By Jiahui Huang
Baidu's shares rose after the Chinese tech company said it is working with Uber to deploy robotaxi services around the world.
The company's shares rose 3.0% in Hong Kong to 90.35 Hong Kong dollars, equivalent to US$11.51, on Wednesday morning, outperforming the Hang Seng Index's 0.6% gain.
The gains came after Baidu said late Tuesday that it will collaborate with Uber under a multiyear strategic partnership, deploying thousands of Apollo Go robotaxis on the Uber platform across global markets outside of the U.S. and mainland China.
The first deployments are expected in Asia and the Middle East later this year.
Baidu's Apollo Go boasts the largest fleet among Chinese robotaxi companies, with more than 1,000 cars in operation globally. While China is its main market, Apollo Go recently disclosed plans to expand in the Middle East.
Peers WeRide and Pony AI have also teamed up with Uber on deployment of robotaxis in the Middle East.
Goldman Sachs analysts said in a recent note that they remain positive on the robotaxi industry's growth partly due to advancements in technology.
The bank raised its estimates for the Chinese robotaxi industry's total addressable market size by 9%-35% for 2026 to 2035. Goldman Sachs projects the market to grow to $14 billion by 2030.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
07-15-25 2305ET
