tl;dr
Tesla (NASDAQ:TSLA) is moving forward with its self-driving technology plan in China, reaching an agreement with Baidu (NASDAQ:BIDU) to access the local search giant's mapping license for data collection on Chinese roads, Reuters reported. Baidu (BIDU) is expected to also provide its lane-level navi...
Tesla (NASDAQ:TSLA) is moving forward with its self-driving technology plan in China, reaching an agreement with Baidu (NASDAQ:BIDU) to access the local search giant's mapping license for data collection on Chinese roads, Reuters reported. Baidu (BIDU) is expected to also provide its lane-level navigation system to Tesla (TSLA), according to people familiar with the deal. The agreement was a result of Tesla (TSLA) CEO Elon Musk's visit to China, where he met with Chinese Premier Li Qiang and other officials, just over a week after the billionaire cancelled his planned India trip citing "very heavy Tesla obligations." In China, Musk also reportedly sought approvals for the launch of Tesla (TSLA) driver assistance system - Full Self Driving - in China and permissions to transfer local data abroad. China requires that all driving assistance systems obtain a mapping service license before operating on public roads in the country. To get this license, foreign companies need to partner with any of the dozen local firms that are licensed. Baidu (BIDU) is one of the companies that's licensed. This license would legally allow Tesla (TSLA) to operate its FSD software on Chinese roads, and gather data on road layouts and nearby buildings. It is not immediately clear if the collected data will belong to Tesla or Baidu (BIDU), the report noted. Baidu (BIDU) and Tesla (TSLA) already have a partnership, under which the automaker's vehicles use the Chinese company's navigation map in China. The introduction of FSD in China would be a significant step as competition among EV makers in the market continues to heat up. Musk recently said Tesla (TSLA) may bring FSD to China "very soon."
More about Tesla Inc
Company: Tesla Inc
Industry: Manufacturing, Motor Vehicles & Passenger Car Bodies
Market Cap: 536.71 billion
Current Price: $643.15
Dividend Yield: None
P/E Ratio: 3.9
52-Week High: $900.40
52-Week Low: $273.26
Price/Book: 0.144
Revenue: 94.75 billion
EPS: 179.47
Return on Equity: -0.534
Return on Assets: -0.087
More about Baidu Inc
Baidu Inc
Baidu, Inc. provides Internet search services primarily in China. The company is headquartered in Beijing, China.
Sector: Technology
Industry: Services-Computer Programming, Data Processing, etc.
Market Cap: 361.59 billion
Price: $13.21
Dividend Yield: None
P/E Ratio: 7.61
EPS: $383.61
Beta: 0.151
Volume: 134,598,001
Revenue: $157.55 billion
Net Income: -0.572
Profit Margin: 0.057
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