Baidu Takes on Tesla, Secures License To Test Self-Driving Tech in Hong Kong

Anusuya Lahiri

December 02, 2024

On Saturday, Baidu, Inc (NASDAQ:BIDU) obtained a Hong Kong license to test autonomous vehicles in the city. This is the government’s first pilot license since the launch of new legislation in March 2024.

The license, valid from December 9, 2024, to December 8, 2029, permits only one self-driving car to operate on specified road sections at a time in its first phase, marking the company’s attempts to expand its autonomous vehicle technology beyond China, Reuters reports.

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Baidu’s Apollo International unit can conduct a trial of 10 autonomous vehicles in the North Lantau area, Bloomberg cites Hong Kong’s Transport Department.

Apollo Go targets the expansion of AI and autonomous driving technology to more countries and regions, Bloomberg cites an Apollo Go spokesperson.

Baidu’s autonomous ride-hailing arm, Apollo Go, launched an affordable robotaxi model in May and aims to break even by 2025. According to prior reports, Baidu plans to expand its robotaxi service to Hong Kong, Singapore, and the Middle East.

Baidu reported fiscal third-quarter revenue decline of 3% to $4.78 billion, above the analyst estimate of $4.69 billion.

Baidu’s adjusted earnings per ADS of $2.37 topped the consensus estimate of $2.35.

Tesla Inc (NASDAQ:TSLA) held its robotaxi event in October 2024. Meanwhile, Chinese robotaxi developer WeRide Inc (NASDAQ:WRD) revealed a new partnership with Uber to bring its vehicles to the ride-hailing platform in Abu Dhabi.

Baidu stock plunged over 26% year-to-date as it battled a weak economy, U..S. semiconductor sanctions on China with the domestic fiscal stimulus failing to impress the Street.

Investors can gain exposure to Baidu through Managed Portfolio Series Tremblant Global ETF (NYSE:TOGA) and Roundhill Ball Metaverse ETF (NYSE:METV).

Price Action: BIDU stock traded higher by 0.66% to $85.61 premarket at the last check on Monday.

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Photo via Wikimedia Commons

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