Baidu considering making its own electric vehicles: report

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Chinese tech giant Baidu Inc. is mulling over building its own electric vehicle, holding talks with auto makers to contract or to create a joint venture for the endeavor, according to aReuters report that cited three people familiar with the matter. Baidu declined to comment and Chinese auto makers involved in the talks were mum, Reuters said. Baidu’s American depositary shares jumped nearly 10% on Tuesday, trading as high as $181.65, a 52-week high. Baidu would become the latest tech and Internet company to set its sights on electric vehicles, following continued investor interest in the segment and share rallies for the likes of Tesla Inc. and China-based Nio Inc. . Baidu last week got a boost from $1.5 billion increase to its share repurchase program. The ADRs have gained nearly 42% this year, compared with gains around 14% for the S&P 500 index.
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