According to ARK's research models, China will become one of the largest markets for autonomous mobility-as-a-service, reaching $2.5 trillion by 2030. At the same time, automobile sales in China could fall below expectations as a result of autonomous taxi services. Automakers with large exposure to China should launch autonomous cars in partnerships with local players as soon as possible to capitalize on this rapidly emerging trend, especially as the Chinese government is likely to favor local players, granting them natural geographic monopolies. Mobile app-based ridesharing services have flourished in China relative to those in most countries. India is not far behind, as shown below.1
The dollar was marginally higher above ¥112.30 At 5 p.m., the dollar stood at ¥112.32, up from ¥112.22 at the same time on Thursday. The euro was at $1.1594, up from $1.1540, and at ¥130.23, up from ¥129.51. The greenback rose to around ¥112.50 briefly on purchases from Japanese importers as well as those supported by rebounds in Japanese and Chinese stocks from Thursday's sell-off. The dollar attracted buybacks versus the yen as "excessive risk aversion receded" thanks to higher stock prices, an official at a foreign exchange margin trading service firm said.
At a large wine chateau in the region of Bordeaux, France, busy robots use artificial intelligence and other technologies to pick and screen grapes as well as make wine. The chateau might be the world's first such facility to use AI to improve and optimize grape planting and wine brewing, said Zhou Jinting, chairman of Shanghai Hefu Holding (Group) Co Ltd, at the World Robot Conference in Beijing last month. Hefu bought the chateau last year. Zhou said he believes the rapid development of AI, robotics, intelligent machines, big data and cloud computing will bring revolutionary changes to the wine industry as well as a wide range of traditional industries. The chateau is a pilot project of Hefu's AI and robotic technologies that are applied in changing traditional production methods.
Zimmerman, a longtime lawyer in China who runs the office of Sheppard Mullin Richter & Hampton LLP in the Chinese capital, said the group raised the issue with members of the U.S. Congress during a recent visit to Washington. That alone is a sea change for American companies, which long have resisted open criticism that draws the ire of Beijing. What long has been moot, since Chinese companies weren't making serious investments in the United States, is now an urgent matter, he said. At an annual meeting known as the Strategic and Economic Dialogue, which begins this weekend, American officials will take up the matter of China's relatively closed market for U.S. investment in areas like agriculture and financial services. U.S. business groups would like to see tougher reviews by the U.S. government on proposed Chinese investment in the United States as it reaches ever-higher levels, a position that many members of Congress support.