Stock Track | Baidu Plunges 5.68% in Pre-market as China Suspends Autonomous Driving Permits After Robotaxi Outage

Stock Track04-29 16:10

Baidu's stock experienced a pre-market plunge of 5.68% on Wednesday, reflecting significant investor concern over recent regulatory developments.

The sharp decline follows reports that China has suspended issuing new licenses for autonomous vehicles after dozens of Baidu's Apollo Go robotaxis suddenly stopped in Wuhan last month, stranding passengers and disrupting traffic. The regulatory halt prevents self-driving companies from adding new robotaxis to their fleets, launching new pilot projects, or expanding into additional cities.

Authorities were alarmed by the incident and convened a meeting earlier this month to order local governments to conduct self-inspections and strengthen safety oversight. While other robotaxi firms reported normal operations, Baidu's robotaxi operations in Wuhan have been suspended pending investigation into the outage, marking a significant setback for the company's autonomous driving ambitions.

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