Shanghai (ZXZC)- The electric vehicle (EV) joint venture between Baidu and Geely, was founded on March 2, according to the corporate data platform Qichacha, indicating the car-building cooperation between the Internet giant and the automaker has been further firmed up.

Photo credit: Baidu

Named JIDU Auto (in Chinese), the joint venture involves a registered capital of 2 billion yuan ($309.439 million). According to Qichacha, its business scope extends to cover the technical service and technology development related to new energy vehicles (NEVs) and relevant auto parts, the production of road power-driven vehicles, the manufacture of auto parts, as well as the sale of complete vehicles and auto components.

JIDU is held as to 55% by a wholly-owned subsidiary of Baidu and 45% by Shanghai Maple Automobile Co., Ltd., where Zhejiang Geely Holding Group serves as the majority shareholder.

The joint venture puts up five board seats, of which three are from Baidu and one comes from Geely, according to a person briefed on the matter. Mobike co-founder and former chief technology officer Xia Yiping, who has been hired as chief executive officer of Baidu-Geely joint venture, is also one of the occupants. 

Baidu announced in early Jan. its plan to establish a company for the production of intelligent EVs and the strategic partnership it formed with Zhejiang Geely Holding Group. The tech company said it would provide intelligent driving capabilities to power passenger vehicles for the new venture, and Geely would contribute its expertise in automobile design and manufacturing.

“Right now, the venture is progressing very well. We have a CEO on board, and we have decided on the brand of the new vehicle,” Robin Li, Co-founder and CEO of Baidu, said at Baidu's Q4 earnings conference call. He added it usually takes around 3 years from the beginning to the launch of a new EV model and Baidu is trying to keep the same pace for the new venture.