(Yicai Global) March 2 -- Chinese tech giant Baidu and automaker Zhejiang Geely Holding Group have registered a new connected, intelligent vehicle company that aims to make driverless vehicles available to all.

Jidu Automobile, which has a registered capital of CNY2 billion (USD309 million), is 55 percent owned by Baidu unit Bairuixiang Venture Capital Management and the rest by Geely subsidiary Shanghai Maple Automobile, according to corporate data platform Tianyancha.

The Shanghai-based firm intends to provide Level 4 autonomous driving technology, which enables a vehicle to handle most of the driving by itself without human intervention, to millions of households at a reasonable cost, NetEase Technology reported earlier, citing Chief Executive Officer Xia Yiping.

“Just as others hope to popularize electric cars, we hope to popularize self-driving technology,” said Xia, who was previously head of Fiat Chrysler’s Asia Pacific Intelligent Connected Cars Business Unit.

Baidu, best known for its search engine service, is already a leading player in intelligent car technologies and operates one of the country’s largest robotaxi fleets. Now, together with China’s biggest private vehicle manufacturer, it intends to go a step further and build its own EVs.

The Beijing-based tech giant is recruiting a management team with a strong background in connected vehicles and plans to register a new car marque, Chief Executive Robin Li said last month.

The JV’s business scope includes the development of new energy vehicle technology and parts, technical services and the manufacture of auto parts and accessories.

Editor: Kim Taylor