Chinese Baidu Plans to Launch a Smart Electric Car Company

Baidu announced on Sunday that it plans to establish a company to produce "smart" electric cars (EV) and has entered into a strategic partnership with the Chinese automaker Zhejiang Geely Holding Group ("Geely"), the parent company of the Swedish automaker. Volvo. Geely also owns a stake in Daimler, the parent company of Mercedes-Benz. Baidu said it will provide smart technology that will power passenger cars of its new company. Geely, one of the best-selling auto brands in China, will contribute its experience in designing and manufacturing cars on a large scale.