Baidu, Inc., China’s leading search engine, Tencent Holdings Limited, a provider of integrated Internet services in China, and JD.com, Inc., a major company of online direct sales in China, jointly announced that each company will invest US$50 million in Bitauto Holdings Limited, a leading online marketing services provider serving the automotive industry in China.
The three companies each agreed to purchase 2,471,577 newly issued ordinary shares of Bitauto at US$20.23 per share.
Recently, Baidu has announced plans to develop driverless cars. Baidu has already been testing its model in Beijing, Wuhu and Shanghai. Senior Vice President, Wang Jing commented that automated cars in China will improve safety and increase ride sharing. He also hoped that in the future Baidu’s cars can be launched in multiple countries simultaneously.
Source: Business Strategies Group Hong Kong – www.bsgasia.com