Baidu’s (BIDU) robotaxi unit, Apollo Go, could be planning to expand into international markets in the “near future,” according to a CNBC report. In recent years, regulators in Beijing and other Chinese cities like Wuhan have moved from only allowing internal testing of robotaxis to permitting the commercial operation of self-driving taxis.
Baidu’s Apollo Go Operates in Multiple Chinese Cities
Earlier this year, Baidu reported that Apollo Go had facilitated over 7 million robotaxi rides. The Chinese tech company first launched its Apollo Go service in 2021, which has rapidly expanded to multiple cities, including Beijing, Shanghai, and Wuhan. In fact, Wuhan is Apollo Go’s largest operating region in China.
Users of Apollo Go can hail self-driving taxis through a smartphone app, with some locations offering rides without safety drivers onboard. Chinese regulations stipulate that a human staff member should be present inside the vehicle, which means that not all cars are fully autonomous.
Looking ahead, Baidu has ambitious plans for Apollo Go and is targeting operations in 65 cities by 2025 and 100 cities by 2030.
Baidu’s CFO Switches Roles
Meanwhile, in a separate announcement on Tuesday, Baidu revealed that its CFO, Rong Luo, would transition to the role of EVP of the company’s mobile ecosystem unit. Junjie He, the former head of the mobile unit, will step in as interim CFO. Baidu termed these changes as part of a “management rotation.”
Is BIDU a Good Stock to Buy?
Analysts remain bullish about BIDU stock, with a Strong Buy consensus rating based on 11 Buys and three Holds. Over the past year, BIDU has declined by more than 15%, and the average BIDU price target of $128.75 implies an upside potential of 25.2% from current levels.
