Shares of Baidu (NASDAQ: BIDU) were up in pre-market trading on Tuesday as the Chinese artificial intelligence (AI) company on Tuesday announced plans to build the world’s largest autonomous ride-hailing service area in 2023 in China.
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The company made this announcement at its autonomous driving tech event, Apollo Day. Currently, Baidu’s autonomous ride-hailing platform Apollo Go is available in more than 10 cities in China.
In the third quarter, Apollo Go completed more than 474,000 rides, up 311% year over year.
By the end of the third quarter, Apollo Go provided accumulated rides of 1.4 million.
Analysts are cautiously optimistic about BIDU with a Moderate Buy consensus rating based on 11 Buys and six Holds.