Benzinga | Dec 27, 2021 07:01AM EST

Baidu Shares EV Plans

Baidu Inc (NASDAQ:BIDU) CEO Robin Li said Jidu Auto would mass-produce its first "robot" electric vehicle in 2023. Jidu is an electric vehicle venture between China's tech giant Baidu and Chinese automaker Geely Automobile Holdings Ltd (OTC:GELYY).

* Jidu looks to make EVs of the autonomous Level-four, which needs no human intervention, Li said at Baidu's annual developers' conference.

* Related Content: Baidu-Geely Joint Venture Aims $7.7B Investment In Smart Car, Baidu Hires CEO For EV Venture, Plans EV Launch In Next 3 Years: CNBC

* Baidu is the largest Internet search engine in China. The firm generated 62% of revenue from online marketing services from its search engine in 2020.

* Baidu is a technology-driven company outside its search engine, and its other major growth initiatives are artificial intelligence cloud, video streaming services, voice recognition technology, and autonomous driving.

* Recently, Chinese tech giant Huawei just launched details on a vehicle with specs to beat the Model Y.

* The first car with Huawei's HarmonyOS operating system will be the Aito M5, which runs on electricity and fuel.

* Additionally, BYD Co Ltd (OTC: BYDDF) (OTC: BYDDY) and autonomous driving startup Momenta established a 100 million yuan ($15.7 million) joint venture to deploy autonomous driving capabilities across certain BYD car model lines.

* Price Action: BIDU shares traded higher by 0.74% at $143.06 in the premarket session on the last check Monday.