Wednesday, November 6

Tag: Baidu Inc

China’s Baidu Tests Self-Driving Cars on Expressway
CHINA

China’s Baidu Tests Self-Driving Cars on Expressway

China’s search engine major, Baidu Inc. on Thursday tested its two self-driving cars on an unused expressway in north China's Tianjin City. As informed by the company, this was the very first time for Baidu's automated cars to be tested on the Tangshan-Langfang expressway which is scheduled to open later this year. The trial run conducted will enable developers to collect data on the car's performance in sensing the environment and self-control and positioning, a senior engineer with within the road test team said. Meanwhile, the Chinese giants have been quietly testing vehicles in China and trying to take over Silicon Valley tech giants. The companies battling a head-on competition with each other include Baidu, Tencent and Alibaba, all of which are investing heavily in the technolo...
China’s Baidu to sell majority of financial services unit for $1.9 bn
CHINA

China’s Baidu to sell majority of financial services unit for $1.9 bn

China's search engine major, Baidu Inc has raised more than $1.9 billion for its maiden spun off financial service division from TPG Capital Management LP and Carlyle Group LP as it seeks funding to take on established fintech firms in China. The deal has come in the wake of a scenario where China's government is tightening regulations on the loans market to rein in shadow banking and push banks to cut bad debt. The investment will give Baidu a much-needed push to narrow down the leads that its contenders Tencent Holdings Ltd and Alibaba Group Holding Ltd. have grabbed in the financial landscape and will also help it expand beyond its core internet search business.   Robin Li, Baidu Chief Executive Officer said, I feel proud to see the financial unit has graduated. This i...