China will strictly prevent "haphazard investment and redundant development" in the automobile industry, an official from the state planning agency said, apparently referring to proposed rules on automakers' investments in new factory capacity. Nian Yong, head of the National Development and Reform Commission's Department of Industrial Coordination, said the agency will soon publish and implement a new set of investment rules. Among other things, the new rules "will restrict industrial investment project management standards, strengthen regulation, prevent haphazard investment and redundant development," he said Saturday. China is looking to fix seemingly perpetual excess capacity in the country's auto industry, which is showing signs of worsening. Nian's remarks, which were made during a speech at an automotive industry conference in Tianjin, come as the industry has sought to dial down the proposed NDRC rules, which were published in July in draft form to seek public comment.
A proposed U.S.-Mexico trade deal would allow President Donald Trump to slap punitive tariffs of up to 25 percent on imports of Mexican-made cars, SUVs and auto parts above certain volumes, auto executives and sources said on Tuesday. The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), pressuring Canada to sign up to new auto trade and dispute settlement rules to remain part of the three-way pact. But a previously unreported side agreement between the two countries would allow the United States to pursue "national security" tariffs on annual Mexican car and SUV imports of over 2.4 million vehicles. The side deal would allow national security levies on auto parts imports above a value of $90 billion per year on the same grounds. The administration plans to announce the results of a probe into whether autos and part imports pose a national security risk in the coming weeks
Toyota will invest $500 million in Uber to jointly work on developing self-driving cars, the companies said on Monday, a bid by both to catch up to rivals in the hotly competitive autonomous driving business. Toyota and Uber Technologies, the leading ride-hailing service, are widely seen as lagging the competition in developing self-driving cars. The partnership deepens an existing relationship and reflects CEO Dara Khosrowshahi's strategy of Uber developing autonomous vehicles through partnerships, rather than on its own. The deal also breathes new life into Uber's self-driving business. Since a self-driving Uber SUV killed a pedestrian in Tempe, Arizona, in March, Uber has removed its robot cars from the road, laid off hundreds of test drivers and shuttered operations in Arizona, its autonomous testing hub. The investment values Uber at $72 billion, matching the valuation Uber received in a deal with Alphabet self-driving unit Waymo this year.