Baidu Rockets Higher on Electric Vehicle Plans

Shares of Baidu (NASDAQ: BIDU) surged higher today on rumors that the company is considering entering the electric vehicle (EV) market, according to a report by Reuters. Baidu, which is widely considered to be China's leader in artificial intelligence (AI) and self-driving cars, has reportedly engaged in discussions with automakers about its plans.

Baidu hasn't yet finalized any deals, which could include a majority-owned collaboration with some of the country's leading carmakers or contract manufacturing of EVs. The company has held early talks with a number of Chinese automakers, including Zhejiang Geely Holding Group, Guangzhou Automobile, and China FAW Group.

Baidu's Apollo Go Robotaxi in Cangzhou, China. Image source: Baidu.

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Source Fool.com