Baidu Takes on Tesla, Secures License To Test Self-Driving Tech in Hong Kong
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 02 2024
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Source: Benzinga
Baidu's Autonomous Vehicle License: Baidu, Inc. has received a Hong Kong license to test autonomous vehicles, marking the first pilot license since new legislation was enacted in March 2024. The license allows for one self-driving car to operate on designated roads from December 9, 2024, to December 8, 2029.
Financial Performance and Expansion Plans: Despite a 3% revenue decline in the fiscal third quarter, Baidu's earnings exceeded analyst expectations. The company aims to expand its Apollo Go robotaxi service to multiple regions, including Hong Kong and Singapore, while facing challenges such as U.S. semiconductor sanctions and a weak economy.
Analyst Views on WRD
Wall Street analysts forecast WRD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for WRD is 14.77 USD with a low forecast of 12.00 USD and a high forecast of 17.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 9.050
Low
12.00
Averages
14.77
High
17.00
Current: 9.050
Low
12.00
Averages
14.77
High
17.00
About WRD
WeRide Inc is a holding company mainly engaged in the commercialization of autonomous driving technology. The Company mainly operates three businesses. The company sells autonomous driving vehicles, primarily including robobuses, robotaxis and robosweepers, and related sensor suites. The Company provides autonomous driving related operational and technical support services. The Company also offers other technology services, including advanced driver-assistance system (ADAS) research and development services, and intelligent data services. The Company's autonomous driving products and solutions are available in multiple countries including China, the United Arab Emirates, Saudi Arabia, Switzerland, France, Singapore and Japan.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
