China’s Baidu wants to launch its driverless robotaxi service in 100 cities by 2030

- Advertisement -


  • Baidu plans to launch its driverless taxi service in 100 cities by 2030, as the Chinese search giant seeks to diversify its business beyond advertising.
  • The company wants to expand Apollo Go to 65 cities by 2025 and then to 100 cities by 2030, Baidu CEO Robin Lee said in an internal letter that was made public.
  • Baidu’s driverless car announcement came after the company reported revenue of 31.92 billion yuan ($4.95 billion) for the third quarter, ahead of market expectations.

- Advertisement -

GUANGZHOU, China – Baidu plans to launch its driverless taxi service in 100 cities by 2030, as the Chinese search giant seeks to diversify its business beyond advertising.

- Advertisement -

Currently, Baidu operates its Apollo Go robotics service in five Chinese cities. Users can hail an autonomous car through an app.

The company wants to expand Apollo Go to 65 cities by 2025 and then to 100 cities by 2030, Baidu CEO Robin Lee said in an internal letter that was made public.

- Advertisement -

The pace of Baidu’s expansion plan highlights the company’s investment in autonomous driving, an area analysts see as a future multi-billion dollar business for the tech giant.

Baidu’s earnings report

Baidu’s driverless car announcement came after the company reported revenue of 31.92 billion yuan ($4.95 billion) for the third quarter, ahead of market expectations.

However, Li warned that the slowdown in China’s economic growth has affected advertising spending, especially in sectors including education and real estate. Baidu still earns most of its revenue from advertising.

“We expect this headwind to continue in the near term,” the CEO said on Wednesday’s earnings call.

Baidu’s Hong Kong-listed shares fell more than 8% on Thursday following the numbers.

To diversify its business, Baidu has invested in sectors ranging from semiconductors to electric vehicles and autonomous driving.

Baidu isn’t building cars but is behind driverless technology in vehicles. The company has partnered with various Chinese automakers to expand its robotics fleet.

Read more about electric vehicles from Businesshala Pro

Morgan Stanley doubts red-hot Lucid, says EV stock could drop 70%

Want on the Electric Vehicle Boom? This Battery ETF Is Up 100% This Year

Bank of America raises price target for three EV stocks, Tesla shares could climb 17%

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox