Baidu stock rises 6.33% as China lifts COVID restrictions

The shares of Baidu Inc. BIDU are trading higher on Tuesday. In 2023, the company plans to build the world's largest fully driverless ride-hailing service area.

What To Know: During the company's autonomous driving tech event, Baidu announced plans to expand the operation area for its fully driverless robotaxis, allowing the company to reach more potential customers.

Baidu revealed a series of new technological advancements including an AI model for autonomous driving perception, autonomous driving maps, a closed-loop autonomous driving data system and AI chips for autonomous vehicles.

Baidu shares are trading higher amid hopes that protests in China could spark an easing of COVID restrictions.

A Chinese official said authorities would continue to adjust policies to reduce the impact of current restrictions, per Reuters.

A separate report shows that Beijing has started to reduce COVID restrictions. A local official said restrictions imposed to identify those infected shouldn't exceed 24 hours. Beijing plans to increase vaccination efforts among the elderly. Xinjiang officials stated that they will lift lockdowns in designated areas as soon as possible.

What's going on today on the Alibaba stock?

BIDU Price Action: Baidu has a 52 week high of $171.87 and a 52 week low of $73.58.

The stock was up 6.33% at $100.64 at the time of publication, according to Benzinga Pro.