Benzinga | Feb 19, 2021 05:25AM EST

Baidu Hires CEO For EV Venture, Plans EV Launch In Next 3 Years: CNBC

* Baidu Inc (NASDAQ: BIDU) has zeroed on bike-sharing start-up Mobike's co-founder, Xia Yiping, as the CEO of its electric car venture with Chinese automaker Geely Automobile Holdings Ltd (OTC: GELYF) (OTC: GELYY), CNBC reports.

* Baidu confirmed the same without disclosing any name in its fourth-quarter earnings call. The company also disclosed its plans of launching its first EV within three years.

* The Chinese internet and AI company inked an agreement with auto manufacturer Zhejiang Geely Holding Group to produce intelligent electric vehicles (EV) last month.

* Xia previously worked at Fiat Chrysler and Ford before he co-founded Mobike, acquired by the Chinese food delivery company Meituan (OTC: MPNGF) (OTC: MPNGY) in 2018.

* Baidu recently reported year-on-year non-marketing revenue growth of 52% during the fourth quarter of FY20, which includes its cloud and autonomous driving businesses. The revenue and EBITDA reached $4.6 billion and $1.31 billion, respectively.

* Price action: BIDU shares were up 2.08% at $304.22 in the pre-market session on the last check Friday.

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