China Accelerates Autonomous Driving, Approves Limited Road Access For Advanced Vehicles
Portfolio Pulse from Anan Ashraf
China's Ministry of Industry and Information Technology has announced that select vehicles with level 3 or 4 autonomous driving functions qualified for mass production will be allowed to pilot on roads in limited areas. This move is part of China's investment in upgrading its highway system to support autonomous driving, with 1.6 trillion yuan allocated in 2022 for highway upgrades. Baidu Inc (NASDAQ:BIDU) has already received approval for its robotaxi fleets in several Chinese cities.
November 20, 2023 | 10:30 am
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Baidu Inc has been approved to operate its robotaxi fleets in designated areas in Chinese cities, aligning with China's push for autonomous driving infrastructure.
The approval for Baidu's robotaxi fleets in China is a positive development for the company, indicating progress in its autonomous driving initiatives. As China invests heavily in infrastructure to support autonomous vehicles, Baidu is well-positioned to benefit from these developments. This news is likely to be viewed positively by investors and could lead to a short-term increase in BIDU's stock price.
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