Jidu Auto, an electric vehicle joint venture between Chinese tech giant Baidu and Chinese automaker Geely, is set to invest $ 7.7 billion in smart cars over the next five years. This was reported in an exclusive publication by Reuters with reference to the executive director of the enterprise Xia Yiping.
The funding will come from Baidu and other investors, he said. The first electric car in Jidu is expected to be released in three years. This is a typical time frame for the industry, but the manufacturer will do its best to cut it down.
According to Xia Yping, the robot-like electric car will target younger buyers. Subsequently, Jidu plans to release a new model about once a year or every one and a half years. To implement the project, 2500-3000 people will be hired within two to three years, including 400-500 programmers. At the same time, Jidu expects to use Geely’s open platform for electric vehicles and assemble cars in the city of Ningbo in eastern China, where Geely has several factories.
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