majority stake, the person added. Reuters first reported on the deal.
The tie-up marks a significant expansion into auto-making for Baidu, which has for years touted its Apollo open-sourced platform to help manufacturers build autonomous driving and connectivity into their products. The move precedes a Hong Kong share sale that’s said to be on track to raise $3.5 billion to fuel the search giant’s ambitions beyond advertising.
Baidu’s venture with Geely is intended to push Apollo’s adoption in more vehicles, the person said. It will start by building EVs for the world’s largest vehicle arena at Geely plants, though it’s unclear if the partners intend to eventually also produce self-driving cars. Representatives for the two companies declined to comment.
Baidu’s plan to make smart electric vehicles with Geely, as reported by Reuters, may boost the company’s investor appeal as it seeks a $3.5bn secondary listing in Hong Kong during first half. While details of the electric-vehicle project are scarce and sales may not cover costs for years, it may be a step towards monetisation of Baidu’s autonomous-driving platform Apollo, which it has heavily invested in since 2015.
The platform, which has been described as an Android for automobiles, has about 130 members including Volkswagen, Ford Motor, BYD, Microsoft and Geely’s own Volvo Cars.
Baidu aims to monetise Apollo, which the company has sunk billions of dollars since 2015. While advertising remains its bread-and-butter, the company has made bets to commercialise its AI technology through self-driving cars and smart speakers. Carmakers like WM Motor and Geely already employ Baidu’s autonomous techniques, and it has won government deals to develop transport networks and test robo-taxis in cities like Guangzhou and Chongqing.
Baidu’s move underscores how global internet giants are firming up plans to get their technology in front of car buyers who increasingly prize connectivity and smart features over traditional driving mechanics. Apple is said to have created a team of engineers developing drive systems, vehicle interior and external car body designs with the goal of eventually shipping a vehicle. Alibaba Group has formed a venture with Chinese giant SAIC to explore smart vehicles.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The Kites
Romain Gary
Penguin Modern Classics
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
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KILLING OF QASSEM SULEIMANI
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
