(Yicai Global) June 30 -- Chinese carmaker Geely Holding Group reportedly denied it has withdrawn from Jidu Auto, a joint venture with Baidu to develop and make smart vehicles with level four autonomous driving capability, after a firm affiliated with the internet search giant became the JV’s only shareholder.

Dazi County Bai Ruixiang Venture Capital Management has raised its stake in the JV to 100 percent, according to information updated on the National Enterprise Credit Information Publicity System on June 28. Shanghai Maple Automobile, a company associated with Geely, no longer has a stake in the JV.

Both Geely and Jidu Auto said the change was made to meet the JV’s business development needs, and it remains a JV with no changes in the stakes held by Geely and Baidu, The Paper reported today.

Jidu Auto also switched its legal representative from Chief Executive Xia Yiping to Baidu Senior Vice President Liang Zhixiang.

Baidu and Geely formed Shanghai-based Jidu Auto with respective stakes of 55 percent and 45 percent in March last year. The venture secured USD400 million in an A-round fundraiser that closed this January.

Earlier this month, Jidu Auto unveiled its first “robot” concept vehicle, a family car priced at more than CNY200,000 (USD29,850). Apart from being fully controlled with voice recognition technology, its futuristic elements include a U-shaped steering wheel, a 3D borderless and integrated ultra-clear screen, and 3D human-machine co-driving maps.

Jidu Auto aims to start accepting orders for the vehicle from the second half of this year and begin deliveries next year.

Editor: Tom Litting