BIDU is trading at $119.30 (-5.14%) amid a nationwide freeze on new autonomous vehicle permits in China.
- The regulatory halt follows a mass malfunction of Baidu's Apollo Go robotaxi fleet in Wuhan that stranded passengers and hit the core of the company's growth story.
- Shares of rivals Pony AI and WeRide also declined on the news, with Baidu significantly underperforming the broader market (NASDAQ -0.16%).