As a leader in electric vehicles, Tesla is pursued by other emerging electric vehicle manufacturers and established car makers. An electric vehicle company, backed by a leading search engine in China, recently announced that it intends to overtake Tesla one day. Jidu Auto is an electric car company, namely Baidu and Geely Automobile Holding. The company has an ambitious development goal in the field of electric vehicles and become a leader in the autonomous driving market.
At a recent partner conference in Shanghai, Baidu CEO Robin Li predicted the company’s dominance of autonomous driving with the ROBO-01, Teslarati reports. Li said the company’s autonomous driving technology will overtake Tesla a generation, according to the report. “When it comes to smart cars, we believe electrification is the midpoint and intelligence is the foundation,” said Li. Baidu’s CEO also said Jidu Auto could become the standard for smart cars. The key features of ROBO-01 include integrated 3D screen, butterfly door, intelligent offline voice assistant and zero gravity seat.
The Jidu Auto, launched in March 2021, consists of vehicles built on the Geely Sustainable Experience Architecture platform and equipped with Baidu autonomous driving technology. Jidu Auto plans to deliver 800,000 robot cars by 2028. The company’s first production model is expected to hit the market at the end of 2022. A second production model could be presented at the auto show later in 2022.
Tesla plans to mass-produce robotic taxis by 2024
As Teslarati notes, the full beta of Tesla Autonomous Driving is not yet available in China, which could give Baidu an advantage in autonomous driving and make it difficult to compete with Tesla on the road. Baidu recently highlighted that it is the only company in China to offer completely maintenance-free robotaxi services without a driver in the car. China is the first country in the world to allow fully unattended robotaxi services, with two megacities among the first markets.
Geely, backed by Warren Buffett’s Berkshire Hathaway, is one of the largest electric vehicle companies in the world and has been named by some publications as the company that outperformed Tesla in producing electric vehicles when it comes to plug-in vehicles. Beating Tesla in an EV race can be a daunting task, but Baidu seems confident he can at least build better robotaxi vehicles in the future. The race for electric and autonomous vehicles is gaining momentum, with most companies comparing themselves to Tesla.
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Baidu can give Tesla an uphill battle
The Chinese search engine Baidu presented an autonomous vehicle (AV) with a removable steering wheel, which can be removed or installed if necessary. Baidu also plans to use its Apollo RT6 all-electric vehicle for robotaxi services in China next year. The Apollo RT6 will be offered at a significantly lower price of $ 37,000 apiece compared to $ 71,020 for the previous generation, Baidu said in a statement. “This massive cost reduction will allow us to deploy tens of thousands of AV systems across China,” said Baidu CEO Robin Li. “We are headed for a future where driving a robotaxi costs half as much as a taxi ride. Today.”
The Baidu Autonomous Vehicle will have Tier 4 capabilities that will require no human intervention. The vehicle will use 38 sensors, including 8 lidars and 12 cameras, to ensure precise long-range detection from all sides. Baidu could have had an uphill battle with Elon Musk’s Tesla. The latter is looking to start mass production of its steering wheel and pedalless robot taxi in 2024, Musk said at an investor conference in early April. Tesla also plans to split the shares in late August.
Tesla prepares a stock breakdown
Tesla confirmed the 3-for-1 split in a press release last Friday that was approved by shareholders at the previous day’s general meeting. The split will be realized in the form of a dividend which will be paid on August 24 to registered shareholders from August 17. The shares will start trading on August 25, subject to a split.
In anticipation of the stock split, Tesla shares rose before shareholder approval and then fell again. The price fell 6.6 percent last Friday, then dropped below the psychological threshold of $ 900 at $ 864.51. In overtime trading, the price fell by another 0.29 percent. Given the impact of the company’s actions, there is a precedent that will likely provide clues as to where Tesla’s stock is going.
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The first division of the company took place in 2020 and sparked a huge rally
Tesla’s previous stock split was 5: 1. It was announced on August 11, 2020 and the split went into effect on August 31, 2020. Tesla shares hovered around $ 70 in late 2019 before breaking out of that range. From then until the announcement of the share split in 2020, the share price increased almost sixfold. According to the Financial Times, the COVID-19 pandemic had a positive impact on Tesla’s share price, with the increase largely being driven by institutions buying the few derivatives the shares were part of. Strong retail purchases provided support.
After the stock split, the stocks never watched. Basically, the company continued to exceed expectations. Several other catalysts, including the addition of Tesla to the S&P 500 index and the news that the company will be profitable for the first time in fiscal 2020, added momentum to the rally. Tesla, which was valued at $ 100 billion in January 2020, will exceed $ 1 trillion in market capitalization in October 2021.
Returns since the last split
For $ 1,000 invested in a Tesla at the time of the first split, you would have received 2.3 shares of the company, based on the split-adjusted price of $ 442.68. The stock would be worth $ 1,988 (based on Friday close), which is roughly 100 percent profitable.
What’s waiting for Tesla shares: As CEO Elon Musk explained at its annual shareholders’ meeting last week, Tesla plans to achieve a production capacity of 20 million vehicles by 2030.
Tesla Taurus and Future Fund founder Gary Black anticipates several catalysts, including the enactment of the Biden administration’s climate and energy bill, the potential construction of new giant factories, the likely buyout of shares, the launch of Cybertruck in 2023, and the lifting of the contract on Twitter. Economic development may play a role this time in the impact of the stock split on Tesla’s share price.
This post first appeared on Benzing:
https://www.benzinga.com/news/22/07/28145850/baidu-beats-elon-musks-tesla-again-with-to-nowa-samopształcąca-taksówka-w-chinach-która-ma- removable steering wheel
https://www.benzinga.com/news/22/08/28389757/as-tesla-prepares-to-split-shares-heres-ile-a-1-000-zainwestowane-przed-sierpniem- 2020-stock- split-be-w
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