Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Qualcomm, FedEx, auto executives to propose transport policies for world in transition

Published 10/30/2020, 09:09 AM
Updated 10/30/2020, 06:36 PM
© Reuters. Federal Express truck makes its way down a freeway in San Diego, California

By David Shepardson

WASHINGTON (Reuters) - A group of business leaders and public policy experts is launching a new body to grapple with thorny questions surrounding the future of transportation including self-driving and electric vehicles.

The Commission on the Future of Mobility, reported earlier by Reuters, was formally unveiled on Friday. The group plans to propose a new regulatory framework to address a global transportation sector "on the cusp of a worldwide transition driven by shared, connected, autonomous, and electric technologies."

Alisyn Malek, the commission's executive director, told Reuters the goal is to tackle tough problems and improve safety.

"Let's bring everybody together to talk about how do we want the movement of people and goods to actually work," Malek said in an interview.

Autonomous cars and delivery trucks, package-carrying drones, air taxis, connected vehicles and Hyperloop systems are among transit advances that could revolutionize travel.

Traffic crashes remain a major problem. The World Health Organization estimates 1.35 million people die and 20 to 50 million are injured annually in vehicle crashes.

The commission will be co-chaired by Jared Cohon, president emeritus of Carnegie Mellon University, former Ford Motor (N:F) CEO Jim Hackett and Transdev Group CEO Thierry Mallet.

"Progress can only continue if we modernize the way policy and regulation work," Hackett said.

Governments, including the United States, have struggled to adopt regulations to allow for wide-scale adoption of next-generation transportation like self-driving cars amid safety concerns.

Regulators are hiking fuel efficiency requirements, while California and many European countries want to end new gasoline-powered passenger vehicle sales by 2035.

The commission says in an overview document that "current regulatory requirements governing fuel economy standards and vehicle safety fail to reflect the transformation occurring in powertrains, autonomy, and models of mobility."

The group wants to recommend in 2022 "a framework for regulations in the American, European, and Asian markets post-2025 that reflects and facilitates the technological transformation taking place" for emissions and safety regulations.

Goodyear Tire & Rubber (O:GT) CEO Richard Kramer, FedEx (N:FDX) CEO Fred Smith and Qualcomm (NASDAQ:QCOM) CEO Steven Mollenkopf will be on the commission, as will Hyundai Motor (KS:005380) Chief Operating Officer José Muñoz. It expects to add members before its February kickoff.

The commission is housed within SAFE, a nonpartisan organization focusing on energy security issues.

© Reuters. FILE PHOTO: Cruise CTO Kyle Vogt stretches inside a Cruise Origin autonomous vehicle during its unveiling in San Francisco

SAFE CEO Robbie Diamond said the goal is to rethink everything. "If you had to rewrite regulations and policy from scratch knowing what we know about technology today ... what you would do differently?" he asked. "We want to think big."

Latest comments

Human is error prone. Computer can freeze. There is no way to avoid accident. Self dring technology is not mature enough why the media keeps pusing that #” because it will make money for companies making new ‘toys’.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.