Stock of Tesla Plummets Amid Margin Decline, VanMoof Faces Bankruptcy, and Aurora Offloads $820 Million in Stock Sales
Tesla's stock takes a hit due to declining margins, VanMoof faces bankruptcy, and Aurora sells $820 million worth of stock.
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Welcome to The Station, your comprehensive source for all things related to transportation. As your regular host Kirsten Korosec is still away, I'll be filling in for one more week. Let's get started with the latest news.
U.S. policymakers and regulatory agencies are currently exploring methods to effectively regulate autonomous vehicles on a broader scale. The National Highway Traffic Safety Administration (NHTSA) is set to announce a new rule-making in September, which could prove advantageous for autonomous vehicle companies like Cruise and Zoox. Both these companies have plans to launch purpose-built robotaxis without traditional controls such as steering wheels and pedals.
General Motors, the owner of Cruise, had submitted a petition to the NHTSA back in February 2022, seeking approval to deploy up to 2,500 Cruise Origins annually without human controls. An update on this petition may be imminent.
On a congressional level, lawmakers are gearing up to host a hearing on July 26 with the aim of reinvigorating long-delayed legislation concerning the safe and regulated adoption of self-driving cars. During this hearing, the panel will review separate draft legislation proposed by Representative Bob Latta (R-OH) and Representative Debbie Dingell (D-MI).
The hearing, entitled "Self-Driving Vehicle Legislative Framework: Enhancing Safety, Improving Lives and Mobility, and Beating China," holds significant importance as it addresses the concern of maintaining American competitiveness against other global superpowers, such as China.
