- Transport company DiDi Global Inc (OTC:DIDIY) has reportedly launched a self-driving concept car, DiDi Neuron.
- The move comes amidst China’s intent to contain the sway of powerful technology companies, Bloomberg reported.
- The report quoted Chief Technology Officer Zhang Bo, who said Didi’s level four self-driving technology can be “fully self-reliant and controllable.”
- “We have already made the long-term preparations for our autonomous driving development efforts, both mentally and in terms of our resources,” said Zhang.
- Beijing had ordered DiDi to delist in the U.S., leading to a $60 billion wipe out of its market value.
- The company was also fined $1.2 billion for data security violations. DiDi thus became one of the major targets of China’s crackdown on the internet industry in 2020.
- The autonomous driving services launch is expected to help the company swing back from the crackdown.
- Also Read: Alibaba Backed DiDi Global Eyes Domestic Expansion As Travel And Consumption Recovers
- Price Action: DIDIY shares closed lower by 2.40% at $3.66 on Wednesday.
Deutsche Bank Downgrades Westlake to Hold, Announces $95 Price Target
Deutsche Bank analyst David Begleiter downgrades Westlake (NYSE:WLK) from Buy to Hold and announces $95 price target.
