Tech
Uber to start using BYD cars in Europe, Latin America and develop ‘autonomous-capable vehicles’
Uber and Chinese electric car manufacturer BYD announced a strategic partnership on Wednesday, aiming to bring more electric and autonomous-capable vehicles to the ride-hailing platform across Europe and Latin America. This collaboration marks a significant step toward electrifying urban mobility and developing future-ready transportation solutions.
Under the multi-year agreement, Uber drivers in Europe and Latin America will have access to special pricing and financing deals for BYD’s electric vehicles. The partnership has the potential to bring 100,000 BYD cars to Uber’s platform, furthering both companies’ commitment to creating a cleaner, greener world.
This initiative comes despite recent trade challenges, with the European Union increasing tariffs on Chinese-made electric cars. Nonetheless, Uber CEO Dara Khosrowshahi expressed enthusiasm, stating, “As the largest global agreement of its kind, we’re thrilled about the benefits this partnership will deliver for drivers, riders, and cities.”
BYD, headquartered in Shenzhen, has emerged as a dominant force in China’s electric car market, surpassing Tesla in total vehicle production for two consecutive years. The company is actively expanding its global presence, including investments in overseas factories. “Uber and BYD share a commitment to innovate towards a cleaner, greener world, and I am excited to work together towards that future,” said BYD Chairman and President Chuanfu Wang.
The partnership also involves the development of “autonomous-capable vehicles” for Uber’s platform, positioning both companies at the forefront of technological advancements in the transportation sector.
The agreement is set to expand beyond Europe and Latin America, with plans to cover the Middle East, Canada, Australia, and New Zealand. BYD exported over 240,000 cars across 70 countries last year and aims to more than double its vehicle exports this year.
Stella Li, Executive Vice President at BYD and CEO of BYD Americas, emphasized the collaboration’s significance: “This collaboration marks a new era in the electrification of urban mobility, and we look forward to seeing our cutting-edge EVs become a common sight on the streets of cities worldwide.”
Tech
Microsoft Faces £1 Billion Class Action in UK Over Alleged Overpricing of Software
Microsoft is at the center of a £1 billion class action lawsuit in the UK, with thousands of businesses potentially in line for compensation. The claim, led by regulation expert Dr. Maria Luisa Stasi, alleges that Microsoft overcharged companies for its Windows Server software, a key tool in cloud computing operations.
- The lawsuit accuses Microsoft of unfair pricing practices, claiming the company leveraged its dominant position to inflate costs for businesses.
- Over £1 billion in damages is being sought on behalf of UK businesses.
- The case is filed on an opt-out basis, meaning all UK businesses using Microsoft’s software are automatically included unless they choose otherwise.
This lawsuit is the latest in a wave of class action cases targeting tech giants in the UK, including Facebook and Google. Such claims, enabled by legislation introduced in 2015, are still relatively novel, and outcomes remain uncertain.
The legal process is expected to take years to resolve, with little precedence available to predict success rates.
The case coincides with an ongoing investigation by the UK’s Competition and Markets Authority (CMA) into the cloud computing sector.
- Cloud services are integral to modern businesses, providing solutions for data storage, software licensing, and streaming services. Microsoft’s Azure, Amazon Web Services, and Google Cloud dominate the sector.
- Google previously raised concerns with the CMA, accusing Microsoft of using restrictive licensing practices that increase costs for competitors and undermine their ability to compete effectively.
- The company has denied these allegations, stating that its licensing terms do not significantly impact rivals’ costs or competitiveness.
If successful, the lawsuit could mark a landmark decision for tech regulation in the UK, reinforcing scrutiny on the practices of dominant players in critical digital infrastructure markets. Businesses across the nation stand to benefit from compensation, with the case also potentially influencing licensing and competition policies in the cloud computing industry.
Tech
SoftBank Invests $1.5 Billion in OpenAI as Employees Offered Tender Opportunity
SoftBank has made a $1.5 billion investment in OpenAI, enabling the AI powerhouse’s employees to sell shares in a new tender offer, according to sources familiar with the matter. The tender offer, which has not been previously reported, gives employees until December 24 to decide on participation.
The deal was initiated by SoftBank’s billionaire CEO Masayoshi Son, who reportedly pushed for a larger stake in OpenAI after investing $500 million in its last funding round. This move highlights Son’s growing focus on artificial intelligence and his intent to back leading private companies in the sector.
SoftBank’s Vision Fund 2 has been actively investing in AI startups, including Glean, Perplexity, and Poolside. Across its two Vision Funds, the company manages approximately 470 portfolio companies with assets totaling $160 billion.
Even without SoftBank’s substantial financial backing, OpenAI has demonstrated remarkable fundraising capabilities. Its valuation has surged to $157 billion in the two years since the release of ChatGPT. The company has raised around $13 billion from Microsoft, closed a $6.6 billion funding round in October (led by Thrive Capital, with participation from Nvidia and others), and secured a $4 billion revolving credit line, bringing its total liquidity to over $10 billion.
Despite these significant inflows, OpenAI anticipates operating losses of $5 billion on projected revenue of $3.7 billion for 2024, reflecting the immense costs associated with advancing AI technologies.
Masayoshi Son, who has previously invested in major tech companies like Apple, Qualcomm, and Alibaba, recently expressed his intent to reserve “tens of billions of dollars” for AI investments.
Tech
U.K. Sets 2026 Target for Comprehensive Crypto Regulation
The U.K.’s Financial Conduct Authority (FCA) has unveiled an ambitious plan to implement a comprehensive regulatory framework for the cryptocurrency industry by 2026. Announced on Tuesday, the roadmap outlines critical milestones that will shape the regulation of digital assets in Britain.
Starting this quarter, the FCA plans to issue discussion papers focusing on stablecoin issuance and custody, market abuse prevention, and rules for admission and disclosure. These consultations will pave the way for a detailed review of critical crypto-related activities.
In the first half of 2025, the regulator aims to expand its scope to include policies addressing trading platforms, intermediaries, crypto lending, prudential exposure, and staking rewards offered by firms for token holdings. These developments will culminate in the release of final policy statements and the activation of the full crypto regulatory regime by 2026.
The move comes as crypto adoption in the U.K. continues to grow. According to FCA research, the average value of cryptocurrency holdings among U.K. residents increased from £1,595 in 2022 to £1,842 as of August 2023.
However, the research highlights lingering misconceptions about regulatory oversight. A third of respondents mistakenly believe they could seek financial protection or file complaints with the FCA if they encounter issues in the crypto market.
The FCA’s initiative reflects a proactive stance toward fostering innovation while addressing risks in the rapidly evolving digital asset space.
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