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China’s Baidu is building an EV with help from Polestar’s parent company

Steve Dent
·Associate Editor
·1 min read

Baidu has already developed autonomous vehicle tech, but now plans to produce electric vehicles in partnership with Geely, the Chinese automaker that owns Volvo and Polestar, according to MSNBC. The idea is that Geely will design and manufacture the EVs, while Baidu, China’s search equivalent to Google, will supply the technology. “China has become the world's largest market for EVs, and we are seeing EV consumers demanding next generation vehicles to be more intelligent,” said Baidu CEO Robin Li in a statement.

China’s EV market is getting more crowded every day, thanks in part to government subsidies and rapidly expanding charging infrastructure. On top of incumbents like Tesla and domestic companies Nio, Xpeng Motors and others, other tech companies like Foxconn (with Byton) and Alibaba are jumping in. In November 2020, Tesla delivered over 20,000 EVs in the nation, up nearly 80 percent over a single month.

Baidu, meanwhile, is attempting to expand its business beyond search and advertising. The company has been working on autonomous vehicle tech since 2017 and previously teamed up with Geely-owned Volvo in 2018 on self-driving cars. The goal at the time was to achieve Level 4 status, though that still seems many years away. Nevertheless, the Baidu’s tech was recently approved for fully driverless road tests in Beijing.

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  • Worst Bitcoin Plunge Since March Shakes Faith in Crypto Boom

    (Bloomberg) -- The white-knuckle Bitcoin ride took another twist Monday as the worst two-day tumble in the digital currency since March stoked concern that the polarizing cryptocurrency boom may run out of steam.Bitcoin, the largest cryptocurrency, slid as much as 21% over Sunday and Monday to as low as $32,389. That’s the biggest two-day slide since global markets were first roiled by the pandemic last year and follows a record high of almost $42,000 on Jan. 8.“It’s to be determined whether this is the start of a larger correction, but we have now seen this parabola break so it might just be,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.Bitcoin’s price has more than quadrupled in the past year, evoking memories of the 2017 mania that first made cryptocurrencies a household name before prices collapsed just as quickly.“Time to take some money off the table,” Scott Minerd, chief investment officer with Guggenheim Investments, said in a tweet from his verified Twitter account. “Bitcoin’s parabolic rise is unsustainable in the near term.”Minerd in late December predicted Bitcoin could eventually reach $400,000.True believers in Bitcoin argue the rally this time is different from past boom-bust cycles because the asset has matured with the entry of institutional investors and is increasingly seen as a legitimate hedge against dollar weakness and inflation risk. Others worry that the rally is untethered from reason and fueled by vast swathes of fiscal and monetary stimulus, with Bitcoin unlikely to ever serve as a viable currency alternative.“Bitcoin is almost certainly in another bubble and its current growth rate is not sustainable,” Howard Wang, co-founder of Convoy Investments LLC said in a Jan. 10 note. “While it may mature in the future, Bitcoin as it exists is largely a speculative asset.”Read: How Bitcoin Compares to History’s Big BubblesBitcoin has shrugged off recent dips and may do so again, potentially recovering to as much as $44,000 “before the actual correction,” Luno’s Ayyar said.Bitcoin was holding near session lows at about $33,200 as of 7:08 a.m. in London. Rival digital assets are also slumping, with second-largest coin Ether tumbling as much as 21%.Read: Does Bitcoin Boom Mean ‘Better Gold’ or Bigger Bubble? QuickTake(Updates with additional detail and Minerd comment.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • 3 Electric Vehicle Stocks That Could Boom In 2021

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  • Dow Jones Futures: Extended Stock Market Rally, Tesla Climax Run Are Volatile Mix; Nio Stock A Buy With New ET7 Sedan

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  • 3 Monster Growth Stocks That Could Reach New Highs

    Investors have a clear task ahead: find the stocks that will rise with an approaching bull market. Past performance, of course, is no guarantee of future gains, but the stocks that have achieved swift growth in recent months are a logical place to start looking for tomorrow’s winners. There are worries, of course, centered on the newly Democrat-controlled US Senate that will give the incoming Biden Administration a chance to implement his tax-increase plan, and the poor December jobs numbers; will they combine to derail the market’s strong upward trend?Not so fast, according to Credit Suisse’s Jonathan Golub. The firm’s chief US equity strategist has raised his 2021 year-end outlook, bumping it up from 4,050 to 4,200.Golub points out, first, that the Democratic candidates won both of Georgia’s Senate seats in the recent runoff vote, a development that gives the Dems effective control – albeit at the narrowest of possible margins – of both Houses of Congress. The incoming Biden Administration has pledged itself to both sign an upsized COVID relief package and to reverse President Trump’s policies. Control of Congress is a necessary precondition. Golub said, “This should result in additional stimulus, including the expansion of payments to individuals.”The second point Golub notes as a major supportive event for the markets is the COVID vaccination program. While described the slow progress of the program as “underwhelming,” he adds that as the population of vaccinated individuals grows, economic activity will expand. The chief economic effect of the lockdown policies, in Golub’s view, is “a likely avalanche of pent-up consumer demand [which] cannot be ignored.”Describing that demand, Golub says, “We are going to have the largest stimulative event in the history of the planet in the second half of this year…” The strategist sees now – before the second-half takeoff – as the to buy in. And this brings us back to growth stocks. We’ve used the TipRanks’ database to pinpoint three exciting growth names, according to the analyst community. Each analyst-backed ticker stands to notch more gains on top of its already impressive growth. Innovative Industrial Properties (IIPR)The growing normalization of the cannabis industry in the US has opened up a range of opportunities for forward-looking businesses. Innovative Industrial Properties is one of these. This company is a real estate investment trust with a twist – it focuses on properties in the medical-use cannabis sector.Like most REITs, IIPR acquires, owns, manages, and leases properties – but its target customer base is composed of experiences, state-licensed, medical cannabis operators. The company’s portfolio is made up of industrial greenhouses, leased as growing facilities for medical cannabis providers.The value of this niche is clear from the stock performance. IIPR shares are up 137% over the past 52 weeks. Financial performance has matched the stock performance; revenues have been gaining consistently, quarter over quarter, for the past two years, and in 3Q20, the last reported, hit $34.33 million. That was a 197% year-over-year gain. There was a slight earnings dip in Q1 and Q2 of 2020, during the height of the corona panic, but the company’s Q3 EPS reversed that, and the 86-cent print was up 59% yoy.Piper Sandler analyst Daniel Santos sees momentum building in the cannabis industry, especially now that the Senate has shifted to Democratic control. “COVID has created its own tailwind as states race to fill budget holes with alternative tax sources. While this could lead to more liberal license granting, management seemed confident most states will opt for a limited license program and will favor existing operators - a big boost to IIPR... Strong operator fundamentals and demand from institutional investors may lead to an increased pace in acquisitions," Santos noted.Santos rates IIPR an Overweight (i.e. Buy), and his $250 price target implies an upside of 40% for the next 12 months. (To watch Santos’ track record, click here)Overall, IIPR has 7 recent reviews on record, breaking down to 5 Buys and 2 Holds, giving the stock a Moderate Buy analyst consensus rating. Shares have appreciated quickly recently, and now trade at $178.44. (See IIPR stock analysis on TipRanks)Par Technology Corporation (PAR)Par Technology provides support in the hospitality industry, making software, hardware, support services, and other resources available. PAR’s applications include point-of-sale software, content management, business intelligence, food safety monitoring, sales terminals, and video monitors.PAR’s restaurant segment boasts operations in 110 countries, with over 100,000 user installations. The company also includes a government services segment, with provide computer-based engineering services and system design to the Federal government. PAR is an important contractor of such services with the Department of Defense.This company’s growth has been impressive in the past year. The 52-week gain is 103%, reflecting the necessity of strong online support for PAR’s target customer base as it works to recover from the COVID downturn. Third-quarter 2020 revenues recovered from a modest dip in the first half of the year, and at $54.8 million hit a two-year high.Among the fans is BTIG analyst Mark Palmer, who wrote, “While we expect PAR’s restaurant and retail revenues will grow by about 20% in each of the next three years, we anticipate that its Brink software business will post annual growth in the 40% context during that span… As PAR executes on its transition to a cloud software/SaaS mode, its valuation should grow to better reflect the recurring nature of its subscription-based revenues and the margins associated with its software offerings.”In line with his comments, the 5-star analyst rates PAR a Buy along with an $80 price target. This figure indicates his confidence in a 29% one-year upside to the stock. (To watch Palmer’s track record, click here)PAR has strong backing from the rest of the Street. Barring a single Hold, all 4 other analysts to have published a review over the last 3 months recommend PAR stock as a Buy. (See PAR stock analysis on TipRanks)Maxlinear, Inc. (MXL)The semiconductor sector is a vital industry, and Maxlinear produces chips for a variety of roles: wireless and data center infrastructure, industrial connectivity and IoT apps, cable broadband and WiFi 6 networking. Maxlinear’s products are found in digital TVs, mobile devices, PCs, and netbooks.Semiconductors have been on a tear in recent months, and MXL stock is no exception. The shares are up 81% since this time last January, and that timeframe includes sharp losses last February and March. The shift to remote work and virtual schools has put a premium on fast and reliable connections, which in turn has increased demand for the underlying chipsets. In 3Q20, Maxlinear's top line jumped to $156 million, a 140% sequential gain and a 95% year-over-year gain. The company credits stronger demand for broadband and connectivity products starting 2Q20 as the driver of the gains.Suji DeSilva, 5-star analyst with Roth Capital, is flat-out bullish on this stock, and his commentary makes that clear. “We believe MXL represents a differentiated investment opportunity in broadband and networking RF and mixed-signal opportunities. We believe MXL is seeing continued strong connected home demand boosted by ongoing remote work/learning. We expect MXL’s fundamentals to benefit from acquisition accretion in CY21,” DeSilva opined.DeSilva puts a $50 price target and a Buy rating on MXL shares. His target suggests a one-year upside of 34%. (To watch DeSilva’s track record, click here)All in all, the word on the Street rings largely bullish on this chip maker, with TipRanks analytics demonstrating MXL as a Moderate Buy. The stock has 7 reviews on record, with a 5 to 2 split between Buys and Holds. (See MXL stock analysis on TipRanks)To find good ideas for growth stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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  • Rising Treasury Yields Flash a Warning Sign

    (Bloomberg Opinion) -- U.S. government bond yields have registered some notable moves in the first few days of 2021. Should they continue on their current pace, they risk causing headaches for both policy makers and stock investors because of their underlying drivers.In less than two weeks, the Treasury yield curve has experienced a significant increase in yields in longer-dated bonds, or what is known in financial markets as a “bear steepening.” The yields on 10- and 30-year bonds have risen 20 basis points and 22 basis points, respectively, during this period. The spreads between those maturities and the two-year Treasury bill, on which Federal Reserve policy has a significant influence, have widened significantly — from 80 basis points to 98 basis points for the 10-year and from 152 basis points to 174 basis points for the 30-year.These moves come when Fed policy has continuously sought to repress yields substantially and keep them in a tight trading band. Should the moves continue, they would also challenge some of the strong drivers of funds into equities and other risk assets by reducing their relative attractiveness and by weakening the buy signals issued by models incorporating the discounting of future cash flows. Moreover, their persistence would be concerning for the economic outlook because of their underlying drivers and the potential impact on sectors sensitive to interest rates such as housing.What are those drivers? The recent moves in the U.S. yield curve do not reflect any change, actual or forward looking, in the Fed’s extremely accommodative monetary policy stance. Indeed, the minutes of December’s Federal Open Market Committee meeting, released last week, reiterated that the central bank has no intention of tapering its stimulus any time soon, and when it does, the process will be extremely gradual.Some of the other potential contributors to higher yields, such as increased government default risk or more favorable growth prospects, are also unlikely to be in play. If anything, the Fed’s willingness to expand its balance sheet without limit reinforces the notion that there is a steady and reliable noncommercial buyer of government bonds. Meanwhile, growth prospects have deteriorated in the shadow of the recent spike in infections, hospitalization and deaths related to Covid-19. Already, the monthly U.S. jobs report on Friday reported a loss of 140,000 jobs in December.The Democratic sweep of the two Georgia Senate runoff elections last week has increased the prospect of higher government budget deficits and much more debt financing. But with the Fed not only committed to maintaining its large-scale asset purchases but also open to increasing it and shifting more of the purchases to longer-dated securities, such a prospect should not have an immediate significant impact on yields.The most likely drivers, then, are expectations for higher inflation and more hesitancy on the part of Treasury buyers. The former is supported by moves in inflation break-evens and other inflation-sensitive market segments. The latter is consistent with the considerable market chatter about how government bonds, being so highly repressed by the Fed and facing an asymmetrical outlook for yield moves, are no longer ideal for mitigating risk.An intensification of the recent moves in yield curves in the weeks ahead would be concerning for both policy makers and risk takers in markets. While the Fed is hoping for higher inflation, it wouldn’t  want this to materialize through “stagflation” — that is, even more disappointing growth and higher inflation. The Fed has few tools, if any, to guide the economy out of such an operating environment. This, as well as the hit on corporate earnings from the lack of economic growth, would exacerbate what is already an extremely large disconnect between financial valuations and fundamentals.The most dominant market view at the moment, and it is quasi universal, is that stocks and other risk assets will continue to rise because of the abundant liquidity injections coming from central banks and the allocation of more private funds. After all, central banks show no inclination of moderating their huge stimulus. And investors remain strongly conditioned by a powerful mix that has served them extremely well so far: TINA (there is no alternative to stocks) fueling BTD (buy the dip) behavior in response to even the smallest market selloffs, especially given FOMO (the fear of missing out on the recurrence of impressive market rallies).As valid as these considerations are at this moment of time, they also warrant a close monitoring of the yield curve for U.S. government bonds. A significant continuation of recent trends would challenge the Fed, investors and the economy.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mohamed A. El-Erian is a Bloomberg Opinion columnist. He is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE, the parent company of Pimco where he served as CEO and co-CIO; and chair of Gramercy Fund Management. His books include "The Only Game in Town" and "When Markets Collide."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • These 401(k) millionaires crossed the $1M threshold amid the pandemic. Here’s why.

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  • 5 Things You Might Not Know About Chamath Palihapitiya

    Benzinga readers and investors might know Chamath Palihapitiya best as the "SPAC King" and for his role in the SPAC boom of 2020. Here is more on Palihapitiya and some lesser known facts readers may not know.About Palihapitiya: Born in Sri Lanka, Palihapitiya emigrated to Canada at the age of six.After stints at AOL, Facebook Inc (NASDAQ: FB) and Slack Technologies (NYSE: WORK), Palihapitiya launched The Social + Capital Partnership, a fund to invest in ventures no major companies would fund.Palihapitiya launched Social Capital Hedosophia with Ian Osborne to use the alternative path to traditional IPOs to bring innovative tech companies to the public market. Palihapiya has plans to bring companies public using SPACs named alphabetically from IPOA to IPOZ. Six of the first SPACs have launched, with three closed and one with a pending merger."My ambition is to be our generation's Berkshire Hathaway. It'll be a Berkshire, a holding company that, instead of holding Gillette and Coca-Cola and McDonald's, will hold technology businesses," Palihapitiya told Fortune.Palihapitiya is the chairman of Virgin Galactic Holdings (NYSE: SPCE), and brought Opendoor Technologies (NASDAQ: OPEN) public with IPOB and Clover Health (NASDAQ: CLOV) with IPOC. Social Capital Hedosophia Holdings Corp V (NYSE: IPOE) announced a merger with SoFi last week.Palihapitiya has also invested in SPAC deals involving MP Materials (NYSE: MP), Desktop Metal (NYSE: DM) and INSU Acquisition Corp II (NASDAQ: INAQ) target Metromile.Related Link: Chamath Palihapitiya's IPOD, IPOE, IPOF SPACs: What Investors Should KnowSocial Media Pioneer: Prior to launching Social Capital, Palihapitiya was the most tenured original senior management team member of Facebook. While at Facebook, Palihapitiya held roles helping with mobile and international growth, and had the role of vice president of user growth before departing. While at Facebook, Palihapitiya helped the company grow its user base from 50 million to 700 million.Palihapitiya has been critical of Facebook in recent years and sold all of his stock in 2014. At a Benzinga Boot Camp event, Palihapitiya said Facebook should have gone public earlier, as it could have helped an earlier transition to mobile.Before joining Facebook, Palihapitiya worked at AOL and was responsible for ICQ and AOL Instant Messenger. Palihapitiya was the youngest vice president in AOL history at the age of 26.Big Fan of Poker: The SPAC King is a big fan of poker and has even competed in several World Series of Poker events.Palihapitiya took part in the 2011 main No-Limit Hold'em WSOP event where he placed 101st and won $54,851. In three World Series of Poker events, Palihapitiya has earned $138,701.The investor has also been known to host poker games at his home featuring friends and well-known Silicon Valley investors like David Sacks and Jason Calacanis.Phil Hellmuth, the all-time leading WSOP bracelet holder with 15, has also taken place in the poker games with Palihapitiya. Hellmuth has earned over $15 million in World Series of Poker competitions.Palihapitiya hosts the All-In podcast, named for his love of poker, with Sacks, Calacanis and David Friedberg.Believer in Amazon, Tesla and Bitcoin: Three of the most popular and best performing assets of the last couple years get the seal of approval from Palihapitiya and have more room tor grow.Palihapitiya invested in Tesla Inc (NASDAQ: TSLA) in 2016. Over the years, Palihapitiya has discussed that cars are "only the first wave of growth" for the company. Tesla could become the largest company in the world, according to Palihapitiya.In 2012, Palihapitiya started investing in Bitcoin, buying over $1 million worth off of a friend's recommendation. The investor no longer holds any Bitcoin but is investing in companies that own Bitcoin as its easier to manage shares instead of coins or wallets, according to Palihapitiya.Bitcoin could go to 200,000 in the next five or 10 years, Palihapitiya said in a recent CNBC interview.Amazon Inc (NASDAQ: AMZN) could be worth $3 trillion by 2025, Palihapitiya said in 2016."You get behind these people who have (an) incredibly smart character, who know what they're doing, who aren't going to bend to short-term profits and are just going to drive the train for 10 to 20 years and make the world a better place," Palihapitiya said of Tesla's Elon Musk and Amazon's Jeff Bezos.Fascinated in Wealth Early, Now Pays It Forward: Palihapitiya was fascinated by the Forbes billionaires list at a young age and dreamed of becoming rich one day.Palihapitiya now uses his wealth as a bridge to help others. The investor is known to tip 100% at restaurants as a way of paying it forward and seeing the joy in others from this simple gesture.NBA Owner: In 2011, Palihapitiya became a minority investor in the NBA's Golden State Warriors. He is currently a board member for the team that won the NBA championship in 2015, 2017 and 2018.The Warriors are ranked the third most valuable NBA franchise by Forbes. The value of the team has risen from $363 million in 2011 to $4.3 billion in 2020.Disclosure: Author is long DM, IPOD. Photo credit: Cmichel67 via WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Shopify, Twitch, YouTube And Social Media: Where Bans On Donald Trump Stand * Bitcoin Vs. Tesla: Crypto's Rapid Rise Aims To Top EV Maker's Market Value(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • EV Startup Faraday Said in SPAC Merger Talks to Go Public

    (Bloomberg) -- Faraday & Future Inc., an electric-vehicle startup, is in talks to go public through a merger with Property Solutions Acquisition Corp., a blank-check firm, according to people with knowledge with the matter.The special purpose acquisition company is seeking to raise more than $400 million in equity to support the transaction, which is slated to value the combined entity at around $3 billion, the people said. As with all deals that haven’t been finalized, it’s possible that terms change or talks fall apart.A Faraday spokesman didn’t respond to multiple requests for comment. A Property Solutions representative declined to comment.Los Angeles-based Faraday, led by Chief Executive Officer Carsten Breitfeld, was founded by Jia Yueting, an entrepreneur who in October 2019 filed for bankruptcy in the U.S. after running up billions of dollars in personal debt. His efforts to build a business empire in China spanning interests from streaming to TVs saw him borrowing against pledged shares, leaving him on the hook for $2.3 billion in claims, according to the filing.Jia emerged from bankruptcy after setting up a creditors trust and transferring all of his shares in the electric vehicle company to it, he said in a July statement posted to the electric vehicle company’s website. He said as much as 10% of the trust will go to compensating shareholders in Leshi Internet & Technology Corp., a now delisted unit of his conglomerate, and that he no longer holds any equity in Faraday but remains an employee. Approval of the plan cleared the way for the company to work toward its equity financing targets, the company said.Faraday this month appointed Zvi Glasman, the former chief financial officer of Fox Factory Holdings, as its CFO. It has said its flagship vehicle, known as FF 91, will be available for sale about a year after the close of a successful round of funding.The ranks of automakers seeking to compete with Tesla Inc. in electric vehicles are heavily populated by Chinese startups. Investors were gripped by a mania for all things related to EVs in 2020, boosting Chinese car company Nio Inc.’s valuation above those of General Motors Co. and Ford Motor Co. Xpeng Inc. raised $2.2 billion from a follow-on share sale in December just a few months after its $1.7 billion IPO, and even internet giant Baidu Inc. was getting in as it planned to team up with carmaker Geely Automobile Holdings Inc. to make electric vehicles for the Chinese market.Read More: Tesla’s Dominant Position in China Could Be Threatened Next YearProperty Solutions, led by Chairman and co-CEO Jordan Vogel, raised $230 million in a July 2020 IPO. The company, which has the ability to pursue a combination in any industry, said at inception that it intended to target firms that service the real estate industry, including property technology.Electric-vehicle companies including Nikola Corp. and Fisker Inc. have gone public in recent years by merging with blank-check firms.(Updates with context about Jia and EVs in fifth and seventh paragraphs respectively.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Barron's Picks And Pans: Dividend Aristocrats, Alibaba, GameStop, Walmart And More

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