(ATF) Baidu has registered the electric vehicle (EV) venture which it set up with the help of Chinese automaker Geely, marking another step in the Chinese search engine giant's march into vehicles.
According to public information on China's corporate information website qcc.com, Jidu Auto was registered on March 2 with a registered capital of 2 billion yuan ($309 million). It is expected that the name Jidu relates to the brand name of the proposed new cars.
Xia Yiping, Jidu's chief executive, is the company's legal representative.
Jidu Auto lists its business scope as new energy vehicle (NEV) and automotive components manufacturing, as well as related technology and sales, the qcc.com data showed.
The company is located in Jiading district in Shanghai. Jidu named five directors, including three from Baidu and one from Geely.
The registration took place after the January 11 announcement that Baidu would enter the automotive industry as a vehicle manufacturer. Geely Holding Group would become a strategic partner of the new company. Baidu Automobile Company would maintain independent operations.
Xia made a public appearance on February 21, the first since his appointment. He previously served as the head of Fiat Chrysler's Asia Pacific Smart Car Alliance Business Unit and the co-founder and chief technology officer of Mobike. He has management experience in the field of smart cars and travel.
In a related development, Li published a signed article entitled "Facilitating high-quality development with financial innovation" in the People's Daily on March 2. He discussed the importance of integration and innovation.
Li pointed out that financing innovation is an important means to promote high-quality economic development, and transform large enterprises, and enhance small and medium-sized enterprises.
Currently, artificial intelligence, as a new generation of digital technology, is helping to drive China's economic and social development. Li said new innovations need to break boundaries and restrictions.