Li Shufu, chairman of Zhejiang Geely Holding Group, and Robin Li, co-founder and chief executive … [+]
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Nasdaq-traded shares in China Internet heavyweight Baidu soared by 15.6% to a nearly two and a half year high of $240.25 today on a report that the company plans to team up with automaker Geely Automobile Holdings and enter the electric vehicle business. Baidu is best known for its search engine but is also a China leader in autonomous driving systems.
Shares in Geely, one of China’s largest home-grown passenger car brands, rocketed 19.6% in Hong Kong on Friday on the report to close at a record high of HK$33.25. Geely’s billionaire chairman Li Shufu also chairs Volvo Car Group.
Citing unnamed officials, Reuters said on Thursday that Beijing-headquartered Baidu plans to form a company to make…