|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||59.41 - 61.70|
|52 Week Range||8.43 - 68.14|
|Beta (5Y Monthly)||0.83|
|PE Ratio (TTM)||215.47|
|Forward Dividend & Yield||0.02 (0.03%)|
|Ex-Dividend Date||Jun 25, 2020|
|1y Target Est||N/A|
Tesla's Model 3 was the most sold EV in China last year, but BYD's Han made the list less than six months after launching.
(Bloomberg) -- Baidu Inc. and Geely Automobile Holdings Ltd. will team up to make electric vehicles for the Chinese market, a person familiar with the matter said, deepening the internet giant’s foray into automobiles as its core business slows.Geely’s shares soared as much as 10% in Hong Kong, while Baidu gained 2% in New York. The pair may announce their new venture as early as next week, the person said, asking not to be identified talking about a private deal. China’s internet search leader picked the fast-growing carmaker after discussions with potential partners including closely held WM Motor, Guangzhou Automobile Group Co. and FAW Group, the person said. It will control the venture with a majority stake, the person added. Reuters first reported on the deal.The tie-up marks a significant expansion into auto-making for Baidu, which has for years touted its Apollo open-sourced platform to help manufacturers build autonomous driving and connectivity into their products. The move precedes a Hong Kong share sale that’s said to be on track to raise $3.5 billion to fuel the search giant’s ambitions beyond advertising.Baidu’s venture with Geely is intended to push Apollo’s adoption in more vehicles, the person said. It will start by building EVs for the world’s largest vehicle arena at Geely plants, though it’s unclear if the partners intend to eventually also produce self-driving cars. Representatives for the two companies declined to comment.Read more: China’s Baidu Said to Pick CLSA, Goldman for Hong Kong ListingWhat Bloomberg Intelligence SaysBaidu’s plan to make smart electric vehicles with Geely, as reported by Reuters, may boost the company’s investor appeal as it seeks a $3.5 billion secondary listing in Hong Kong during 1H. While details of the electric-vehicle project are scarce and sales may not cover costs for years, it may be a step towards monetization of Baidu’s autonomous-driving platform Apollo, which it has heavily invested in since 2015.\- Vey-Sern Ling and Tiffany TamClick here for the research.The platform, which has been described as an Android for automobiles, has about 130 members including Volkswagen AG, Ford Motor Co., BYD Co., Microsoft Corp. and Geely’s own Volvo Cars.Baidu aims to monetize Apollo, which the company has sunk billions of dollars since 2015. While advertising remains its bread-and-butter, the company has made bets to commercialize its AI technology through self-driving cars and smart speakers. Carmakers like WM Motor and Geely already employ Baidu’s autonomous techniques, and it has won government deals to develop transport networks and test robo-taxis in cities like Guangzhou and Chongqing.Baidu’s move underscores how global internet giants are firming up plans to get their technology in front of car buyers who increasingly prize connectivity and smart features over traditional driving mechanics. Apple Inc. is said to have created a team of engineers developing drive systems, vehicle interior and external car body designs with the goal of eventually shipping a vehicle. Alibaba Group Holding Ltd. has formed a venture with Chinese giant SAIC to explore smart vehicles.Read more: Hyundai Is in Early Talks on Apple Tie-Up(Updates with analyst’s comment from the fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Chinese automaker BYD Co Ltd (OTC: BYDDF) is outshining leading rivals in the luxury electric sedan monthly sales despite an 11% year-over-year drop in total electric passenger car sales in 2020, reports CNBC. BYD sold 130,970 units of battery-powered electric vehicles in 2020.What Happened: In December 2020, BYD's combined sales of electric and plug-in hybrid vehicles increased to 27,594 units, a 150% YoY growth.The "Han" electric sedan has been the key sales driver for BYD, crossing 10,000 units in the first five months of its launch since July, CNBC noted. Individual sales figures for December 2020 is currently not available.BYD's Han is performing at par with market peer Nio Ltd (NYSE: NIO), and better than other peers like Xpeng Inc (NYSE: XPEV) and Li Auto Inc (NASDAQ: LI), as per CNBC.Why Does It Matter: Among the Warren Buffet-backed company's Chinese rivals in the EV segment, Nio topped the leader board. It doubled its YoY growth clocking 43,728 unit sales in 2020, with sales peaking at 7,000 units in December.Xpeng, the Guangzhou-based EV maker, disclosed Monday that 2020 deliveries grew by 112% YoY to 27,041 units. In the fourth quarter, Xpeng recorded 303% YoY growth and a 51% sequential rise. December was the best month for Xpeng, with monthly deliveries standing at 5,700 units, a 326% increase on a YoY basis, and a 35% increase over November.Li Auto reported that deliveries in the fourth quarter were approximately 14,146 units, of which 6,106 units were delivered in December. Total deliveries for 2020 crossed the 30,000 milestones in a mere 12 months since its launch on Dec. 4, 2019.Price Action: BYD ADRs jumped 6.77% higher to close at $59.88 Tuesday.Click here to check out Benzinga's EV Hub for the latest electric vehicles newsImage Courtesy: WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Amazon-Backed EV Maker Rivian Close To Raising Fresh Funding At B Valuation: Report * Achronix Semiconductor In Talks For B SPAC Merger Deal: Report(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.