Baidu's car-making company has been officially incorporated, meaning its operations are starting to get on track.
The company has been named as Jidu Auto (集度汽车), with a registered capital of RMB 2 billion, according to corporate information provider Qichacha.
The information shows that JIDU Auto was officially established on March 2, and its legal representative is former Mobike co-founder and chief technology officer Xia Yiping.
The company's address is located in Shanghai's Jiading District, and its business scope includes technical services for new energy vehicles and related parts, manufacturing of auto parts and accessories, and sales of new energy vehicles.
As for the name of the company, a source told CnEVPost that it means "it will demonstrate the greatest success of Baidu's AI capabilities."
The company has a total of five board seats, with three directors from Baidu and one from Geely, in addition to Xia, the source said.
On January 11, Baidu announced the formation of an electric car company with Geely to enter the auto industry as a full vehicle manufacturer.
During Baidu's Q4 2020 earnings call on February 20, Baidu CEO Robin Li mentioned that the company’s electric car business has completed the establishment of a brand and CEO and that it plans to launch a new smart electric car in the next three years.