Stock Track | Baidu Plummets 5.03% Intraday as China Suspends Autonomous Driving Permits After Robotaxi Outage

Stock Track04-29 14:29

Baidu Group-SW (09888.HK) saw its shares plummet 5.03% during intraday trading on Wednesday, following reports of a significant regulatory setback for its autonomous driving business.

The sharp decline comes after Bloomberg News reported that China has suspended issuing new licenses for autonomous vehicles. This regulatory action was triggered by an incident last month where dozens of Baidu's Apollo Go robotaxis abruptly stopped in Wuhan, stranding passengers and disrupting traffic. According to the reports, the suspension prevents self-driving companies from adding new robotaxis to their fleets, launching new pilot projects, or expanding into additional cities.

Baidu's robotaxi operations in Wuhan have also been suspended as local authorities investigate the outage. The incident has alarmed regulators, who have called for enhanced safety monitoring across the autonomous vehicle industry. This development represents a potential blow to Baidu's ambitions in the autonomous driving sector, which the company has been investing in to diversify its business beyond traditional search and advertising.

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