American Depositary Receipts (ADRs) of Baidu (BIDU) advanced in intraday trading Wedesday on reports the Chinese internet search engine’s Apollo Go robotaxi business is set to t♒ake off in that country.

Both Dow Jones Newswires and Bloomberg cited a note by Guotai Junan International analyst Li Muhua that indicated Apollo Go is expected to break even in Wuhan this year. The note added that autonomous driving will be a key trade over the next three months, boosted by the launch of Tesla’s (TSLA) robotaxi in August. 

Apollﷺo Go Operating Costs Expecte🐟d To Fall Significantly

Bloomberg said Li pointed out that Apollo Go has begun manned tests in 11 Chinese cities, and is running unmanned driving tests in Wuhan, Beijing, Chongqing, Shenzhen, and Shanghai. The analyst added that operating costs will fall significantly.

Dow Jones Newswires noted that local media sites have released drafts of rules for autonomous vehicles put together by a Beijing regulatory agency, further adding to the enthusiasm.

Baidu ADRs were up 2.7% to $97.96 as of 11:34 a.m. ET Wednesday but are down more than 17% this year. Tesla shares, which have been on a 澳洲幸运5官方开奖结果体彩网:10-day winning streak, were little changed.