Baidu Inc BIDU shares are trading higher on Tuesday. The company announced plans to build the world's largest fully driverless ride-hailing service area in 2023.
What To Know: During the company's autonomous driving tech event, Baidu announced plans to expand the operation area for its fully driverless robotaxis, allowing the company to reach more potential customers.
Baidu also revealed a series of new technological advancements including an AI model built for autonomous driving perception, autonomous driving maps, a closed-loop autonomous driving data system and AI chips for autonomous vehicles.
What Else: Baidu shares are also trading higher amid hopes that protests in China could spark an easing of COVID restrictions.
A Chinese official said authorities will continue to adjust policies to reduce the impacts of current restrictions, per Reuters.
A separate report indicates that Beijing has started to pare back COVID restrictions. A local official in the capital reportedly said restrictions imposed to identify those infected shouldn't exceed 24 hours. Beijing also plans to ramp up vaccination efforts among the elderly. Xinjiang officials noted that they will lift lockdowns in designated areas as soon as possible.
BIDU Price Action: Baidu has a 52-week high of $171.87 and a 52-week low of $73.58.
The stock was up 6.33% at $100.64 at time of publication, according to Benzinga Pro.
Photo: Automobile Italia from Flickr.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.