Elon Musk says he wants to bring Tesla's robotaxis to Saudi Arabia, where Uber is also racing to launch its robotaxi service
At the US-Saudi Investment Forum on Tuesday, Musk made a big push for robotics in Saudi Arabia, including self-driving cars.
"Really you can think of future cars as being robots on four wheels, and I think it would be very exciting to have autonomous vehicles here in the Kingdom if you're amenable," Musk said to Abdullah Alswaha, Saudi's Minister of Communications and Information Technology.
Musk didn't provide any details or timeline for when that could happen.
Tesla has yet to launch its robotaxi service to the public anywhere in the world. The company has said it plans to launch a pilot of the service in Austin in June. Musk said the ramp-up for expansion afterward should be quick.
A Tesla spokesperson did not respond to a request for comment.
Saudi Arabian leaders have said they want autonomous vehicles to play a role in the country's broader Vision 2030 modernization plans, which aim to reduce the region's economic dependence on oil by making heavy investments in technology. The country last year released a regulatory framework around the adoption of self-driving cars.
Uber announced on May 6 that it plans to deploy robotaxis in the Kingdom sometime this year through its partnership with China's Pony.AI. The company hasn't specified a date.
Pony.AI's robotaxi ambitions in the US came to a screeching halt in 2022 after the Department of Motor Vehicles revoked its California permit, citing multiple driving violations. The startup continues to offer autonomous rides to the public in China.
A spokesperson for Pony.AI did not respond to a request for comment.
Saudi Arabia's Transport General Authority said Tuesday in a post on X that the agency had signed a memorandum of understanding with Uber to launch autonomous vehicles in the Kingdom. An MOU is not binding and simply signals an intent to collaborate.
"First autonomous vehicles expected to launch on the Uber platform with onboard safety operators in 2025," the Transport General Authority wrote.
Uber is already a sizable player in the Kingdom's rideshare market.
The company owns Careem, which is the go-to ride-hailing app in the Middle East, operating in 26 cities throughout the Kingdom. Uber also separately operates its ridesharing service in the region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TechCrunch
41 minutes ago
- TechCrunch
Judge says FTC investigation into Media Matters ‘should alarm all Americans'
A federal judge has granted a preliminary injunction blocking the Federal Trade Commission's investigation into left-leaning advocacy group Media Matters. Back in 2023, Media Matters published research showing ads from major companies had appeared alongside antisemitic and other offensive content on Elon Musk-owned X. When major advertisers subsequently pulled back from the platform, X sued Media Matters. It also sued advertisers and advertiser groups over what it claimed was a 'systematic illegal boycott.' After Musk's then-ally Donald Trump took office again in January, the FTC also began an investigation into whether Media Matters had illegally colluded with advertisers. On Friday, however, Judge Sparkle L. Sooknanan sided with Media Matters and blocked the FTC's investigation. In her decision, Sooknanan (a district court judge for the District of Columbia appointed by Joe Biden) wrote that the Media Matters article represented 'quintessential First Amendment activity' and the FTC's 'expansive' investigative demands appeared to be 'a retaliatory act.' 'It should alarm all Americans when the Government retaliates against individuals or organizations for engaging in constitutionally protected public debate,' she wrote. 'And that alarm should ring even louder when the Government retaliates against those engaged in newsgathering and reporting.' Sooknanan noted that before his appointment as the current FTC chair, Andrew Ferguson had appeared on Steve Bannon's podcast and called for the FTC to investigate progressive groups criticizing online disinformation, and that he subsequently 'brought on several senior staffers at the FTC who previously made public comments about Media Matters.' The FTC did not immediately respond to a TechCrunch email asking whether it intends to appeal. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Regardless of the legal outcome, X's lawsuits have already had a significant effect on the targeted organizations, with Media Matters cutting staff (one of the laid off researchers is now running for Congress), while the World Federation of Advertisers shut down its brand safety program and reportedly complained of drained finances. Sooknanan said the FTC investigation has also had its 'intended effect,' prompting Media Matters to decide 'against pursuing certain stories about the FTC, Chairman Ferguson, and Mr. Musk.'
Yahoo
2 hours ago
- Yahoo
Can Archer Aviation Become the Tesla of the Skies?
Tesla (TSLA) does not just make cars. It has reshaped our understanding of what cars can be. Archer Aviation (ACHR), valued at $5.5 billion, is developing electric vertical take-off and landing (eVTOL) aircraft, which are essentially air taxis intended for short-distance urban and regional travel. Archer Aviation stock has gained just 2.3% in the year to date, underperforming the S&P 500 Index ($SPX), despite its massive 167% gain over the past 52 weeks. For this under-the-radar aerospace company to become 'the Tesla of the skies,' it must do more than just make air taxis viable. It must also make them desirable and indispensable for daily travel. More News from Barchart Apple CEO Tim Cook Says the Technology They're Developing Will Be 'One of the Most Profound Technologies of Our Lifetime' Dear Tilray Stock Fans, Mark Your Calendars for September 21 Why SoundHound Could Be the Next AI Stock to Rocket Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Let us find out how Archer Aviation is working on this, and if the stock is a buy now. An Industry Moving From Ambition to Execution The eVTOL industry was once considered futuristic. But it is rapidly becoming a reality. Archer's flagship product is the Midnight aircraft. The company currently has six additional Midnight units in production, with three in final assembly, bringing the fleet to eight aircraft. These models have a production-ready four-bladed rear propeller design and are ready for certification flight testing or early commercial deployment. Archer is rapidly approaching the commercialization of its Midnight aircraft, signaling a critical period of progress in both civil and defense programs. In the second half of 2025, Archer intends to accelerate pilot and flight testing, expand performance parameters, and begin full eVTOL operations. Because the company has no revenue yet, it reported an adjusted EBITDA loss of $119 million and an adjusted net loss of $114 million in the second quarter. Perhaps the most notable achievement for Archer is the U.S. government's decision to showcase air taxis at the Los Angeles 2028 Olympics. It is the official exclusive air taxi provider for the event. Archer is not waiting for FAA approval to start monetizing Midnight. Through its Launch Edition Program, the company is delivering early aircraft to countries with more favorable regulatory environments, including the United Arab Emirates, Ethiopia, and Indonesia. These partnerships not only diversify Archer's revenue streams, but also help to establish the business case for eVTOLs. In the UAE, the Midnight aircraft has already been delivered and is awaiting commercial flight authorization. This will help the company generate revenue. Analysts expect Archer to report revenue of $1.42 million in 2025, rising to $103.4 million by 2026. The Challenges Archer ended the second quarter with $1.7 billion in cash and cash equivalents, following a capital raise of $850 million in June. Despite strategic investments in manufacturing, certification, and defense programs, Archer maintained disciplined capital allocation. Furthermore, a growing multibillion-dollar order book from both government and commercial customers helps to strengthen the company's position. Early launch deals abroad offer significant revenue potential before the full U.S. rollout. Without a doubt, Archer is following Tesla's leadto dominance by controlling manufacturing, developing proprietary technology, and pursuing both consumer and government markets. However, the challenges to eVTOL adoption differ. Infrastructure development, public trust, air traffic integration, and safety certification are challenges that Tesla has never encountered in the automotive industry. If Archer can overcome these challenges, it will have established an industry with potentially fewer direct competitors than the crowded EV car market that Tesla is currently facing. What Is Wall Street Saying About Archer Aviation Stock? Recently, Canaccord Genuity analyst Austin Moeller reiterated his 'Buy' rating on Archer Aviation stock with a price target of $13, citing the company's strong production momentum and solid financial position. Moeller believes that by focusing on refining manufacturing processes and increasing efficiency, Archer is well-positioned to expand operations. Early revenue opportunities from Launch Edition customer evaluations strengthen Moeller's belief in the company's growth prospects. Separately, H.C. Wainwright analyst Amit Dayal reiterated his 'Buy' rating on the stock. Dayal stated that, in addition to its urban air mobility plans, Archer is expanding into the defense market through recent acquisitions and the development of a hybrid electric aircraft for long-range and military applications. With catalysts ahead, such as certification completion and the first passenger flights, Dayal believes the company is well-positioned to create meaningful value in the years to come. Overall, Archer Aviation stock is a 'Moderate Buy' on Wall Street. Among the 10 analysts covering the stock, five rate it a 'Strong Buy,' two say it is a 'Moderate Buy,' and three rate it a 'Hold.' The average target price of $12.39 is 25% above current levels. Plus, its Street-high estimate of $18 suggests the stock can rally around 82% over the next 12 months. The Bottom Line If Archer follows through on its promises, such as launching Olympic-scale air taxi operations, expanding its Launch Edition footprint, and entering defense markets, it has the potential to define the first generation of practical, profitable urban air mobility. If the company succeeds, flying cars will no longer be considered science fiction. Archer Aviation would have made this happen. Early investors who believe in the company's potential and are willing to take on the short-term risk may profit handsomely once it reaches its full potential. On the date of publication, Sushree Mohanty did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
US will dodge recession, but Trump's policies will slow economic growth: Report
President Donald Trump's aggressive economic policies will likely significantly slow U.S. growth and push up inflation but stop short of causing a recession or 'stagflation' – the dire scenarios that forecasters envisioned before he took office, a report says. 'The totality of the policies does not push the economy to the brink of recession but it significantly diminishes growth' during Trump's four-year term, said economist Justin Begley of Moody's Analytics. He added, 'It's not yet stagflation but it's edging that way.' Stagflation is an economy characterized by high inflation, slow or stagnant growth and high unemployment – an unusual and toxic cocktail. Typically, a sluggish economy leads to low inflation, allowing the Federal Reserve to cut interest rates to stimulate more borrowing and activity. The Fed, however, faces a dilemma because lowering rates to bolster a softening labor market could further drive up inflation. Consumer price increases generally have eased substantially after a pandemic-related spike but recently edged higher, in part because of Trump's sweeping import levies. His policies are imposing countervailing forces on the economy. Tax cuts and increased spending on border security and defense are set to juice growth. But those positive catalysts are expected to be more than offset by the tariffs, a historic immigration crackdown, layoffs of hundreds of thousands of federal workers and big cuts to social services programs such as Medicaid and food stamps, Begley said. During Trump's presidential race against former Vice President Kamala Harris last year, Moody's, among other research firms, predicted Trump's economic blueprint would spark a recession by mid-2025. Moody's has updated its forecast in part because the contours of his plan recently have become more clearly defined, Begley said. 'We have a better view where things are going,' he said. For example, high double-digit tariffs are in place for steel and aluminum, foreign cars and Chinese imports. And the White House has reached deals with trading partners such as Japan, South Korea, Vietnam and the UK that set tariffs at 10% to 20%. Trump's deportations and constraints on Southern border crossings are well under way. And his huge budget bill, which he signed into law on July 4, expanded his 2017 tax cuts, beefed up military and border security outlays, and slashed some entitlement spending. All told, Moody's projects Trump's policies will reduce economic growth by an average 0.4 percentage points annually – nearly half a point – during his term. That would leave the economy expanding an average 1.7% annually over the four years, with growth bottoming at 1.4% next year and peaking at 2.2% in 2028. The economy grew at an annual rate of 1.2% the first half of 2025. It's projected to grow at slightly less than a 1% pace in the second half, according to economists surveyed by Wolters Kluwer Blue Chip Economic Indicators. By contrast, the economy averaged 2.3% growth the decade after the Great Recession of 2007-2009 and 3.5% during former president Joe Biden's term. The latter, however, included unusually strong gains as the nation emerged from the pandemic recession. In 2024, Biden's last year in office, the economy grew a healthy 2.8%. Growth had been expected to downshift no matter who won the 2024 election as a post-COVID-19 surge in consumer demand petered out, Americans depleted government pandemic aid and other government stimulus measures faded. But by the end of Trump's term in 2028, the economy will be 1.3% smaller than if his policies had not been enacted, Begley wrote in a report. Also, the unemployment rate is expected to peak at 4.7% in 2027 before falling to 4.4% by the time Trump leaves office. Without his policies, unemployment would broadly hold steady at about 4% and there would be about 885,000 additional jobs, Moody's said. Trump's policies similarly are poised to push up inflation by an average of nearly half a percentage point a year. That would leave annual inflation averaging 2.6% during Trump's term and peaking at 3.1% in 2026, based on the Commerce Department's personal consumption expenditures price index. Inflation then would decline and nearly reach the Fed's 2% goal in 2028, the last year of his term. Absent the president's policies, inflation would achieve the Fed's target next year, Begley's analysis shows. Tariffs, by far, represent both the biggest drag on growth and the largest contributor to inflation, Begley said. Companies are expected to pass most of the costs of the duties to consumers, driving up prices. And that's expected to sap their buying power and reduce consumption, which makes up 70% of economic activity. Without the tariffs, the net effects of Trump's policies on growth would be slightly positive, Begley said. The benefits of tax cuts and increased defense and border spending would outweigh the toll taken by the immigration crackdown, federal layoffs and cutbacks to Medicaid and food stamps, he said. Another big hit comes from the deportations. Like the tariffs, the immigration crackdown is projected to both curtail growth and boost inflation. A reduced supply of workers in industries such as construction, agriculture and hospitality is expected to drive up wages and prices. And a smaller population of immigrants means less consumer spending. Here's why Moody's forecast of the effects of Trump's policies is less dire than it was before he took office: Although Trump's tariffs are higher than anticipated, Moody's expected more significant retaliation from foreign countries that would batter U.S. manufacturers' exports. At least so far, those nations have taken a more restrained approach. Moody's figured the Trump administration would seek to deport about 1 million immigrants who lack permanent legal status each year. But Begley said that has proven logistically challenging. Goldman Sachs estimates monthly deportations have averaged an annualized pace of about 600,000. Although Trump vowed during his campaign to eliminate taxes on tips and overtime, Moody's didn't necessarily expect him to follow through. The budget bill, however, scraps taxes on tips up to $25,000 a year and over time up to $12,500. This article originally appeared on USA TODAY: Will the US dodge a recession? Economist weighs in on Trump policies Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
