Chinese Regulators, Internet Giant Baidu (BIDU) Fast Track Self-Driving Car Development

China's Nasdaq-listed internet search engine giant Baidu Inc. said Friday it has formed a team in Silicon Valley dedicated to its self-driving car efforts. The announcement comes as Chinese officials rush to set up a road map for incorporating highway-ready, self-driving cars within three to five years. Baidu's Silicon Valley team will grow to more than 100 researchers and engineers, focused on research, development and testing, by the end of 2016, the company said in a statement Friday. The Beijing-headquartered firm is looking to work on areas "integral to self-driving car development, including planning, perception, control and systems." The team in Silicon Valley will be part of the company's newly created Autonomous Driving Unit.