China’s Geely, Baidu announce electric car ventures

4 mins read
China's Geely, Baidu announce electric car ventures

BEIJING (AP) — Chinese automaker Geely says it will form an electric car venture with tech giant Baidu, adding to a flurry of corporate tie-ups in the industry to share soaring technology development costs.

Geely Holding Group, which also has separate electric car brands, said Monday the venture with Baidu.com Inc. would focus on intelligent and connected vehicles. It gave no details of investment or when products might be released.

Global and Chinese automakers have launched partnerships to share the multibillion-dollar costs of developing electric vehicles for China under government pressure to meet sales quotas.

China is the world’s biggest market for the technology, accounting for about half of global sales. The ruling Communist Party spent billions of dollars on subsidies in an attempt to take an early lead in the industry. It is shifting the burden to manufacturers by requiring them to earn credits from selling electric vehicles or face penalties that have yet to be announced.

Privately held Geely, best known abroad as the owner of Sweden’s Volvo Cars, is one of China’s biggest independent automakers. Its brands include Geely, Lynk & Co., Geometry and Polestar, all of which sell electric vehicles. Geely is the biggest shareholder in Malaysia’s Proton and Britain’s Lotus.

Baidu operates China’s most popular internet search engine. It is regarded as one of the world’s leading developers of automated driving technology.

7 Semiconductor Stocks to Power Your Portfolio

Semiconductor stocks are thought of as cyclical stocks. However as technology continues to evolve, the cycles for semiconductors have become almost indiscernible. And for the last 18 months, semiconductor stocks have been some of the most volatile stocks.

But the iShares PHLX Semiconductor ETF (NASDAQ:SOXX) is up nearly 17% (16.8%) in 2020. That far outpaces the S&P 500. And this is on the heels of 2019 when the normally “boring” index surged over 60%.

What are the catalysts for semiconductor stocks? At this point, the better question may be what isn’t a catalyst for this group. The 5G buildout looks to finally be underway despite the pandemic. Data centers keep on growing, new gaming consoles will be out later this year, and work from anywhere will continue to be the reality for many Americans.

Each of these segments will define the semiconductor industry for at least the rest of this year. And are likely to continue to dominate our national conversation long after the pandemic is over.
But those aren’t the only catalysts. Online learning is going to increase in importance. And that means students will need the laptops and tablets that are capable of handling the speed and processing power needed for remote learning.
And there’s still time for you to profit from this growing sector. In this presentation, we’ve identified seven of the best semiconductor stocks that still offer good growth opportunities.

View the “7 Semiconductor Stocks to Power Your Portfolio”.