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China's Geely, Baidu announce electric car ventures

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BEIJING – 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.

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