The Future Fund Managing Partner Gary Black highlighted key metrics from Baidu Inc.'s
What Happened: Black emphasized three critical developments: the service's transition to 100% fully driverless operations with no remote operators, a cumulative total of 9 million robotaxi rides, and Baidu's groundbreaking entry into Hong Kong as the first ride-hailing operator permitted to test its autonomous platform there.
The Hong Kong expansion in November marks Baidu's first venture into a right-hand drive, left-hand traffic market, demonstrating the platform's adaptability to different driving environments.
During the earnings call, CEO Robin Li underscored the company's decade-long investment in autonomous driving technology, noting that Apollo Go operates in "one of the most challenging environments" due to complex traffic conditions in China.
The company deploys its sixth-generation autonomous vehicle, the RT6, specifically designed for robotaxi operations.
Why It Matters: Baidu plans to accelerate its growth through an asset-light approach, partnering with mobility service providers and local entities for efficient scaling. This expansion comes as the company competes with Tesla Inc.
The robotaxi milestone accompanied Baidu's broader fourth-quarter results, where the company reported revenue of $4.68 billion, exceeding analyst estimates despite a 2% year-over-year decline. The company's AI Cloud business showed particular strength, growing 26% during the quarter.
