11/1/2018, 9:48 AM (Source: TeleTrader)
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Volvo, Baidu join forces on electric self-driving cars

Sweden-based carmaker Volvo Cars and Chinese tech company Baidu Inc. said on Thursday they are joining forces to develop self-driving electric cars for the Chinese market. The companies did not announce financial details of the deal.

The joint effort will be based on Baidu's autonomous driving platform Apollo, while Volvo, which was acquired by Chinese auto manufacturer Geely in 2010, will provide its advanced know-how in the automotive field. Chinese tech giant has recently teamed up with Ford Motor Co. on a self-driving project to be tested in Beijing.

"There is a strong development in autonomous drive in China, where Baidu is a leading player, and the market there offers huge opportunities for us as the supplier of choice for autonomous fleets," said the president and Chief Executive Officer of Volvo Cars, Hakan Samuelsson.

Breaking the News / NI