Shares of Baidu (NASDAQ: BIDU) surged 14% on Friday after the Chinese technology titan reportedly chose a well-regarded CEO for its new electric vehicle joint venture.
Baidu announced in January its intention to create a new electric vehicle company. As part of that plan, Baidu entered into a strategic partnership with leading Chinese automaker Zhejiang Geely Holding Group. Baidu will contribute its autonomous driving technology to the venture, while Geely will share its design and manufacturing expertise.
"At Baidu, we have long believed in the future of intelligent driving and have over the past decade invested heavily in AI to build a portfolio of world-class self-driving services," Baidu CEO Robin Li said in a press release announcing the collaboration. "China has become the world's largest market for EVs, and we are seeing EV consumers demanding next-generation vehicles to be more intelligent."
Source Fool.com