Bill Gates Says These Cars Will ‘Save You Money’ — Is He Right? – Yahoo Finance

Chances are Bill Gates has enough change in his piggy bank to not have to worry about paying the bills, but the mega-billionaire still knows the value of saving money. One way he thinks people can do that is by transitioning to self-driving cars – though that will probably be many years in the future.
I’m a Self-Made Millionaire: These Are the 6 Investments Everyone Should Make During an Economic Downturn
Find: How To Guard Your Wealth From a Potential Banking Crisis With Gold

In a March 29 blog on his GatesNotes site, Gates related his recent experience with an autonomous vehicle (AV) while visiting London. The Microsoft co-founder also shared a YouTube video of the ride, which was taken in a car made by Wayve, a British company whose autonomous vehicles are engineered to drive anywhere. Most AVs can only drive on streets that have already been loaded into the navigation system.
Among Gates’ conclusions: Wider adoption of AVs is coming “sooner rather than later,” and “we’ll reach a tipping point within the next decade.” Gates also wrote in his blog that AVs “will eventually become cheaper” than regular vehicles.
“AVs will help create more equity for the elderly and people with disabilities by providing them with more transportation options,” Gates added. “And they’ll even help us avoid a climate disaster, since the majority in development are also electric vehicles.”
The actual cost differences between regular cars and self-driving cars will depend on a variety of factors, including what they are used for. A 2022 report from McKinsey & Co. estimated that the cost per mile of an autonomous taxi could be about 20% higher than that of a private nonautonomous car “in certain contexts, depending on use case, geography, and local conditions such as city archetype.”
At the same time, McKinsey estimated that the cost per mile for a personal (not pooled) AV-taxi trip could cost about half as much as a driver-based ride-hailing trip.
Those savings won’t come anytime soon, however. As Gates noted, widespread autonomous adoption will likely hit the long-haul trucking sector first, followed by delivery vehicles. Most consumers will probably get introduced to AVs through taxis and rental cars. Privately owned vehicles are expected to be the last to be widely adopted, experts say – partly because there will need to be an overhaul of the country’s roads and driving laws. That could be decades in the future.
Meanwhile, the technology is still a work in progress. Look no further than Elon Musk’s push for self-driving cars at Tesla, which has run into so many delays that the company is “nowhere close” to perfecting the technology, the Washington Post reported.
Still, there have been some forward steps. Last year, U.S. regulators took an important first step by clearing the way for autonomous cars to be built without steering wheels or pedals, CNBC reported.
Take Our Poll: How Much Salary Would Buy You Happiness?
McKinsey estimates that by 2035, more than one-third (37%) of new passenger cars sold will feature advanced autonomous driving technology that allows cars to handle most driving situations on their own, though it is unclear when laws be passed allowing them to do so on a wide scale.
More From GOBankingRates
Keep an Eye Out for Rare Dime Worth as Much as $2,000 — How To Spot It
What Is the State of Women & Money in 2023?
Build Your Credit Score with These Simple Strategies
Financial Insight in Your Inbox: Sign Up for GBR’s Daily Newsletter
This article originally appeared on Bill Gates Says These Cars Will ‘Save You Money’ — Is He Right?
An outplacement firm asked the artificial intelligence bot how many humans it thinks it will put out of work.
Chinese representatives told a WTO meeting this week that Japan, the Netherlands and the United States should report their plans and subsequent measures to the body, which it urged to step up supervision on the matter, broadcaster CCTV said. A Geneva-based trade official confirmed that China raised the issue and asked the WTO to strengthen its monitoring of the measures during a tense two-day meeting of its Council for Trade in Goods. The US has previously said its actions relate to national security grounds and should not be subject to review by the WTO.
Last year, 19 million taxpayers requested an extension to file.
CFO Paul Jacobson told investors that the company will see "meaningful savings" this year as it works to reduce fixed costs by $2 billion a year.
German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled Nord Stream 1 gas pipeline, five sources with knowledge of the matter said, indicating that its revival has not been ruled out after an alleged sabotage attack. Insurance by two of Germany's biggest companies is critical for any long-term future of the pipeline, which was the main route for Russian gas to Europe for a decade before the blast last September. The insurance stands in contrast to Germany's public stance of severing ties with Moscow, but one of the five sources said the German government had not opposed the cover.
General Motors rode strong first-quarter sales of the Chevrolet Bolt to bump crosstown rival Ford out of second place in the U.S. electric vehicle sales race. Ford sold only 10,866 EVs during the quarter, but the company said that's largely because it had to stop making the top-selling Mustang Mach-E electric SUV while it retooled a factory in Mexico to increase production. Spokesman Said Deep said the company didn't build Mach-Es for seven weeks during the quarter, cutting into sales. Also, Ford was forced to stop making the F-150 Lightning electric pickup in February after a battery caught fire during a pre-delivery quality check.
If it’s April in NYC, you know two things are happening: Mets fans are already complaining, and the New York International Auto Show (NYIAS) is back in town. While the New York show is one of the biggest in the nation, lately this show and others like LA have become smaller as some luxury automakers shun the shows for their own events. However one big trend has put the show back in the spotlight for auto buyers – a slew of new EVs.
Even by Tesla’s own official count, the number of cars in stock is reaching levels not seen since the third quarter of 2020—despite the generous use of rebates to entice consumers.
American car buyers can get a $7,500 purchase tax credit from the federal government if they buy a qualifying electric vehicle. Figuring out the EV purchase tax credit, passed as part of the Inflation Reduction Act, hasn’t been easy for anyone. Changing policies from the Internal Revenue Service add to the complexity.
Tesla and BYD are the world's largest electric-vehicle makers. In 2022, BYD vehicle sales raced far past Tesla's. Among all-battery electric vehicles, or BEVs, Tesla still leads, though BYD is closing the gap. Tesla announced big price cuts in China and key Asian markets on Jan. 6, followed by sweeping discounts in the U.S. and Europe.
While Toyota's (TM) Q1 US vehicle sales drop 8.8% y/y to 469,558 vehicles, Honda's (HMC) sales rises 6.8% to 284,507 vehicles.
General Motors Co, which replaced Toyota as the top U.S. automaker in 2022, posted a 17.6% rise in first-quarter auto sales. "We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs (electric vehicles) in a quarter for the first time," GM Executive Vice President Steve Carlisle said in a statement.
A glut of cars on the market is to trigger a price war among manufacturers as demand fails to keep pace with supply, analysts have forecast.
Hyundai is aiming to offer luxury car feel for regular car prices with its latest EV, the Ioniq 6. As our first drive reveals, it gets very close to that ambition.
After a tough 2022, analysts say Q1 U.S. auto sales are likely to grow more than expected, led by General Motors, Ford and Tesla.
The auto maker's EV deliveries decelerated last month, opening the door for GM to gain ground for quarterly U.S. EV sales.
Tesla shares slumped despite delivering record deliveries after the US updated eligibility for EV tax credits, potentially threatening the company's growth prospects.
After a rough start to 2023, China EV sales are generally rebounding. Tesla rivals BYD, Li Auto, Nio and XPeng reported March and Q1 sales.
Aircraft close calls have been rising, prompting safety concerns. WSJ goes inside the air traffic control tower at Hartsfield-Jackson Atlanta International Airport to see how controllers juggle around 2,100 flights every day. Photo illustration: Nayon Cho
Shares of Tesla are lower on Monday after record first quarter vehicle production numbers missed analysts’ and CEO Elon Musk’s delivery predictions,


Leave a Comment

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