Chinese search company Baidu will create a standalone electric vehicle company, a person familiar with the matter told CNBC. China’s electric car market continues to grow, helped by government support in the form of subsidies and charging infrastructure. Baidu will be jumping into an increasingly competitive market competing with the likes of Tesla as well as domestic electric vehicle firms such as Nio, Li Auto and Xpeng Motors. Alibaba is an investor in Zhiji, an electric vehicle business created by Chinese state-owned carmaker SAIC Motor. Meanwhile, ride-hailing firm Didi launched its own electric vehicle with automaker BYD, which is backed by billionaire Warren Buffett.

Source: The Standard January 08, 2021 04:18 UTC