BIDU - Baidu rallies 4% on report of electric vehicle partnership interest

Baidu (BIDU) has held talks with automakers in China about the possibility of producing electric vehicles, sources tell Reuters. The tech powerhouse is said to considering contract manufacturing or creating a majority-owned venture with an existing automaker. Baidu is reported to have held preliminary talks with Zhejiang Geely (GELYF), Guangzhou Automobile Group (GNZUF) and China FAW's Hongqi. Notably, the company has been active in autonomous driving research through the creation of its Apollo unit in 2017. The unit mainly supplies technology powered by artificial intelligence for automakers like Geely, Volkswagen, Toyota and Ford. Shares of Baidu are up 3.93% premarket to $169.36. Baidu has the third highest Seeking Alpha Quant Rating in the interactive media and services sector.

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Baidu rallies 4% on report of electric vehicle partnership interest