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

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(CNN) -- 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 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. Neither company said how much money it was committing to the partnership.

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

Investors were encouraged by the news, sending Tencent's stock 3.7% higher in Hong Kong on Wednesday. Shares in Geely 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 supplier Foxconn to make cars for other automakers and consult on electric vehicles.

The flurry of corporate activity comes as competition for next-generation cars heats up in China, the world's largest auto market.

Tesla on Tuesday began rolling out its made-in-China Model Y crossover vehicles. And Volkswagen is taking on Tesla in China with its own electric SUV.

This story was first published on CNN.com.