Chinese software company Baidu (NASDAQ:BIDU) stock rose on the news that its Apollo Go robotaxi and could generate a profit in 2025.
BIDU stock rose 2.3% overnight. It opened this morning at $97.59 per share, a market capitalization of over $34 billion. Shares are down 17% so far in 2024, 33% over the last year.
China’s Waymo
Baidu came to prominence for its search engine, sometimes called “China’s Google,” which still has of that country’s search market. Thus, the robotaxi business might be called “China’s Waymo.”
Waymo robotaxis have been , although one was pulled over in Phoenix recently after by construction zone signage.
Waymo’s success, and China policies approving of robotaxis, have drawn investor interest. Apollo Go is handling in the city of Wuhan alone, one of four markets it’s now serving. Beijing said it will support expanding the service .
Apollo Go has also held talks with Tesla (NASDAQ:TSLA) on . Tesla has integrated Baidu’s maps into its self-driving effort.
But it’s not all clear sailing. Beijing’s draft guidelines mandate having drivers or safety officers on board the taxi can be intercepted remotely. Taxi drivers also complain about . Apollo Go says some on social media have been filing to discredit the company.
In addition, one of Apollo’s robotaxis . Users on social media are taking Baidu’s side because the pedestrian was .
BIDU Stock: What Happens Next?
In addition to Apollo Go, Baidu has a chatbot called Ernie. The company has taken out involving generative AI (GenAI) over the last decade.
The renewed interest in Baidu may not be short-lived.
On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
