Finance
Baidu’s robotaxi unit is exploring expansion into global markets in the ‘near future’
Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles.
Baidu
BEIJING — Chinese tech company Baidu‘s robotaxi unit, Apollo Go, is in talks with several firms to expand into overseas markets in the “near future,” according to a source familiar with the matter.
No details on timing or regions were available.
Baidu is one of the major operators of robotaxis in China. Regulators in parts of Beijing and cities such as Wuhan — Apollo Go’s largest operating region — have allowed companies to commercially operate self-driving taxis after years of just permitting internal testing.
Tesla is scheduled to hold its widely anticipated robotaxi event on Thursday.
WeRide, another Chinese robotaxi developer, in late September announced a deal to integrate its cars onto ride-hailing giant Uber‘s platform in Abu Dhabi this year. The statement said the companies did not plan on similar partnerships in the U.S. or China.
In July, BYD and Uber announced they would develop “autonomous-capable vehicles” for the ride-hailing company’s platform. They did not share details.
Robotaxi rides in China operated by Baidu and companies such as Pony.ai are generally highly subsidized by the companies to encourage their usage. Local regulation sometimes requires a human staff worker to sit inside the car, meaning not all the vehicles are fully autonomous.
Baidu said as of late July, Apollo Go had operated more than 7 million robotaxi rides.
Separately, Baidu on Tuesday announced Rong Luo would no longer serve as its CFO, and instead become executive vice president overseeing the company’s mobile ecosystem unit. Junjie He, former head of the mobile unit, will become interim CFO, the company said. Baidu described the changes as part of a “management rotation.”
Money manager John Davi is positioning for challenges tied to President-elect Donald Trump’s tariff agenda.
Davi said he worries the new administration’s policies could be “very inflationary,” so he thinks it is important to choose investments carefully.
“Small-cap industrials make more sense than large-cap industrials,” the Astoria Portfolio Advisors CEO told CNBC’s “ETF Edge” this week.
Davi, who is also the firm’s chief investment officer, expects the red sweep will help push a pro-growth, pro-domestic policy agenda forward that will benefit small caps.
It appears Wall Street agrees so far. Since the presidential election, the Russell 2000 index, which tracks small-cap stocks, is up around 4% as of Friday’s close.
Davi, whose firm has $1.9 billion in assets under management, also likes staying domestic despite the tariff risks.
“We’re overweight the U.S. I think that’s the right playbook in the next few years until the midterms,” added Davi. “We have two years of where he [Trump] can control a lot of the narrative.”
But Davi plans to stay away from fixed income due to challenges tied to the growing budget deficit.
“Be careful if you own bonds for sure,” said Davi.
Since the election, the benchmark 10-year Treasury yield is up 3% as of Friday’s close.
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