EV Industry

Foxconn and Geely each hold 50 percent of the shares, and the chairman will be appointed by Foxconn.

Recent tight chip supply problems have affected global auto production for some time, which in turn will affect the stability of China's auto industry operations, the China Association of Automobile Manufacturers (CAAM) said.

Geely will support Baidu with technology, production capacity, engineering, manufacturing, and quality control, and the new company will also use Geely's supply chain procurement system.

The newly formed automaker, with its name still unknown, will target the passenger car market and will focus on the entire industry chain of smart car design and development, manufacturing, and sales and service.

Some of Geely's existing car manufacturing facilities will be modified to build smart electric cars, and the vehicles will use the software provided by Baidu and Geely's engineering know-how, the report said.

Shenzhen recently announced that a policy introduced last June to promote new energy vehicle consumption that expired on December 31 will be extended until June 30, 2021.

Huawei Hicar began working with BAIC BluePark New Energy on January 28 last year, and they will launch the first model in the first half of 2021, according to Chinastarmarket.cn.

The guideline mentions that China will improve the conditions for car use, strengthen the construction of parking lots, charging piles, and other facilities, and encourage charging pile operating companies to reduce charging service fees.

For the full year 2020, the company has delivered 15,091 vehicles, up 51 percent year-on-year.

XCMG Group said it signed a contract with Tsinghan Holding Group for a new energy industry base project with a total investment of about RMB 5.5 billion yuan ($850 million).