• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Investing

China’s 50 cents driverless taxi revolution sparks economic and safety debates

by July 19, 2024
written by July 19, 2024

Wuhan, the bustling city in central China with over 11 million residents, is becoming a global hotspot for driverless technology. Thanks to Apollo Go, a subsidiary of tech giant Baidu (BIDU), self-driving taxis are now a reality in the city. 

Offering six-mile rides for just 50 cents, these autonomous vehicles are setting the stage for Wuhan to potentially become the world’s first fully driverless city.

Apollo Go’s ambitious expansion

Launched in 2022, Apollo Go’s fleet of 500 driverless taxis covers approximately half of Wuhan’s population. 

This impressive service is set to expand rapidly, with plans to double the fleet to 1,000 vehicles by the end of 2024. 

This swift growth highlights the growing acceptance and enthusiasm for autonomous vehicles, though it has also sparked debates about the implications for traditional transportation services.

Cost comparison: Autonomous vs. traditional taxis

One of the most compelling features of Apollo Go’s service is its affordability. 

With base fares starting at just 4 yuan (approximately 55 pence), the cost is significantly lower than the 18 yuan (£2.48) charged by traditional taxis. 

This price disparity has made driverless taxis an attractive option for many Wuhan residents.

However, this cost advantage has raised concerns among local taxi drivers and gig economy workers, who worry about their livelihoods amidst a challenging economic environment characterized by stagnant wages and economic slowdowns.

Economic impact and public concerns

The introduction of robotaxis comes at a time of economic uncertainty in China. 

The National Bureau of Statistics reported a GDP growth of only 4.7% for the April to June period, falling short of the 5.1% forecast. 

This slower growth has amplified worries about job security and economic stability.

Additionally, there have been practical challenges associated with the deployment of autonomous vehicles. 

Reports of traffic disruptions and reliability issues, such as a recent incident where a robotaxi ran a red light causing a pedestrian accident, have raised concerns among residents. 

The reliability of these vehicles is being closely scrutinized, and social media platforms like Weibo have seen a surge in discussions criticizing Apollo Go’s pricing and the potential displacement of traditional taxi services.

Global perspective on autonomous vehicles

China’s push for autonomous taxis mirrors similar efforts around the world. In the United States and the United Arab Emirates, companies like Waymo and Cruise are advancing driverless technology, although they face their own set of challenges, including regulatory hurdles and safety concerns. 

For instance, Cruise’s testing permit in California was recently suspended following a series of accidents.

Despite these challenges, the future of autonomous vehicles looks promising. 

A report from consulting firm McKinsey forecasts that the sector could generate between $300 billion to $400 billion in revenue by 2035, driven in part by strong support from the Chinese government for pilot programs.

Government support and future outlook

In China, several major cities are leading the charge in autonomous vehicle trials. Wuhan, Shenzhen, and Shanghai have granted commercial licenses for these experiments. 

Shanghai’s Pudong New Area has recently issued licenses to driverless car operators like Apollo Go and Alibaba-backed AutoX. Additionally, California-based startup Pony.ai, with backing from Toyota and Saudi Arabia, has also received approval to test its autonomous vehicles in Shanghai.

Beijing is actively seeking public input on regulations for autonomous vehicles, aiming to ensure safety and compliance with local laws. 

The Beijing Municipal Bureau of Economy and Information Technology has proposed guidelines that require autonomous vehicles to have drivers or safety officers onboard or be capable of remote interception.

In Shenzhen, Apollo Go has been granted a license to charge for its services in Bao’an district, marking a significant step in the commercialization of autonomous transportation.

As driverless technology continues to evolve, cities across China and around the world are watching closely. The successful integration of autonomous vehicles into daily urban life could set a precedent for future advancements in transportation.

The post China’s 50 cents driverless taxi revolution sparks economic and safety debates appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
Long COIN: Coinbase Signal Bullish Reversal, Price Expansion Ahead Amid a Second Quarter in Trading Range
next post
Short PHM: Stock Hits Historic High at $130, Rejection Day Sets Midpoint as Short-Term Target

related articles

Asian markets open: Nikkei, Hang Seng fall on...

June 12, 2025

Aluminum and steel tariffs spark rise in secondary...

June 12, 2025

Airbus sees aviation boom ahead, global fleet to...

June 12, 2025

US-China trade talks and Washington’s decade-long effort to...

June 12, 2025

Europe markets open: Stoxx 600 dips as UK...

June 12, 2025

UK GDP falls by 0.3% in April as...

June 12, 2025

Gordon Brothers buys Poundland; pledges £80 mn for...

June 12, 2025

Air India plane crash: London-bound flight with 242...

June 12, 2025

Air India plane crash live update: Indian President...

June 12, 2025

Copper remains supported for now even as China...

June 12, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • From Gaza to Greenland, Macron breaks with Trump on global flashpoints

    July 30, 2025
  • On Trump calling Harris ‘comrade,’ top Democrat surrogates argue ‘that boat doesn’t float’

    August 22, 2024
  • Trump reinforces ‘all hell will break out’ if hostages not returned by inauguration

    January 7, 2025
  • Trump assassination attempt shows to Putin and Xi the West on Biden’s watch is vulnerable, unfocused

    July 19, 2024
  • Stablecoin Market Reaches $204B, Signaling Crypto Rally

    February 3, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,603)
  • Investing (634)
  • Stock (867)

Latest Posts

  • Barron Trump debuts at father’s Florida campaign rally to sustained applause

    July 11, 2024
  • Rubio, in Europe, says US has to ‘reset the global order of trade’ and Trump is ‘absolutely right to do it’

    April 4, 2025
  • Which social media platforms have banned Trump and why? An overview

    August 5, 2024

Recent Posts

  • Situation in Haiti worsens amid ‘acute violence’ as UN support mission falters under gang violence

    October 23, 2024
  • GOP senators rally behind Hegseth after Signal chat leak, say calls for his firing are ‘hot garbage’

    March 27, 2025
  • USPS gives critical warning about mail-in ballots as Election Day looms next week

    October 29, 2024

Editor’s Pick

  • Israel’s Netanyahu accuses Hamas of trying to back out of cease-fire deal

    January 16, 2025
  • Microsoft Outage Causes System Crashes All Over the Globe

    July 22, 2024
  • Democrats in Congress mostly resist calling for Biden to drop out despite private concerns: reports

    July 10, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock