BIDU - Baidu +2% on report of electric vehicle partnership with Geely

Baidu ([[BIDU]] +2.7%) jumps after Reuters reports the company is moving forward with creating an electric vehicle company. Baidu will reportedly hold a majority stake in the new entity and Geely Automobile Holdings (GELYF) will hold a minority stake. Sources indicate that the new venture will revamp some of Geely's existing car manufacturing facilities to make the vehicles, while Baidu will provide the software for the vehicles. The Baidu development has been widely anticipated with Apple's auto ambitions expected to kickstart big auto-tech partnerships this year.

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Baidu +2% on report of electric vehicle partnership with Geely