US Self-driving Car Companies Seek Boost under Trump

A Ford Fusion hybrid, Level 4 autonomous vehicle, used by Ford Motor and Domino's Pizza to test a self-driving pizza delivery car in Michigan, is displayed during Press Days of the North American International Auto Show at Cobo Center in Detroit, Michigan, US, January 16, 2018. REUTERS/Rebecca Cook/File Photo
A Ford Fusion hybrid, Level 4 autonomous vehicle, used by Ford Motor and Domino's Pizza to test a self-driving pizza delivery car in Michigan, is displayed during Press Days of the North American International Auto Show at Cobo Center in Detroit, Michigan, US, January 16, 2018. REUTERS/Rebecca Cook/File Photo
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US Self-driving Car Companies Seek Boost under Trump

A Ford Fusion hybrid, Level 4 autonomous vehicle, used by Ford Motor and Domino's Pizza to test a self-driving pizza delivery car in Michigan, is displayed during Press Days of the North American International Auto Show at Cobo Center in Detroit, Michigan, US, January 16, 2018. REUTERS/Rebecca Cook/File Photo
A Ford Fusion hybrid, Level 4 autonomous vehicle, used by Ford Motor and Domino's Pizza to test a self-driving pizza delivery car in Michigan, is displayed during Press Days of the North American International Auto Show at Cobo Center in Detroit, Michigan, US, January 16, 2018. REUTERS/Rebecca Cook/File Photo

A group representing self-driving car companies on Tuesday called on the US government to do more to speed the deployment of autonomous vehicles and remove barriers to adoption.

"The federal government is the one that needs to lead when it comes to vehicle design, construction and performance, and we just have not seen enough action out of the federal government in recent years," Jeff Farrah, who heads the Autonomous Vehicle Industry Association, said in an interview.

The group includes Volkswagen Ford, Alphabet's Waymo, Amazon.com's Zoox, Uber and others, Reuters reported.

The group released a policy framework calling on the US Department of Transportation (USDOT) to "assert its responsibility over the design, construction, and performance of autonomous vehicles and increase its efforts in key areas."

The group added that "federal inaction has created regulatory uncertainty" and warned China is determined to take the United States lead on autonomous vehicle technology.

"We want to make sure there is a clear pathway to getting these next-generation vehicles on the road," said Farrah.

"We have been frustrated by the lack of progress."

In December 2023, the group and others called on the USDOT to do more.

Transportation Secretary Pete Buttigieg said in an interview on Monday the government was ensuring that self-driving cars would be much better than human drivers.

"I think being very rigorous in these early stages is helping these technologies start to meet their potential to save lives," Buttigieg said, adding the oversight would boost public acceptance.

The industry faces scrutiny after a pedestrian was seriously injured in October 2023 by a General Motors Cruise vehicle. The USDOT has opened investigations into self-driving vehicles operated by Cruise, Waymo and Zoox.

The autonomous vehicle group wants Congress to clarify human controls are unnecessary in automated vehicles meeting performance standards and allow companies to disable a self-driving vehicles' manual controls. It also called for creating a national AV safety data repository that would be available to state transportation agencies.

Last month, the USDOT proposed streamlining reviews of petitions to deploy self-driving vehicles without human controls like steering wheels or brake pedals.

Efforts in Congress to make it easier to deploy robotaxis on US roads without human controls have been stymied for years but may be boosted when President-elect Donald Trump takes office.

Reuters and other outlets have reported Trump wants to ease deployment barriers for self-driving vehicles. Tesla CEO Elon Musk, a close adviser to Trump, said in October the automaker would roll out driverless ride-hailing services in 2025.



Samsung’s Preliminary Q4 Profit Falls Far Short of Estimates as Chip Issues Drag

Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. (Reuters)
Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. (Reuters)
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Samsung’s Preliminary Q4 Profit Falls Far Short of Estimates as Chip Issues Drag

Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. (Reuters)
Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. (Reuters)

Samsung Electronics' preliminary fourth-quarter operating profit missed estimates by a large margin, with the South Korean tech giant hit hard by extra costs as it works towards providing high-end chips to Nvidia.

Its earnings were dented by rising research and development costs and the ramp-up of manufacturing capacity for advanced semiconductors, the company said in a statement. Slowing demand for conventional memory chips used in PCs and mobile phones also weighed on earnings, it added.

The world's largest memory chip, smartphone and TV maker expects to log an operating profit of 6.5 trillion won ($4.5 billion) for the three months ended Dec. 31, well below an LSEG SmartEstimate of 7.7 trillion won.

The expected profit is 131% higher than the same period a year earlier, but down 29% from a disappointing third quarter. Preliminary revenue came in at 75 trillion won, slightly lower than analysts' estimates.

Rival SK Hynix is Nvidia's main supplier of high-bandwidth memory (HBM) chips used in artificial intelligence graphics processing units (GPUs) whereas Samsung has struggled to meet Nvidia's requirements.

Nvidia CEO Jensen Huang told reporters in Las Vegas on Tuesday that Samsung has to "engineer a new design" to supply HBM chips to his company, adding that "they can do it and they are working very fast," Korea JoongAng Daily reported.

Samsung said at the time of its third-quarter earnings that it was making progress in supplying HBM chips to Nvidia but has not made any public updates since then.

Greg Noh, an analyst at Hyundai Motor Securities, said Samsung's profit was possibly eroded by one-off costs as well as disappointing chip and display earnings.

Samsung finished 3.4% higher with analysts attributing the gain to the sense that the company's woes had already been factored in and were unlikely to get worse.

"There are concerns about Samsung's major businesses continuing to lose competitiveness. But chip demand may have bottomed already," said Lee Min-hee, an analyst at BNK Investment & Securities, adding that smartphone demand in China may gradually improve.

Shares of Samsung, South Korea's biggest company by market value, slumped 32% last year, far more than a 10% decline for the wider market.

By contrast, SK Hynix is expected to post record earnings for the fourth quarter and its stock surged 23% last year.

Samsung will release detailed fourth-quarter results on Jan. 31.

RISING COMPETITION

Samsung said fourth-quarter earnings also fell for its division that designs and manufactures logic chips, hit by slower mobile phone demand, lower utilization rates at its factories and higher research and development costs.

The division may have widened losses to about $1.5 billion in the fourth quarter from about $960 million in the preceding quarter due to struggles to increase production yields, analysts said.

Earnings for its devices business, which includes mobile phones, TVs and household appliances, dropped as it has been some time since new mobile phone models were launched and because competition has increased, Samsung said.

Analysts said its mobile division earnings may have declined year on year due to lower sales for its premium foldable phones.

Slowing demand likely offset the positive impact of weakness in the local currency which boosts earnings from overseas.

The South Korean won dropped to its weakest level in 15 years in December after President Yoon Suk Yeol's martial law decree triggered political turmoil. It was also hurt by US President-elect Donald Trump's pledges of higher tariffs on imports.