Baidu Considers Collaboration with Tesla on Robotaxi Technology in China, Stock Up 1%

May 15, 2024, 02:20 PM

Baidu is considering collaborating with Tesla on robotaxi technology in China, according to the Shanghai Securities Journal. Baidu's robotaxi unit expects to turn profitable in Wuhan by 2025, with the unit cost of its 6th generation robotaxi reduced by more than 50% from the previous generation. Baidu's stock ($BIDU) is up 1% in the pre-market session following the announcement. Tesla's Full Self-Driving (FSD) Robotaxi technology is set to be unveiled on August 8, 2024. Baidu's 6th Gen robotaxi is now part of the Apollo Go fleet in Wuhan, ready for large-scale deployment. The projection comes as Elon Musk has emphasized his plans to build up Tesla's robotaxi efforts amid a decline in revenue.