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CNA
11 hours ago
- CNA
US issues exemption for self-driving Zoox vehicles, closes probe
The National Highway Traffic Safety Administration said Wednesday it has certified self-driving unit Zoox vehicles for demonstration use and closed a probe into whether they had complied with federal requirements. The U.S. auto safety agency in 2022 began a probe into whether the self-driving vehicles lacking traditional driving controls had met federal safety requirements when the company self-certified the vehicle. Zoox in June applied for an exemption from some requirements and NHTSA granted it, saying all of purpose-built vehicles manufactured by Zoox now operating on public roads in the United States are doing so pursuant to an exemption issued by the agency. The Trump administration in June said it would move faster on self-driving exemption requests to deploy up to 2,500 self-driving vehicles after prior proposals from General Motors and Ford to deploy vehicles without steering wheels and brake pedals lingered for years and were eventually withdrawn. NHTSA's approval includes the requirement Zoox remove all existing statements that the purpose-built vehicle complies with applicable federal motor vehicle standards. In May, Zoox agreed to recall 270 driverless vehicles after an unoccupied robotaxi was involved in an April 8 crash with a passenger car in Las Vegas. The Zoox Automated Driving Systems in certain driving scenarios "may make an inaccurate prediction when another vehicle slowly approaches perpendicularly and stops. In these scenarios, the Zoox vehicle may not be able to avoid a crash." Zoox paused operations for several days pending a safety review of the incident and developed a software update to address the issue. In April, the NHTSA closed a probe into 258 Zoox vehicles over a braking issue after Zoox issued a recall to update their software. It opened the probe in May 2024 following two rear-end collisions that injured motorcyclists after the automated vehicles braked unexpectedly.
Straits Times
a day ago
- Straits Times
South Korea says timing of US tariff cut on autos not decided
Sign up now: Get ST's newsletters delivered to your inbox South Korean auto makers such as Hyundai Motor and Kia want the tariff cut brought in swiftly. SEOUL - South Korea's Industry Minister Kim Jung-kwan said on Aug 6 that Seoul needs to hold further discussions with Washington on the timing of the promised tariff cuts on the country's car exports to the US from the current level of 25 per cent. President Donald Trump said last week the US will charge a 15 per cent tariff on imports from South Korea, including autos, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally. The 15 per cent US tariffs on most items coming from South Korea are due to take effect starting from Aug 7. South Korean auto makers such as Hyundai Motor and Kia want the tariff cut brought in swiftly to create a level playing field with Japanese and European rivals. Separately, Japan's top tariff negotiator Ryosei Akazawa said he would head to Washington this week to press Mr Trump to sign an executive order to bring the cut to tariffs on Japanese auto imports into effect. In the technology sector, Mr Kim said the countries had agreed to continue talks on online platform legislation to make sure US tech companies were not unfairly treated compared with domestic firms. 'Although the digital issue was not included in the latest agreement, there are major concerns about it among the US government, parliament and businesses,' he said at a parliamentary session. The minister reiterated that there had been no agreement on the opening of the agriculture market, including beef, rice, fruit and other farm goods as part of the deal. But he said the countries will increase cooperation in the quarantine process for fruit and vegetables, which has been cited by Washington as one of the non-tariff barriers that US farmers face. South Korean Finance Minister Koo Yun-cheol said at a separate parliamentary session that the US viewed the quarantine process for fruit and vegetables as too slow and asked Seoul to introduce a rational and scientific process. REUTERS
Business Times
2 days ago
- Business Times
Chinese firms set for record US listings, undeterred by geopolitics
[SHANGHAI / HONG KONG] A record number of Chinese companies are seeking a US listing this year as onerous domestic listing rules and the prospect of better valuations convince them to brave volatile Sino-US relations and US calls for strict oversight of Chinese firms. In the first half of 2025, 36 mostly small and mid-sized Chinese companies went public in the US, following a record-breaking year of 64 in 2024, said law firm K&L Gates. Many of those firms went public through special purpose acquisition companies (Spacs) – listed companies set up to buy mainly startups, making the startups public without them having to go through the lengthy initial public offering process. Waiting to list on the Nasdaq are more than 40 Chinese companies, including a mobile advertising service provider and a traditional Chinese medicine maker, Chinese disclosure showed. That number, which excludes confidentially filed listing applications, will take the annual tally of Chinese firms going public in the US to a new high if all materialise this year. 'I think it's a healthy year for Chinese IPOs. It will probably be a record year or near that,' said David Bartz, partner at K&L Gates, who has built a 'robust' pipeline of Chinese clients seeking first-time share sales in the US BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Chinese firms have had a harder time going public at home since the government tightened listing rules in 2023, raising the appeal of listing via Spacs in the US, as well as that country's deeper pool of capital. Pursuing a US listing amounts to a bet that calls from US lawmakers aimed at diminishing Chinese access to the world's largest capital market can only go so far, bankers and lawyers said. One listing hopeful is racing car manufacturer Xinghui Car Technology, whose head raised a toast at a Shanghai hotel in June to celebrate a major step towards going public in the US 'The US capital market is one of the world's biggest. It's liquid and allows easy access to funding,' said Xinghui chairman Song Wenfang upon signing a preliminary agreement to be acquired by Nasdaq-listed Spac UY Scuti. Since Xinghui's celebrations, investors have pushed US share prices to record highs, expecting trade deals to be the beginning of the end of uncertainty wrought by months of US President Donald Trump threatening to impose steep tariffs. The China Securities Regulatory Commission, which oversees Chinese firms' offshore sales of securities, did not respond to a request for comment. Spac surge Over 100 Chinese firms, including technology leaders Alibaba, and Baidu, are US-listed, boasting a combined market value of about US$1 trillion as of March, showed data from the US-China Economic and Security Review Commission. In April, tearoom chain Chagee debuted on the Nasdaq after raising US$411 million in the biggest IPO of a Chinese firm in the US this year. Of those seeking to list, a growing number are pre-profit or even pre-revenue startups, mainly in the tech sector, aiming for a quicker means of raising capital through a Spac listing, said Karen Mu, managing director at Alliance Global Partners. That demand has contributed to the total number of firms listing in the US via Spacs almost doubling last year to 57 and climbing to 76 so far this year, showed SPACInsider data. The increased Chinese interest, however, has caught the attention of US lawmakers who called for the delisting of Chinese firms from US exchanges as recently as May citing national security concerns. In June, the US Securities and Exchange Commission (SEC) singled out China as it sought to raise disclosure requirements for listing hopefuls. A spokesperson for SEC declined to comment on the Chinese listing trend beyond saying the regulator gathers information on the number of all foreign companies listed on US exchanges. Spokespersons for the New York Stock Exchange and Nasdaq declined to comment. Domestic hurdles The rush of Chinese listing hopefuls heading West is being fuelled by high regulatory thresholds for listing at home as well as criteria skewed to spur growth of sectors in line with national interests. In China, a company needs to exceed a certain size or be profitable to qualify for a main-board listing. Alternatively, to list on tech boards, firms need to align with government self-sufficiency goals or achieve set levels of productivity. 'In the US, as long as you can meet objective rules set by regulators, you can go public,' said Steve Markscheid, managing partner of Aerion Capital, who also serves as independent director of several US-listed Chinese companies. 'Things are more subjective in China. The regulator needs to analyse whether the company is good or not. Only companies judged as good can go public.' It takes nine to 12 months on average for an IPO candidate in China to secure regulatory approval, compared to six to nine months in Hong Kong and four to six months in New York, showed an analysis from Merits & Tree Law Offices. The lengthy approval process and high listing thresholds means that for startups, 'listing in China becomes mission impossible,' said Xinghui deal adviser Ronald Shuang of Shanghai-based investment company Balloch Holding. REUTERS
