Notable business headlines include Baidu launching an AI chatbot, Toyota remaining the top-selling automaker, and Philips initiating more layoffs.
JULIE HYMAN: Welcome back. Let's get down to business with some other headlines that we are tracking this morning. Chinese internet search giant Baidu is planning to launch an AI chat bot service similar to OpenAI's chatGPT, that's according to a couple of media reports. They suggest it plans to incorporate chat bot generated content into its search results.
That could come as soon as March. Baidu has been investing heavily in AI technology, including cloud services, chips and autonomous driving, as it looks to diversify its revenue sources. Currently, chat bots in China tend to focus on social interaction, whereas ChatGPT has made a name for itself in performing professional tasks, like essay writing and programming.
Toyota has retained its crown as the world's top selling carmaker for the third consecutive year in 2022, widening its lead over Volkswagen, even as supply chain disruptions continue to weigh on global automobile production. The Japanese automaker noted that strong demand in Asia helped it boost global production by 5% last year. In 2021, Toyota overtook GM as the best selling maker in the United States, a title it had held since the 1930's.
And in the latest workforce reduction, medical equipment maker Philips is cutting another 6,000 positions. That's about 8% of its staff. The move, an attempt to reduce expenses, as the Amsterdam-based business deals with costly recalls for some of its consumer products. These layoffs, by the way, on top of the already 4,000 cuts that the company has made last year. Half of the latest reductions will happen in 2023.