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Tencent is the latest tech giant to team up with carmaker Geely

January 20, 2021. Summarized by summa-bot.

Compression ratio: 71.9%. 1 min read.

Employees wearing protective masks place yellow tape on a Lynk & Co. 05 crossover sport utility vehicle (SUV) in the paint shop at the Geely Automobile Holdings Ltd. plant in Ningbo, Zhejiang Province, China, on Tuesday, April 28, 2020. China's manufacturing purchasing managers' index (PMI) jumped to 52 in March, from an historic low of 35.7 in February as activity rebounded from disruptions caused by the coronavirus and containment measures. Photographer: Qilai Shen/Bloomberg via Getty Images

Chinese automaker Geely has just announced another big tie-up in its quest to build the cars of the future.

Hong Kong (CNN Business)Chinese automaker Geely has just announced another big tie-up in its quest to build the cars of the future.

The country's largest privately owned carmaker announced late Tuesday that it is partnering with Chinese social media and gaming giant Tencent (TCEHY) to develop features for smart cars, along with autonomous driving tech.

Tencent said in a statement that the companies would work together on mobile apps and other functions, such as multiscreen interaction, smart surfaces and intelligent speech, that will be accessible to drivers and passengers.

Last week, Geely said it would team up with search giant Baidu (BIDU) to build electric cars — the latest example of automakers working with rivals and tech companies to build vehicles that help tackle the climate crisis.

Shares in Geely (GELYF) rose 5. 6%, adding to recent gains for the automaker and taking the stock to a new record high.

The Tencent partnership marks the third in recent weeks for Geely, which also owns Volvo.

Two days after announcing an agreement with Baidu, Geely signed a deal with Apple (AAPL) supplier Foxconn to make cars for other automakers and consult on electric vehicles.

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