Uber Technologies will partner with Chinese internet search leader Baidu to offer robotaxis in several markets outside of the U.S. and China this year, the companies announced Tuesday. Uber stock fell following the news while U.S.-listed Baidu stock rallied.
Baidu will deploy thousands of its Apollo Go autonomous vehicles on Uber's platform, according to the announcement. The companies expect the deployments of the AVs to begin later this year in Asia and the Middle East.
Baidu's fleet of 1,000 driverless vehicles has completed more than 11 million cumulative rides as of May. That makes it the largest global provider of robotaxi services, the company said. The Alphabet-owned Waymo had completed 10 million rides as of late May.
While some investors see robotaxis as a risk to Uber's ride-hailing business, the San Francisco-based firm has been aggressive about partnering up with developers of the technology.
Uber has partnered with Waymo to offer its robotaxis to Uber users in Austin and Phoenix, with an Atlanta partnership launching soon.
The ride-hailing company also has announced partnerships with AV developers such as Pony AI, WeRide, May Mobility, Volkswagen and Avride, which is part of Nebius Group.
"This partnership brings together two of the world's most iconic technology companies to help shape the future of mobility," Uber Chief Executive Dara Khosrowshahi said in a news release. "As the world's largest platform of its kind, spanning mobility, delivery, and freight, Uber is uniquely positioned to help AV leaders like Baidu bring their autonomous technology to the world."
On the stock market today, Uber stock fell 1.8% to close at 92.17. U.S.-listed Baidu shares, meanwhile, rose 8.7% to close at 93.30. Baidu stock also benefited from news Nvidia will be able to sell an AI computing chip in China.
Uber Stock: Up 53% This Year
Uber stock has gained 53% so far in 2025, significantly outperforming the S&P 500.
Shares have bounced back from concerns about autonomous vehicles that sent Uber stock slumping late last year. Uber broke out above a flat base buy point at 93.60 on June 26 and has mostly hovered near that level since.
Uber reports second quarter results on Aug. 6.
Baidu, meanwhile, has traded mostly flat this year, prior to Tuesday's jump. While Baidu has invested significantly in a bid to be an AI leader in China, concerns about the search giant's advertising business have weighed on shares.
