Uber in funding talks with banks, private equity for robotaxi rollout
The company has been offering Waymo robotaxis on its ride-hailing app in Austin, Texas and Atlanta, Georgia. In April, Uber entered a deal with Volkswagen for thousands of autonomous electric vans in the US over the next decade.
It also struck a $300m (R5.31bn) partnership in July that will allow it to deploy more than 20,000 autonomous taxis, made by EV start-up Lucid and powered by self-driving tech from Nuro, over six years.
Despite strong regulatory scrutiny, doubts about wider adoption, and high costs forcing many firms to shut down, Tesla and Waymo have been pushing to expand robotaxi services, a business Elon Musk has said could be worth trillions of dollars.
Waymo is present in five US cities, including San Francisco, while Tesla launched a limited robotaxi service in Austin in June and started ride-hailing operations in the Bay Area last month.
Uber said it has not yet seen any changes in demand trends in Austin or San Francisco since Tesla's services were launched in the cities.
'To a lot of these companies, it does seem this will be a worthwhile endeavour ... as there are lofty predictions about the robotaxi industry's total addressable market,' said Ken Mahoney, CEO of Mahoney Asset Management.
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The Citizen
an hour ago
- The Citizen
US tariffs: SA sends new proposal but no changes to laws
The new offer sent by South Africa responds to the issues the US previously raised. South Africa sent off its new proposal to avoid the US tariff of 30% on goods from South Africa exported to the US, but the country is not planning to change the laws that seem to be on the US president's agenda. Parks Tau, minister of trade, industry and competition, said at a press conference on Tuesday that since the 30% unilateral tariff imposed by the US which came into force on 7 August, government has been working on a response anchored on five key elements: continued engagement with the United States to secure a deal and reduce the tariffs; diversification of exports to alternate markets; an economic response package to vulnerable companies and workers; trade defence against import surge and dumping; and demand side interventions. He said regarding continued engagement with the US, cabinet approved that South Africa submits a revised offer as a basis for negotiations. The new offer builds on the previous offer submitted in May and substantively responds to the issues the US raised in the 2025 National Trade Estimates Report. ALSO READ: BEE left out of US trade talks – Minister Lamola SA on top of sanitary measures Tau pointed out that South Africa already addressed sanitary and phytosanitary measures in compliance with the bio-security protocols for: Poultry: South Africa granted market access under the conditional self-ban and self-lifting system to ensure that the US can leverage the tariff rate quota of 72 000 tons already agreed to in 2016; Blueberries: South Africa granted market access for states that are free of fruit fly and agreed to mitigation measures with those states with fruit fly; and Pork: which is open subject to the bio-security requirements. 'Consequently, the USA-Africa Trade Desk informed us that it will be shipping containers of poultry and pork to South Africa in two weeks' time, which is testimony that these issues have been resolved.' Another significant request from the US was that South Africa consider reducing tariffs as a way to address the deficit and tariff disparity with the European Union due to the SADC-EU Economic Partnership Agreement. Tau said South Africa continues consultations with industry and in this regard, in consultation with other members of the Southern African Customs Union, will identify specific lines to respond to this request.' ALSO READ: Government must actively manage fallout from US tariffs with trade crisis committee – BLSA Cabinet endorsed economic response package to US tariffs Cabinet also endorsed the economic response package that includes: The establishment of an export support desk, which will serve as a direct point of contact for affected companies. Tau said, so far, it has helped 23 companies. In addition, the department also initiated meetings with more than 54 South African exporters to the US, focusing on updates on the negotiations, clarifications on tariffs, elements of an economic response package and issues linked to market diversification. Measures to assist companies to absorb the tariff and facilitate long-term resilience and growth strategies to protect jobs and productive capacity in South Africa. A localisation support fund (LSF) for affected companies to contribute to the national effort. The Export and Competitiveness Support Programme (ECSP), which will include a working capital facility and plant and equipment facility to address short to medium term needs across all industries. Working with the department of employment and labour on measures to mitigate potential job losses, using existing instruments within its entities that can be adjusted to respond to the current challenges. After consultations with the Competition Commission, a block exemption for exporters was introduced to enable collaboration and coordination among competitors. A draft block exemption will be published by the end of the week to conclude the process as fast as possible. Information will be available on the department's website. ALSO READ: South Africa has to cast its trade net wider Finding alternative export markets About finding alternate export markets, Tau said the new US tariff on South Africa's exports is a significant policy shift that necessitates a clear and decisive response. 'South Africa accelerated its diversification efforts of export markets and enhanced competitiveness to mitigate the economic impact of losing preferential trade access. 'The diversification is a strategic imperative to ensure our economy is more resilient to economic shocks. This is not a plan B but a plan A for long-term resilience and competitiveness. 'We are committed to strengthening our relationships, particularly under the African Continental Free Trade Area, to build regional resilience. We will also continue the work we started with our European partners towards enhancing our trade and investment relations in a manner that unlocks sustainable growth and development and entrenches South Africa in new supply chains.' He added that government is also looking at Asia, including Japan, Vietnam and Thailand, the Middle East and India. 'We are pursuing these markets because we see growing demand, existing negotiations and a positive reception to South African products. 'This is not just about trade numbers but directly linked to job protection. Diversification is about protecting rural livelihoods and sustainable agricultural growth for our people.' ALSO READ: 'It's just gone' – Trump's tariffs cost SA company R750m overnight High-level negotiation team ready to talk about US tariffs A high-level negotiation team, including the Department of Trade, Industry and Competition and the Department of Agriculture, has been identified to engage the US, Tau says. 'Our goal is to demonstrate that South African exports do not pose a threat to US industries and that our trade relationship is in fact complementary. 'While the US is our third largest trading partner after the EU and China, South Africa is the 43rd export destination for the United States and accounts for 0.25% of total US imports and therefore not a threat to US production. 'In addition, the US market accounts for about 4% of our total agriculture exports, or R9.8 billion ($537 million) of our total agricultural exports, an increase of 104% from 2018.' Turning to protecting domestic industry against import surge and dumping, Tau pointed out the unilateral US tariffs do not only apply to South Africa. The US tariffs also affect over 130 trading partners and many of the US orders that now face prohibitive restrictions will seek other 'outlets', he said. 'In addition, chronic overcapacity observed in the world markets for key product markets like steel, glass, subsidised agricultural products, solar and automotive vehicles will make this search incessantly harmful for our domestic industry.' ALSO READ: US tariff an existential threat for a third of metals and engineering sector SA ready to protect its industry, Tau says 'Therefore, South Africa stands ready to make use of its trade remedy measures to safeguard and protect its industry, within the prevailing agreements of the World Trade Organisation. This will involve the consideration and use of anti-dumping, anti-subsidy and safeguard measures to protect the domestic industry which may be affected by trade deflection and/or diversion.' Speaking about demand side interventions to leverage the buying power of local consumers, private sector and government, Tau said Proudly South Africa will intensify outreach with corporates and retailers through its online store and Market Access Platform (MAP) procurement tool targeted at the private sector to support increased domestic sales of products, with future export capability of the online platform to be used to assist with export market diversification.
IOL News
9 hours ago
- IOL News
South Africa's government responds to US tariffs with strategic trade initiatives
Government's response to the US tariffs and measures that will be implemented to mitigate the impact Image: IOL Graphics/Se-Anne Rall In the wake of the recent 30% unilateral tariff imposed by the United States, which officially took effect on August 7, 2025, South Africa's government has mobilised a multifaceted response aimed at mitigating the adverse effects on its economy. This strategy is anchored on five critical elements, underscoring a commitment to international trade and economic stability. The government has prioritised continued engagement with the US to negotiate terms that could lead to a reduction of these tariffs. A revised offer, connecting to the previous proposal made in May 2025, has received Cabinet approval, responding directly to key concerns raised in the US's 2025 National Trade Estimates Report. This new offer makes significant strides in addressing sanitary and phytosanitary measures relevant to South African exports, including poultry, blueberries, and pork, critical commodities for trade between the two nations. As a positive outcome of these negotiations, the USA-Africa Trade Desk has confirmed that shipments of poultry and pork from states such as Georgia, Mississippi, and Alabama will be headed to South Africa in two weeks, signalling a breakthrough in compliance with bio-security protocols. Moreover, South Africa is actively considering tariff reductions in light of the deficit and tariff disparities highlighted by the European Union amid the SADC-EU Economic Partnership Agreement. In collaboration with the Southern African Customs Union, South Africa is identifying specific tariff lines that may be adjusted as a response to this request. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ In conjunction with international dialogues, the government has launched an Economic Response Package to support vulnerable sectors affected by these tariffs. Key initiatives include: The establishment of an Export Support Desk, which has assisted 23 companies already, alongside engagements with over 54 South African exporters. Measures to help companies absorb tariffs and develop sustainable strategies that safeguard jobs and enhance productivity. A Localisation Support Fund (LSF) tailored for affected companies. The Export and Competitiveness Support Programme (ECSP), which will provide crucial working capital and equipment support. Collaboration with the Department of Employment and Labour to avert potential job losses through current regulatory frameworks. Introduction of a Block Exemption for Exporters to foster cooperation among competitors, with a draft expected to be published soon. The necessity of diversifying export markets has never been more apparent than in the current economic climate. In response to the imposed tariffs, South Africa is accelerating its efforts to explore new international markets beyond the US, with special focus on Asia, the Middle East, and Africa under the African Continental Free Trade Area (AfCFTA). This strategic pivot not only aims to mitigate economic repercussions but also aligns with long-term resilience and competitiveness goals.
TimesLIVE
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- TimesLIVE
Ford reveals $30k starting price for new budget-friendly EV range
Ford plans to start rolling out its new family of affordable electric vehicles in 2027, including a midsize pickup truck with a target starting price of $30,000 (R532,446), the company said on Monday as it aspires to the cost efficiency of Chinese rivals. The new midsize four-door pickup will be assembled at the carmaker's Louisville, Kentucky, plant. Ford is investing nearly $2bn (R35,494,760,000) in the plant, which produces the Escape and Lincoln Corsair, retaining at least 2,200 jobs, it said. Chinese carmakers such as BYD have streamlined their supply chain and production system to produce EVs at a fraction of the cost of Western carmakers. While the vehicles have yet to enter the US market, Ford CEO Jim Farley said they set a new standard that companies such as Ford must match. "I can't tell you with 100% certainty this will all go right," Farley told a crowd at Ford's Louisville assembly plant on Monday, noting past efforts by US carmakers to build affordable cars had fizzled. "It is a bet. There is risk." Ford has been developing its affordable EVs through its skunkworks team filled with talent from EV rivals Tesla and Rivian. The California-based group, led by former Tesla executive Alan Clarke, has set itself so much apart from the larger Ford enterprise that Farley said even his badge could not get him into its building for some time. EVs sold for an average of about $47,000 (R834,545) in June, JD Power data showed. Many Chinese models sell for $10,000 (R177,562) to $25,000 (R443,907). Affordability is a top concern for EV shoppers, auto executives have said, and the global competition for delivering cheaper electric models is heating up.
