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The company was responsible for the accident because of its inadequate investment in safety and weak safety management, the notice said. Local governments and some departments were also responsible for the lack of safety supervision.

The company’s stock is?currently trading at about 5 per share and?is down about 20 percent in the last year.

The company will also further strengthen cooperation with other domestic enterprises to jointly promote the construction of metallurgical engineering projects, he said.

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The company said that more than 400,000 internet cars being driven in China are powered by AliOS, its indigenous operating system, while some 50 brands are working with the tech juggernaut in areas from intelligent speech recognition and driverless technology to high-precision mapping and in-vehicle payment systems.

The company will provide accommodations and other work and living support to the students to help them adapt to the new environment and focus on their internships, said Huang Xiaofei, spokesman for CGN.

The company said Champion, Calvin Klein and Under Armour were the top three foreign brands favored by Chinese consumers. Moreover, the sales of household products, personal care and cosmetics saw robust growth.

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The company will operate a fleet of 40 vehicles in a manned autonomous driving test area covering 700 kilometers of road, with routes including residential and business areas in Yizhuang, Haidian and Shunyi districts.

The company's revenue rose by 1 percent to 28.2 billion yuan (.2 billion) in the third quarter, which beat analysts' estimates of 27.5 billion yuan on average, according to IBES data from Refinitiv. Net income attributable to Baidu was 13.7 billion yuan.

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The compound operator later said, "We can't always count on government subsidy to keep these brands alive. They should get creative to survive and thrive in a competitive market. Maybe, they should explore partnerships with e-commerce firms to keep their sinking ship afloat."

The company said much of the growth is due to the availability of the BMW 5 Series and the locally produced BMW X3, which went into production in China last summer.