Shares of Chinese technology major Baidu (NASDAQ:BIDU) are rising today after the company bagged the first-ever permits to offer completely driverless taxi services in Beijing.
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With this win, the company now offers completely driverless robo taxis in three Chinese cities. Baidu’s taxi platform Apollo Go will now deploy 10 driverless taxis in the Beijing Yizhuang Economic Development Zone.
Further, Baidu has amassed over 50 million kilometers of testing mileage on level 4 autonomous driving and already holds more than 4,600 patent families associated with driverless technology.
Apollo Go has provided more than two million rides as of the end of January 2023 and Baidu is endeavoring to set up the largest completely driverless ride-hailing area in the world this year.
Overall, the Street has a consensus price target of $184.21 on BIDU implying a 28.9% potential upside in the stock. Shares of the company have now climbed nearly 16% so far this year.
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