Chinese tech major Baidu (NASDAQ:BIDU) is taking strides in autonomous ride-hailing. The company has bagged a license in Beijing for test-driving completely driverless vehicles on public roads. The test vehicles will have no driver or a safety operator.
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The company is also tripling the size of its driverless robotaxi operation area in Wuhan while also boosting its fleet and operating hours. The developments mean a significant step in the company’s goal to have 200 completely driverless robotaxis in China next year.
Moreover, its Apollo Go platform already covers 230 square kilometers in Wuhan and Baidu has amassed over 40 million kilometers of L4 autonomous driving test mileage.
Impressively, Baidu now has the distinction of holding the maximum autonomous driving patents in the world for the last four years.
The Street has a Moderate Buy consensus rating on Baidu alongside an average price target of $150.95. This points to a 30.77% potential upside in the stock.
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