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President Biden proposed to increase capital taxes on wealthy Americans from 20% to 39.6%. ECB says tough decision ahead in June on its bond-buying program. EU completes a new deal with P EU PMI 53.7 from 52.9 expected. JNJ: CDC to meet on Friday to discuss covid vaccine authorization. Intel (INTC) reported earnings after the close on Thursday, which disappointed the market despite beating estimates. The outlook disappointed. Shares down 2% in premarket. American Express (AXP) profit beats but revenue misses, shares down 3% in premarket. Mattel (MAT) to jump on the NFT bandwagon by consider...

Exclusive-Baidu's Jidu Auto to invest $7.7 billion in 'robot' smart cars By Yingzhi Yang, Yilei Sun and Tony Munroe Reuters BEIJING (Reuters) -Jidu Auto, an electric vehicle venture between China's tech giant Baidu and Chinese automaker Geely, aims to plough 50 billion yuan ($7.7 billion) into producing smart cars over the next five years, its chief executive told Reuters. Xia Yiping said on Friday that the funding would come from Baidu and other investors and Jidu would aim to launch its first electric vehicle (EV) in three years, as is standard for the industry, but would make efforts to sp...

Exclusive: Baidu's auto venture to invest $7.7 billion into smart cars over next five years - CEO 3 Min Read BEIJING (Reuters) - Jidu Auto, the electric vehicle venture between China’s tech giant Baidu and Chinese automaker Geely, aims to pour 50 billion yuan ($7.70 billion) into making smart cars over the next five years, Jidu’s chief executive told Reuters on Friday. Slideshow ( 3 images ) Xia Yiping said Jidu would aim to launch its first electric vehicle (EV) in three years, as is standard for the industry, but would make efforts to speed up that process. Its first model would look li...

Total0 Baidu and Geely plan to invest US$7.7 billion in smart cars development in the next five years Jidu Automobile, a joint venture between Baidu Inc. and Geely Automobile, plans to invest RMB50 billion (US$7.7 billion) in the development of smart car technology in the next five years. The company said it plans to recruit 2,500 to 3,000 employees for the project in the next two to three years, of which about 500 are software engineers. The company’s car brand will be announced in the third quarter of 2021. Baidu owns 55% of Jidu and Geely owns 45%. Xiaomi considers investing in AI chip m...