Baidu shares jump after announcing autonomous vehicle deal with Uber

Investing.com -- Baidu shares rose sharply Tuesday after the Chinese tech giant unveiled a multi-year global partnership with Uber (NYSE: UBER) to deploy its Apollo Go autonomous vehicles outside the U.S. and mainland China.

The agreement will see thousands of Baidu’s fully driverless vehicles integrated into the Uber platform across multiple international markets, with the first deployments expected later this year in Asia and the Middle East.

The companies said that riders in select regions may have the option to request trips fulfilled by Baidu’s autonomous vehicles.

“This partnership brings together two of the world’s most iconic technology companies to help shape the future of mobility,” said Uber CEO Dara Khosrowshahi in a joint company statement.

“As the world’s largest platform of its kind, Uber is uniquely positioned to help AV leaders like Baidu (NASDAQ: BIDU) bring their autonomous technology to the world.”

Baidu’s Apollo Go currently operates over 1,000 fully driverless vehicles across 15 cities globally, including in Dubai and Abu Dhabi. The company says it has completed more than 11 million public rides as of May.

Robin Li, Co-founder, Chairman, and CEO of Baidu, called the Uber agreement “a major milestone in deploying our technology on a global scale,” adding, “We are committed to bringing the benefit of autonomous driving technology to more people in more markets.”

The deal is aimed at expanding autonomous mobility access and bolstering ride supply on Uber’s global network.

Shares of Baidu surged over 7% at the open following the news.

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