Japan is making a push to develop flying cars, enlisting companies including Uber Technologies Inc and Airbus SE in a government-led group to bring airborne vehicles to the country in the next decade, people familiar with the matter said.
The group is to initially comprise about 20 companies, including Boeing Co, NEC Corp, a Toyota Motor Corp-backed startup called Cartivator, ANA Holdings Inc, Japan Airlines Co and Yamato Holdings Co, the people said.
Delegates are to gather on Wednesday next week for the first of their monthly meetings, the people said, asking not to be identified, citing rules.
The Japanese Ministry of Economy, Trade and Industry and the Ministry of Land, Infrastructure, Transport and Tourism plan to draft a road map this year, they said.
An Uber spokeswoman confirmed the company’s participation in the group, but declined to comment further.
Representatives for Airbus, Boeing, ANA, JAL, NEC, Yamato and Cartivator declined to comment, as did those for the trade and transport ministries.
Flying cars that can zoom over congested roads are closer to reality than many people think. Start-ups around the world are pursuing small aircraft, which were until recently only in the realm of science fiction.
With Japanese companies already trailing their global peers in electric vehicles and self-driving cars, the government is showing urgency on the aircraft technology, stepping in to facilitate legislation and infrastructure to help gain leadership.
Many have already had a head start in the race. Uber, which is to invest 20 million euros (US$23.14 million) over the next five years to develop flying car services at a new facility in Paris, has set a goal of starting commercial operations of its air-taxi business by 2023.
Kitty Hawk, a Mountain View, California-based start-up founded and backed by Google cofounder Larry Page, in June offered a glimpse of an aircraft prototype: a single-person recreational vehicle.
Japanese Minister of Economy, Trade and Industry Hiroshige Seko this month told reporters that flying cars could ease urban traffic snarls, help transportation in remote islands or mountainous areas at times of disasters, and could be used in the tourism industry.
The technology, just like aviation, would need to win approvals from several regulators, which could take many years. That would also happen only when safety standards are set by agencies, without which commuters would not embrace the flying craft.
Japan wants to take a lead in writing the rules for the nascent industry, as policymakers think that the current aviation regulations are mostly set by Europe and the US, one of the people said.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to