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Investing.com-- Baidu’s Hong Kong-listed shares rose on Wednesday after the Chinese internet giant said it was partnering with ride hailing app Uber (NYSE:UBER) to deploy robotaxis across the globe.
Baidu Inc (HK:9888) shares rose as much as 4% to HK$92.10, underpinning gains on the Hang Seng index. But they trimmed some intraday gains to trade around HK$89.15 by the midday break.
Baidu’s U.S. shares (NASDAQ:BIDU) surged over 8% on Tuesday. The company also benefited from improving sentiment towards Chinese internet companies, after Nvidia (NASDAQ:NVDA) said it will resume sales of a key artificial intelligence chip in the mainland.
Baidu and Uber will deploy thousands of the former’s Apollo Go autonomous vehicles across several international markets outside the U.S. and mainland China, the companies said in a joint statement on Tuesday.
The first rollouts will be in parts of Asia and the Middle East later this year.
The venture will allow Baidu to deploy its fleet of over 1,000 autonomous vehicles on Uber’s massive ride-hailing network, and comes amid a race among major tech companies to capitalize on increasing interest in robotaxis.
Uber has already partnered with several other autonomous vehicle companies, include Google-backed Waymo and China’s Pony AI. The ride hailing giant had in June partnered with Waymo to launch robotaxi services in Atlanta.
Baidue has been operating its robotaxi service in several Chinese cities since 2022, and has repeatedly signaled that it plans to expand the service locally and abroad.