
Vietnam will ban fossil-fuel motorcycles from central Hanoi over pollution concerns
The directive issued by Vietnamese Prime Minister Pham Minh Chinh applies to the area inside and along the main ring road that encircles the center of Hanoi. The local government has been tasked with phasing out the two-wheelers by the deadline.
Like the rest of Vietnam, motorcycles are the main mode of transport for most of Hanoi's 8 million residents. The city has nearly 7 million motorcycles and just over a million cars. But as incomes rise and more people switch to private vehicles, air pollution from traffic has become a growing concern. Hanoi is often enveloped in thick smog, ranking among the most polluted cities worldwide.
Vietnam also wants to switch from fossil-fuel to electric vehicles to cut pollution and tackle climate change. Local EV maker VinFast is leading the shift by holding nearly a fifth of the market share, according to the European Chamber of Commerce. But it still has only a small share of the two-wheeler market.
But many are concerned about the unclear plan for phasing out the vehicles.
Nguyen Van Hung, 62, has spent three decades driving a motorcycle taxi in Hanoi, now working with Grab, a ride-hailing app widely used across Southeast Asia. He worries the ban will hit the working class hardest. 'It will affect people who rely on motorbikes to earn a living,' he said, pointing to delivery drivers, commuters and ride-hailing services. 'How can people just discard their vehicles?'
Others said that the timeline was unrealistic. Hoang Duy Dung, 32, an office clerk who works in the city center, said he supports cleaner air but believes it is too soon. 'We need better public transport and more support before such a big change.'
Central Hanoi is home to much of the city's business activity, including offices, government buildings and commercial hubs.
A second phase, set to begin in January 2028, will expand the ban to a wider area and include all fossil-fuel two-wheelers, while also restricting some gasoline-powered cars.
Other measures include upgrading waste-treatment plants, using digital tools to monitor pollution and introducing stricter penalties for violators. Whistleblowers could be rewarded for reporting environmental breaches.
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Associated Press climate and environmental coverage receive support from several private foundations. See more about AP's climate initiative here. The AP is solely responsible for all content.
Aniruddha Ghosal And Hau Dinh, The Associated Press
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CTV News
21 minutes ago
- CTV News
Chinese investors snap up stocks on hopes for an end to price wars and overcapacity
New cars wait for shipment in a parking lot partially covered by solar panels at the distribution center of Changan Auto, in southwest China's Chongqing Municipality on July 6, 2025. (Chinatopix via AP) BEIJING — China's stock market is buzzing over government promises to tackle price wars that have hurt profits and worsened global trade tensions. The prevailing catchphrase is 'anti-involution,' and it reflects efforts to curb intense competition and overcapacity in industries like solar panels, steel, and electric vehicles. With rising trade barriers such as U.S. President Donald Trump's higher tariffs, and relatively weak domestic demand, manufacturers have been slashing prices, undermining their bottom lines and driving some out of business. The producer price index, which measures the price that factories receive for their goods, has fallen steadily for nearly three years in China in a prolonged bout of deflation. The long-running issue spilled over into global markets as low-priced Chinese exports worsen trade friction with key trading partners including the United States and Europe. Solar panel glass makers agree to cut output by 30 per cent. In a series of recent statements, the Chinese government and industry associations have signaled they're getting serious about reining in cut-throat competition, known as invollution or 'neijuan' in Chinese. The top 10 makers of glass for solar panels agreed on June 30 to shut kilns and cut production by 30 per cent, an industry association said. The government has launched an auto safety inspection campaign, addressing concerns that automakers were skimping on quality to cut costs. It's unclear whether these efforts will succeed, but the sense that China may finally be tackling this chronic problem was enough to spark a rally in stocks in some of those under-pressure sectors. Shares of Liuzhou Iron & Steel Co. gained 10 per cent on Friday and have risen more than 70 per cent since June 30. Solar panel glass producer Changzhou Almaden Co. fell at the end of last week but is still up about 50 per cent. More broadly, two exchange traded funds in solar panels and steel have risen about 10 per cent, outpacing a 3.2 per cent rise in the Shanghai Composite, China's leading market index. The performance of EV-maker stocks has been mixed, with Li Auto and Nio recording double-digit percentage gains while market leader BYD declined. Foreigners can't buy Chinese stocks directly but they are able to invest in about 2,700 stocks and 250 exchange traded funds through the Hong Kong exchange. Government calls intense price wars 'disorderly' The gains follow high-level government pronouncements against disorderly price wars. On June 29, the People's Daily newspaper, the mouthpiece of the ruling Communist Party, ran a lengthy page one article on involution, saying they run counter to the party's goal of high quality economic development. Chinese leader Xi Jinping weighed in at a closed-door economic meeting, calling for better regulating competition and incentives by local governments to attract factory investments that are blamed for overinvestment in affected industries. The tougher talk began with a focus on automakers in late May, specifically around electric vehicle price wars that began more than three years ago. Analysts at investment bank UBS said the shift is good news for auto industry profits and company stocks. 'Though it's difficult to imagine a sudden U-turn of the industry from fierce competition to orderly consolidation, it's indeed possible to have near-term ceasefire of the price war,' they wrote. Weak demand and overcapacity bring a fight for survival After BYD launched another round of price cuts on May 23, some competitors, the main industry association and government all called for fair and sustainable competition. The EV battery industry, the cement association and major construction companies have issued statements echoing calls for an end to excess competition. The term involution, which suggests a spiraling inward and shrinking, was initially applied in China to students and young workers, who felt they were caught up in meaningless competition that led nowhere as the job market weakened and wages stagnated in recent years. At the industry level, it has come to mean sectors that have too many companies competing for a slice of the pie, leading to fierce price cutting to try to gain market share. The mismatch between production capacity — how much an industry can make — and actual demand for the product, reflects overcapacity that forces companies to compete for survival in a limited market space, said a recent article in the Communist Party magazine Qiushi. Obstacles to fixing the problem Some Chinese industries, especially steel and cement, have long suffered from overcapacity. A government push to promote green industries has fostered similar problems in that sector, including solar panels, wind turbines and electric vehicles. A flood of Chinese exports is leading to more trade barriers in Europe and the U.S. and in some emerging markets such as Mexico, Indonesia and India. Ultimately, economists say industries need to consolidate through company mergers and bankruptcies. But the process will take time. A major obstacle is provincial governments that want to protect local companies and jobs. Alicia García-Herrero, the chief economist for Asia-Pacific at the Natixis investment bank, said that recent comments by top Chinese economic officials suggest they realize something needs to be done. 'How much is action versus words, I don't know,' she said. 'But I do think it's a big problem for China.' Associated Press researcher Yu Bing contributed. Ken Moritsugu, The Associated Press


Globe and Mail
13 hours ago
- Globe and Mail
The Lucid-Uber Robotaxi Deal: How Nvidia Will Also Benefit
Key Points Starting next year, Uber plans to deploy 20,000 or more Lucid electric SUVs equipped with the Nuro Driver autonomous system in over a dozen global cities. Nuro's Nuro Driver is a Level 4 self-driving system trained on and powered by Nvidia's artificial intelligence (AI) technology. 10 stocks we like better than Nvidia › On Thursday, shares of Lucid Group (NASDAQ: LCID), a Silicon Valley-based electric vehicle (EV) maker, soared more than 36% following the announcement of a premium robotaxi service deal with ride-hailing giant Uber Technologies (NYSE: UBER). My first thought upon seeing the news was "Yet another deal that will benefit Nvidia (NASDAQ: NVDA)!" The artificial intelligence (AI) tech leader wasn't mentioned in the press release, but I knew of the Nvidia connection. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » First, let's look at the Lucid-Uber deal and then see how Nvidia is poised to benefit. The Uber-Lucid-Nuro partnership The deal involves Uber procuring Lucid Gravity SUVs equipped with Nuro Driver, a Level 4 self-driving system, to use in a global premium robotaxi service developed exclusively for the Uber ride-hailing platform. Moreover, Uber plans to make "multi-hundred-million-dollar investments" in both Lucid and Nuro, an autonomous driving technology start-up also based in Silicon Valley. More specifically, Uber "aims to deploy 20,000 or more Lucid vehicles equipped with the Nuro Driver over six years in dozens of markets around the world." Its first launch will be in a major U.S. city and is expected to occur later next year. The first robotaxi prototype is already operating autonomously on Nuro's closed-course testing facility in Las Vegas. Nuro is a venture-backed start-up, which in April raised $106 million in a Series E funding round, bringing its valuation to $6 billion. Last year, the company shifted its main focus from developing delivery robots to licensing autonomous driving technology. Of course, this deal is great news for Lucid and Nuro, especially given the big injection of cash they'll receive from Uber. Lucid's vehicles -- the Air sedan and the new Gravity SUV – get high marks for performance and comfort, and sport industry-leading ranges. But it's notoriously difficult for vehicle start-ups to succeed because automakers have extremely high fixed-costs, so liquidity is always a big concern. At the end of the first quarter of 2025, Lucid had cash and short-term investments of $3.61 billion, and its free cash flow for the quarter was negative $589.9 million, which equates to an annual cash-burn rate of $2.36 billion. At its current cash-burn rate, Lucid's cash and short-term investments would last about 1.5 years. Why Nvidia is poised to benefit from the Uber-Lucid-Nuro robotaxi deal Uber, Lucid, and Nuro all have some type of driverless vehicle-related partnership with Nvidia, which isn't surprising as along with enabling the overall AI revolution, Nvidia's AI tech is a major enabler of the AI-powered driverless vehicle revolution. But it's the Nuro-Nvidia partnership that's relevant to Nvidia benefiting from the Uber-Lucid-Nuro robotaxi deal. Lucid EVs will be equipped with the Nuro Driver Level 4 autonomy system, according to the deal's press release. Nuro is using Nvidia's AI tech to power this system, as it announced at Nvidia's annual GTC (GPU Technology Conference) in March 2024. More specifically, the "Nuro Driver is built on NVIDIA's end-to-end safety architecture, which includes NVIDIA GPUs [graphics processing units] for AI training in the cloud and an automotive-grade NVIDIA DRIVE Thor computer running the NVIDIA DriveOS operating system inside the vehicle," according to an Nvidia blog. In other words, Nuro is using Nvidia's AI tech for both AI training of its self-driving vehicle system and AI inferencing, since Nvidia's DRIVE Thor, a supercomputer, is the "brains" inside the vehicle. So, not only does Nuro use Nvidia's data center AI products, which are available via all of the major cloud computing services, but the icing on top is that it must buy an Nvidia DRIVE Thor supercomputer for each vehicle that it equips with its Nuro Driver system. So, it seems safe to assume that every Lucid vehicle that Uber acquires for its new robotaxi service will have an Nvidia DRIVE Thor supercomputer inside it. That Uber and Lucid also have various individual partnerships with Nvidia provides further support for this assumption. For some context, Tesla (NASDAQ: TSLA) uses Nvidia's AI tech for training its self-driving vehicle system, called FSD (Supervised), with FSD standing for full self-driving. However, it does not use an Nvidia DRIVE system inside its vehicles. Tesla uses its internally developed tech -- or "AI chip" -- inside its vehicles. Last month, Tesla had a limited launch of its robotaxi service in Austin, Texas. The Uber-Lucid-Nuro robotaxi service is poised to compete with services operated by Tesla and Alphabet 's Waymo, which is currently the leader in the U.S. robotaxi space. Given Uber's ride-hailing service scale and considerable financial resources (since last year, its trailing-12-month free cash flow has exceeded that of Tesla), the newly planned premium robotaxi service could be a big winner. 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Globe and Mail
a day ago
- Globe and Mail
This Move From Tesla Screams Desperation
Key Points Tesla is beginning to import vehicles to sell in India. Tariffs and duties can add 100% to the cost of import vehicles in India. Investors need to tune in to Tesla's shareholder meeting in November. These 10 stocks could mint the next wave of millionaires › When it rains, it pours, and that's a saying that Tesla (NASDAQ: TSLA) investors know all too well right now. If consumer backlash against CEO Elon Musk's political stint wasn't enough, a number of executives have left the company recently, sales are in decline globally, its vehicle lineup is aging, its Cybertruck was a commercial flop, and it's facing a growing number of lawsuits surrounding its Autopilot and Full Self-Driving (FSD) systems, among other developments -- it's certainly raining. The bad news? Tesla's latest move could signal just how desperate the automaker is right now. To India!? Entering the world's third-largest automotive market can't be the worst strategic move, right? While that would be the common thought process, the scenario is a bit different between Tesla and India. That's because while India is the third-largest automotive market, Tesla's Model Y, which the company recently launched in India, will target an electric vehicle segment that represents a modest 4% of overall sales. To make matters worse, Musk himself has long criticized India for its steep tariffs on import vehicles. In fact, importing vehicles into India can often result in tariffs and related duties that can exceed 100%, drastically driving up the price for consumers. Tesla's strategy is simple: Take excess inventory from countries where demand and sales have plunged, and move it to a new market. The problem is that, due to tariffs and duties, Tesla's Model Y starts at about $70,000 in India -- the highest price among major markets. That compares unfavorably to roughly $45,000 in the U.S., $36,700 in China, and $53,700 in Germany. On one hand, it seems like a worthwhile attempt to stoke some sales globally, but on the other hand, it does seem like a move of desperation as the company deals with global sales adversity for the first time. That said, this isn't the first time Tesla has flirted with India. The company once considered opening a factory there and has commented that it still hopes to do research and development and manufacturing in India one day. What's next for investors? Some of the best investing advice can be summed up with "invest in what you know." That's the dilemma for some long-term and potential Tesla investors. The automaker is almost in an identity crisis, figuring out whether it's a vehicle manufacturer, a robotaxi company, a robotics company, an artificial intelligence business, or some combination of the above. Not only do Tesla investors have to worry about Musk's time being divided between SpaceX, X (formerly Twitter), Neuralink, and xAI, among others, but there's also concern about a deepening tie to politics. "Tesla is heading into one of the most important stages of its growth cycle with the autonomous and robotics future now on the doorstep and cannot have Musk spending more and more time creating a political party which will require countless time, energy, and political capital," wrote Dan Ives, a Wedbush Securities analyst known for being a Tesla bull, according to CNN Business. That's why it'll be as important as ever for investors to tune in to Tesla's annual shareholder meeting, scheduled for November, to see what insights and vision management has going forward. For long-term investors, backlash will likely eventually fade, although it'll take time to mend the trust with consumers. However, for new potential investors, it may be wise to watch this from the sidelines until Tesla figures out its identity. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks » *Stock Advisor returns as of July 14, 2025