Connect with us
Lyft Self Driving Car Lyft Self Driving Car

Companies

Lyft to Test Self-Driving Cars in California

 1 min read / 

The San Francisco-based taxi-hailing company, boasting nearly one million rides per day, recently received the right to test self-driving cars on public roads in California. Commentators have suggested the newly-awarded permit signals Lyft is in a position to roll out an autonomous car.

The company joins Google’s Waymo, Uber and several other tech and automobile companies in the race to develop an autonomous car ecosystem.

Earlier This Year

Back in July, Lyft took on a lease for a 50,000 sq ft facility dedicated to developing and testing autonomous vehicles. The venue is being used for in-house research, for both software and hardware.

The company partnered with Ford in late September – Ford’s self-driving vehicles will use Lyft’s platform.

Capitalising on Its Strengths

The question of self-driving cars is now a matter of when, not if, and Lyft will need to play to its strengths in order to succeed.

While competitors, such as Alphabet’s Waymo and Tesla, have the know-how to develop vehicles, Lyft’s power lies in its software, data and network.

The Lyft-Ford partnership could enable both companies to compete in the new industry.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Companies

Whatsapp Launches New Venture Aimed at Businesses

 1 min read / 

whatsapp business

Whatsapp has launched a new app targeted at businesses, called the Whatsapp Business App, which they claim will enable companies to “communicate more efficiently” with present and potential customers.

This forms part of Whatsapp’s wider strategy to branch out into the corporate world. It plans to use the app to generate new revenue by charging businesses for using the extra communication tools that will enable them to better connect with their customers.

Although the app is set for worldwide release, at present it will only be available in Indonesia, Italy, Mexico, the UK and US. It includes a feature which indicates a business is authentic with a green tick badge next to their name.

Keep reading |  1 min read

Companies

Amex: Troubled Credit Card Company Reports $1.2bn Net Loss

 2 min read / 

Amex annual report

On Thursday, American Express, or Amex, reported a net loss of $1,197m in the fourth quarter, the first net loss the company has experienced for 26 years.

Although the company stated that revenue from interest expenses was up 10% to $8.8bn, Amex said recent reforms to the US tax code meant the company incurred extra costs, including a repatriation cost on its foreign assets as well as a devaluation of its deferred tax assets. It estimates total costs amounted to $2.6m.

For the full year, net income was $2.7bn compared with $5.4bn the company earned in 2017. However, even with the estimated $2.6m the company claims it incurred from the recent tax charge, net earnings were still $5.3bn, $100m lower compared to last year.

In New York, American Express shares (AXP) took a near 1% tumble at the beginning of trade with shares finishing the day on $99.90.  JPMorgan Chase and Goldman Sachs anticipate greater earnings for 2018.

“Overall, we believe the Tax Act will be a positive development for both the U.S. economy and American Express” said CEO and chairman Kenneth Chenault. Chenault also said he will be leaving Amex in “very strong hands” when his successor, Steve Squeri takes over next month.

American Express has suffered from an ever-reducing share in the credit card market and ended its 14-year relationship with American warehouse chain Costco who in 2016 made an agreement with the market leader, Visa.

Keep reading |  2 min read

Companies

Tencent Extends Facebook Lead

Tencent Facebook

Tencent has shot past Facebook to become the world’s most valuable social network.

Editor’s Remarks: Although Tencent briefly overtook Facebook in terms of market cap in November, the recent selloff of Facebook shares prompted the Chinese tech titan to regain the lead. Facebook investors responded negatively to news that Mark Zuckerberg’s plans to highlight family and friend-based content on the newsfeed would reduce the amount of time people spent on the site. Shares in Facebook have fallen 5% since that announcement, enabling Tencent to gain a $19bn lead over the US company. Tencent’s growth has been spurred on by its diversification away from its flagship messaging app, WeChat, and into video games.

Read more on Technology:

Keep reading |  1 min read

Trending

Send this to a friend