The largest private car manufacturer in the country announced on Tuesday that it is partnering with the Chinese social media and gaming giant Tencent (TCEHY) to develop smart car functions along with autonomous driving technology.
Tencent said in a statement that the companies would collaborate on mobile apps and other features, such as multi-screen interaction, smart surfaces and intelligent speech, accessible to drivers and passengers. Neither company said how much money it spent on the partnership.
Last week, Geely said it would partner with the search giant Baidu (GET STARTED) to build electric cars – the latest example of automakers working with rivals and technology companies to build vehicles that help tackle the climate crisis.
Investors were encouraged by the news, which drove Tencent’s shares up 3.7% in Hong Kong on Wednesday. Classifies Geely (BODY) rose 5.6%, adding to recent gains for the automaker and taking inventory to a new record high.
The Tencent partnership is the third in recent weeks for Geely, which also owns Volvo.
Two days after announcing an agreement with Baidu, Geely signed an agreement with Apple (AAPL) supplier Foxconn to make cars for other car manufacturers and provide advice on electric vehicles.
The flurry of business activity comes as competition for next-generation cars heats up in China, the world’s largest auto market.
Tesla (TSLA) began rolling out its China-made Model Y crossover vehicles on Tuesday. And Volkswagen (VLKAF) takes on Tesla in China with its own electric SUV.