Baidu Goes Aggressive On Robotaxi Launch To Diversify

Baidu Inc BIDU aims to launch its driverless taxi service in 100 cities by 2030, CNBC reports. Users can hail an autonomous car via an app.
Currently, Baidu operates its Apollo Go robotaxi service in five Chinese cities. Baidu looks to expand Apollo Go to 65 cities by 2025 and then 100 cities by 2030.
Analysts see Baidu's investment in autonomous driving as a multi-billion dollar business for the tech giant in the future.
Baidu still earns the majority of its revenue from advertising. However, Baidu's ad spending was affected by a slowdown in China's economic growth. It sees the headwind to continue in the near term.
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Price Action: BIDU shares traded lower by 2.67% at $157.50 in the premarket session on the last check Thursday.