Baidu Stock (BIDU) showed a remarkable gain as soon as the Apollo Go showed a benefit from China's effort to bring robotaxi to the streets.
Why Is BIDU Moving Higher?
Baidu Stock (BIDU) Surged higher because of the increase in confidence that Baidu's Apollo Go, a leader in the burgeoning robotaxi industry in China, stands to benefit from recent policy developments. Local media reported on a draft of legal regulations on autonomous driving from a Beijing municipal agency. Analysts believe that this draft could facilitate the widespread use of robot axes.
Angus Chan, an auto analyst has observed that Beijing's proposed guidelines are in line with market expectations that the government will provide additional support for the commercial use of self-driving automotive vehicles. He emphasized that Baidu, a prominent company in China's autonomous driving sector, is likely to receive policy support due to its extensive robotaxi trials in numerous cities.
