Baidu Hires CEO For EV Venture, Plans EV Launch In Next 3 Years: CNBC

Baidu Inc (NASDAQ: BIDU) has zeroed on bike-sharing start-up Mobike’s co-founder, Xia Yiping, as the CEO of its electric car venture with Chinese automaker Geely Automobile Holdings Ltd (OTC: GELYF) (OTC: GELYY), CNBC reports.
Baidu confirmed the same without disclosing any name in its fourth-quarter earnings call. The company also disclosed its plans of launching its first EV within three years.
The Chinese internet and AI company inked an agreement with auto manufacturer Zhejiang Geely Holding Group to produce intelligent electric vehicles (EV) last month.
Xia previously worked at Fiat Chrysler and Ford before he co-founded Mobike, acquired by the Chinese food delivery company Meituan (OTC: MPNGF) (OTC: MPNGY) in 2018.
Baidu recently reported year-on-year non-marketing revenue growth of 52% during the fourth quarter of FY20, which includes its cloud and autonomous driving businesses. The revenue and EBITDA reached $4.6 billion and $1.31 billion, respectively.
Price action: BIDU shares were up 2.08% at $304.22 in the pre-market session on the last check Friday.
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