Welcome to our weekly news round-up. In today’s blog, we’ll cover some of the latest goings-on in key markets, using related reports to give context to company deals and daily news. We’ll examine current and future trends and identify opportunities we think all market participants should be aware of.
Here are today’s stories:
GM TO TEST SELF DRIVING CARS IN NEW YORK IN EARLY 2018
General Motors has applied for permission to test drive its fully autonomous Chevy Bolts in New York City in early 2018, according to New York Governor Andrew Cuomo. The Detroit-based automaker will be the first to test fully autonomous cars in the state.
"Autonomous vehicles have the potential to save time and save lives, and we are proud to be working with GM and Cruise on the future of this exciting new technology," Governor Cuomo said. "The spirit of innovation is what defines New York, and we are positioned on the forefront of this emerging industry that has the potential to be the next great technological advance that moves our economy and moves us forward."
Cruise Automation, owned by GM, has been testing driverless cars in San Francisco for some time. According to The Wall Street Journal, these next set of tests will be restricted to a five-square-mile area of lower Manhattan. Two Cruise employees will accompany the driverless cars, with one engineer in the driver’s seat to monitor the performance, and a second person in the passenger seat.
Market Insights: According to the Global Autonomous Vehicles Market report, “the global autonomous vehicle market is experiencing an exponential growth rate due to the rising concerns for improving road safety and ease of driving experience. This high scale of growth of the autonomous vehicle industry is subsequently influencing the market, wherein companies are testing the efficiency and feasibility of their automated systems. Furthermore, usage of automated vehicles is expected to decrease the overall road congestion, therefore, improving the traffic flow to a certain level.”
CHINA ELECTRIC CAR OUTPUT TO REACH 1 MILLION
China’s electric vehicle production is expected to reach 1 million units next year and 3 million units by 2020, according to Xu Heyi, chairman of the state-owned automaker BAIC Group.
Speaking to reporters outside the Communist Party Congress on Wednesday, Heyi said the country is aiming to produce produce 2 million electric vehicles a year by 2020 and 7 million units by 2025. This is a significant push, amounting to a fifth of total car production in China by 2025.
The country produced 424,000 new energy vehicles in the first three quarters of this year, up 40.2 percent compared with 2016, according to the China Association of Automobile Manufacturers.
Market Insights: China's demand for electric vehicles will continue to grow at 9% by 2026, according to a new study from AMID Co. It says “China's demand for Electric Vehicles has grown at a fast pace in the past decade. In the next decade, both production and demand will continue to grow. The Chinese economy maintains a high speed growth which has been stimulated by the consecutive increases of industrial output, imports & exports, consumer consumption and capital investment for over two decades.”
JPMORGAN SET TO ACQUIRE WEPAY
JPMorgan Chase & Co said on Tuesday it had agreed to acquire fintech startup WePay, an integrated payments provider for SaaS and crowdfunding platform. The American banker said it would provide its 4 million small businesses clients with WePay's payments technology.
"Being part of the Chase family — with its global capabilities, brand and scale — will help us better support our growing list of platform partners and the businesses they serve," Bill Clerico, founder and CEO of WePay, said.
"We're excited to marry the distribution of one of the world's largest and most respected financial institutions with the best technology and talent in Silicon Valley."
The investment bank did not disclose the value of the acquisition, but the Wall Street Journal reported the price being above $220 million.
Market Insights: Technological innovations and rapid technological advances are changing the way people connect with each other and manage their finances. With the advent of mobile banks, users are able to conduct monetary transactions with ease. Mobile and online banking are an affordable alternative to the traditional banking ways, according to a new report from Technavio.
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