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Los Angeles Times
an hour ago
- Los Angeles Times
Uber partnering with Lucid, Nuro to launch robotaxis in 2026
Uber Technologies Inc. is teaming up with electric vehicle maker Lucid Group Inc. and self-driving tech startup Nuro to launch a robotaxi fleet. Uber announced Thursday it or its third-party partners will purchase and operate Lucid Gravity SUVs outfitted with Nuro Driver technology on its ride-sharing network. The company aims to launch the first vehicle later in 2026 in an unidentified major US city, with plans to deploy at least 20,000 of the robotaxis over six years. The ride-sharing company also announced it's making separate multi-hundred-million dollar investments in both Lucid and Nuro. That funding will include $300 million for Lucid that will be used in part to upgrade to its assembly line to integrate Nuro hardware into the Gravity vehicles, according to the EV company. Separately, Lucid also said it plans a 1-for-10 reverse stock split, subject to shareholder approval. The Lucid-Nuro deal adds to more than a dozen partnerships that Uber has announced with autonomous vehicle tech developers and carmakers, including Waymo and Volkswagen Group of America, as it aims to be the go-to commercial app for robotaxis. Earlier this week, Uber announced a partnership with Chinese AV maker Baidu to deploy robotaxis in several non-US markets. Currently autonomous rides are available through the Uber app in Phoenix, Austin, Atlanta and Abu Dhabi. The substantial investments by Uber further underscore its strategy shift away from developing autonomous technology in-house, as it did under co-founder and former Chief Executive Officer Travis Kalanick, in favor of partnering with and investing in firms that specialize in AV. Uber has monetized some of its equity stakes in firms such as autonomous freight company Aurora Innovation Inc. to fund future investments in the driverless ecosystem, CEO Dara Khosrowshahi has said. Competition is intensifying in the still-nascent robotaxi market, with EV giant Tesla Inc. rolling out its long-promised service in Austin last month and CEO Elon Musk pledging to expand to other cities. Uber first partnered with Nuro in 2022 on food delivery robots. The following year Nuro pivoted from building and scaling custom AVs to focusing on developing autonomous software. The Uber partnership also adds a notable customer for Lucid, one of the few pure play EV makers in the US, as it works to popularize Gravity, its second vehicle model. The company has been working to amp up production and deliveries, and has estimated it will produce 20,000 vehicles in 2025, more than double the year before. Prototype robotaxis developed by Lucid and Nuro are already in operation on Nuro's Las Vegas closed-circuit testing grounds. Lucid interim CEO Marc Winterhoff said Uber chose its SUV because the company can integrate the necessary hardware at its factory. Nuro's software will be added once Uber receives the vehicles. Winterhoff had said in a call with investors in May that the company was in advanced discussions with partners about using Gravity for autonomous vehicle purposes. 'This is a stepping stone on our journey to expand our tech leadership from electric vehicles and licensing into partnerships in other areas,' Winterhoff told Bloomberg this week. 'A lot can happen in six years. I really see this as the first starting point.' Lucid also has been working on advanced driver systems and announced earlier this year that it had partnered with King Abdullah University of Science and Technology in Saudi Arabia. Winterhoff said the company still plans to work on its own autonomous and driver assistance technology. This week Lucid separately announced it's adding hands-free drive and lane change assist to its software suite. Carlson and Lung write for Bloomberg.
UPI
an hour ago
- UPI
Trump signs GENIUS Act for stablecoin regulation
1 of 3 | President Donald Trump appears with congressional Republicans as he signs the GENIUS Act in the East Room of the White House on Friday. It's the first major law governing digital currency. Photo by Francis Chung/UPI | License Photo July 18 (UPI) -- President Donald Trump on Friday signed the GENIUS Act, which regulates dollar-based digital tokens called stablecoins and is the first major law governing digital currency. On Thursday, the U.S. House voted 308-122 for the Guiding and Establishing National Innovation for U.S. Stablecoins Act. In June, the Senate passed the bill 68-30 with at least 60 votes needed for passage. With congressional leaders and industry leaders in the White House's East Room, he said: "This could be perhaps the greatest revolution of financial technology since the birth of the Internet itself." Trump has become a big ally of the crypto industry since his 2024 presidential campaign after calling it a "scam." Stablecoins are tied to tangible assets, such as the U.S. dollar, to make them more stable in comparison to other types of cryptocurrencies that derive their value from market demand. Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation. Stablecoins must be fully backed by U.S. dollars or similar liquid assets, along with mandated annual audits for issuers with more than $50 billion in market capitalization and added language on foreign issuance. Trump said "we take a giant step to cement the American dominance of global finance and crypto technology." He named David Sacks as his crypto and artificial intelligence czar early his in second presidency. On March 6, Trump signed an executive order establishing the Strategic Bitcoin Reserve capitalized with Bitcoin that the U.S. Treasury seized through criminal and civil forfeiture. A crypto market structure legislation has been delayed in the Senate. The House passed the Digital AssetMarket Clarity Act, for clarity and regulatory framework for digital assets. Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump's deepening ties to crypto ventures. Massachusetts Sen. Elizabeth Warren, who voted against the legislation, said: "Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion." His affiliated venture, World Liberty Financial, launched its stablecoin. Trump Media is planning to build a multi-billion-dollar Bitcoin treasury. And American Bitcoin, a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger. Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20. On May 22, Trump invited the top 220 holders of his $TRUMP meme to a private dinner at Trump National Golf Club in Sterling, Va.
Yahoo
an hour ago
- Yahoo
Asian Food Platform DDC Appoints Investing Professional After Animoca BTC Yield Deal
DDC Enterprise (DDC), known for its Asian food brands, named Kyu Ho as chief of staff to strengthen its management team as it expands into bitcoin (BTC) treasury management. The appointment follows a week after the Hong Kong-based company signed an agreement to develop investment strategies for $100 million worth of BTC on behalf of Web3 investment giant Animoca Brands. Ho, with 20 years of investing experience, was most recently managing partner of early-stage crypto investment firm Initial Ventures. DCC, whose shares trade on the New York Stock Exchange, embarked on its plans build a bitcoin treasury earlier this year and has since acquired 368 BTC ($43.7 million). The shares have climbed as much as 350% since then, and currently are priced at $15.83, just over 12% lower on the day. Publicly-traded companies from a range of industries have been adopting crypto reserve strategies in recent months, inspired by the likes of Strategy (MSTR) and Metaplanet (3350), which have both seen their share prices skyrocket as investors regard them as a proxy bet on bitcoin. They've been joined by corporations branching into treasuries based on ether (ETH) and other altcoins. 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
