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Baidu (BIDU) Gets Approval for Commercialization Tests in Cangzhou
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Baidu, Inc. (BIDU - Free Report) is leaving no stone unturned to bolster presence in the autonomous driving space.
The company recently received permission from the Cangzhou government to charge passengers for robotaxi rides.
For now, it has received such approval for only 35 robotaxis. Though the rates for the rides are not disclosed yet, the company may offer discounts to lure customers.
In addition to the above commercialization license, Baidu has also received an approval to conduct driverless tests in Cangzhou for 10 vehicles.
Last year, the company was already permitted to conduct driverless tests in Changsha and Beijing.
This makes Baidu the only company in China to test driverless vehicles within the city of Cangzhuo.
The recent development marks a significant milestone for the company. This is in line with its strategy of accelerating the use of smart vehicles in China and shaping the future of smart mobility globally.
In the past few years, Baidu has been making considerable progress in the self-driving space. Its major self-driving project called Apollo focuses on utilizing the Chinese tech heavyweight’s strength in artificial intelligence to build a collaborative driverless car ecosystem.
Last August, Baidu opened the Apollo Go Robotaxi service in the downtown areas of Cangzhou. These robotaxis can perform all important functions that include assessing traffic conditions, changing lanes when required and employing automatic avoidance to encounter aggressive overtaking by other vehicles. Also, these are electric vehicles that contribute to environmental protection by reducing carbon emissions.
Further, last year, it revealed that its fleet of autonomous vehicles covered a distance of 2 million kilometers in urban road environments. In addition, the company has taken 438 new autonomous driving patents, thereby expanding its share in the self-driving space.
Moreover, Baidu has received permission for five autonomous driving tests from the Beijing Municipal Commission of Transport. This has given it the permission to test vehicles in real-time traffic conditions.
These developments are likely to aid the company in rapidly penetrating the self-driving market, wherein safety and the prevention of accidents are most important.
Wrapping Up
Immense growth opportunities in this autonomous vehicle market are luring enough to attract other tech giants like Alphabet (GOOGL - Free Report) , Apple (AAPL - Free Report) and Amazon (AMZN - Free Report) , among others, which are also leaving no stone unturned to grab a piece of this market pie.
Undoubtedly, the autonomous driving space will witness more innovation over the next few years, both by technology companies and automakers, including smaller startups.
Per Grand View Research, this market is projected to witness a CAGR of 63.1% between 2021 and 2030. Further, per Zion Market Research, the market is expected to witness a CAGR of 25.7% between 2018 and 2024, and hit $26.58 billion by 2024.
It’s not surprising that Baidu wants to make a bigger splash in the self-driving space and turn open source Apollo platform into a global initiative. Currently, Baidu's Apollo has more than 210 partners around the world.
The latest developments will surely speed up the company’s efforts in this space.
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Image: Bigstock
Baidu (BIDU) Gets Approval for Commercialization Tests in Cangzhou
Baidu, Inc. (BIDU - Free Report) is leaving no stone unturned to bolster presence in the autonomous driving space.
The company recently received permission from the Cangzhou government to charge passengers for robotaxi rides.
For now, it has received such approval for only 35 robotaxis. Though the rates for the rides are not disclosed yet, the company may offer discounts to lure customers.
In addition to the above commercialization license, Baidu has also received an approval to conduct driverless tests in Cangzhou for 10 vehicles.
Last year, the company was already permitted to conduct driverless tests in Changsha and Beijing.
This makes Baidu the only company in China to test driverless vehicles within the city of Cangzhuo.
The recent development marks a significant milestone for the company. This is in line with its strategy of accelerating the use of smart vehicles in China and shaping the future of smart mobility globally.
Baidu, Inc. Price and Consensus
Baidu, Inc. price-consensus-chart | Baidu, Inc. Quote
Baidu Expands Efforts in This Space
In the past few years, Baidu has been making considerable progress in the self-driving space. Its major self-driving project called Apollo focuses on utilizing the Chinese tech heavyweight’s strength in artificial intelligence to build a collaborative driverless car ecosystem.
Last August, Baidu opened the Apollo Go Robotaxi service in the downtown areas of Cangzhou. These robotaxis can perform all important functions that include assessing traffic conditions, changing lanes when required and employing automatic avoidance to encounter aggressive overtaking by other vehicles. Also, these are electric vehicles that contribute to environmental protection by reducing carbon emissions.
Further, last year, it revealed that its fleet of autonomous vehicles covered a distance of 2 million kilometers in urban road environments. In addition, the company has taken 438 new autonomous driving patents, thereby expanding its share in the self-driving space.
Moreover, Baidu has received permission for five autonomous driving tests from the Beijing Municipal Commission of Transport. This has given it the permission to test vehicles in real-time traffic conditions.
These developments are likely to aid the company in rapidly penetrating the self-driving market, wherein safety and the prevention of accidents are most important.
Wrapping Up
Immense growth opportunities in this autonomous vehicle market are luring enough to attract other tech giants like Alphabet (GOOGL - Free Report) , Apple (AAPL - Free Report) and Amazon (AMZN - Free Report) , among others, which are also leaving no stone unturned to grab a piece of this market pie.
Undoubtedly, the autonomous driving space will witness more innovation over the next few years, both by technology companies and automakers, including smaller startups.
Per Grand View Research, this market is projected to witness a CAGR of 63.1% between 2021 and 2030. Further, per Zion Market Research, the market is expected to witness a CAGR of 25.7% between 2018 and 2024, and hit $26.58 billion by 2024.
It’s not surprising that Baidu wants to make a bigger splash in the self-driving space and turn open source Apollo platform into a global initiative. Currently, Baidu's Apollo has more than 210 partners around the world.
The latest developments will surely speed up the company’s efforts in this space.
Zacks Rank
Baidu currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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