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Tesla deployed a small group of self-driving taxis picking up paying passengers on Sunday in Austin, Texas, with CEO Elon Musk announcing the “robotaxi launch” and social-media influencers posting videos of their first rides. The event marked the first time Tesla cars without human drivers have carried paying riders, a business that Musk sees as crucial to the electric car maker’s financial future. He called the moment the “culmination of a decade of hard work” in a post on his social-media platform X and noted that “the AI chip and software teams were built from scratch within Tesla.” Teslas were spotted early Sunday in a neighborhood called South Congress with no one in the driver’s seat but one person in the passenger seat. The automaker planned a small trial with about 10 vehicles and front-seat riders acting as “safety monitors,” though it remained unclear how much control they had over the vehicles. In recent days, the automaker sent invites to a select group of influencers for a carefully monitored robotaxi trial in a limited zone. The rides are being offered for a flat fee of $4.20, Musk said on X. Tesla investor and social-media personality Sawyer Merritt posted videos on X Sunday afternoon showing him ordering, getting picked up and taking a ride to a nearby bar and restaurant, Frazier’s Long and Low, using a Tesla robotaxi app. If Tesla succeeds with the small deployment, it still faces major challenges in delivering on Musk’s promises to scale up quickly in Austin and other cities, industry experts say. It could take years or decades for Tesla and self-driving rivals, such as Alphabet’s Waymo, to fully develop a robotaxi industry, said Philip Koopman, a Carnegie Mellon University computer-engineering professor with expertise in autonomous-vehicle technology. A successful Austin trial for Tesla, he said, would be “the end of the beginning not the beginning of the end.” Most of Tesla’s sky-high stock value now rests on its ability to deliver robotaxis and humanoid robots, according to many industry analysts. Tesla is by far the world’s most valuable automaker. As Tesla’s robotaxi-rollout date approached, Texas lawmakers moved to enact autonomous-vehicle rules. Texas Governor Greg Abbott, a Republican, on Friday signed legislation requiring a state permit to operate self-driving vehicles. The law, which takes effect September 1, signals that state officials from both parties want the driverless-vehicle industry to proceed cautiously. Tesla did not respond to requests for comment. The governor’s office declined to comment. “EASY TO GET, EASY TO LOSE” The law softens the state’s previous anti-regulation stance on autonomous vehicles. A 2017 Texas law specifically prohibited cities from regulating self-driving cars. The new law requires autonomous-vehicle operators to get approval from the Texas Department of Motor Vehicles before operating on public streets without a human driver. It gives state authorities the power to revoke permits for operators they deem a public danger. The law also requires firms to provide information on how first responders can deal with their driverless vehicles in emergency situations. The law’s permit requirements for an “automated motor vehicle” are not onerous but require firms to attest their vehicles can operate legally and safely. It defines an automated vehicle as having at least “Level 4” autonomous-driving capability under a recognized standard, meaning it can operate with no human driver under specified conditions. Level 5 autonomy is the top level and means a car can drive itself anywhere, under any conditions. Compliance remains far easier than in some states, notably California, which requires submission of vehicle-testing data under state oversight. Bryant Walker Smith, a University of South Carolina law professor who focuses on autonomous driving, said it appears any company that meets minimum application requirements will get a Texas permit but could also lose it if problems arise. “California permits are hard to get, easy to lose,” he said. “In Texas, the permit is easy to get and easy to lose.” MUSK’S SAFETY PLEDGES The Tesla robotaxi rollout comes after more than a decade of Musk’s unfulfilled promises to deliver self-driving Teslas. Musk has said Tesla would be “super paranoid” about robotaxi safety in Austin, including operating in limited areas. The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and will not carry anyone below age 18. Commercializing autonomous vehicles has been risky and expensive. GM’s Cruise was shut down after a serious accident. Regulators are closely watching Tesla and its rivals, Waymo and Amazon’s Zoox. Tesla is also bucking the young industry’s standard practice of relying on multiple technologies to read the road, using only cameras. That, Musk says, will be safe and much less expensive than lidar and radar systems added by rivals. Norihiko Shirouzu and Abhirup Roy
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Buy now, pay later (BNPL) payment options are increasingly popular, particularly among young consumers. A recent survey from J.D. Power shows that 42% of millennials and Gen Z actively use BNPL loans to make purchases. But BNPL loans have not been incorporated by major credit scoring companies, meaning that lenders attempting to size up borrowers and make lending decisions have had a blind spot regarding these debts. Until now, that is. FICO, one of the leading credit scoring companies, announced on Monday that it has launched FICO Score 10 BNPL and FICO Score 10 T BNPL, two new scores that incorporate buy now, pay later data. Lenders utilizing these scores can now get a more complete picture of a borrowers background, potentially leading to more informed lending decisions. And for borrowers, it may mean a better credit score, especially for those who have responsibly used BNPL services in the past. We want to make sure that were looking at data that will enable lenders that use the FICO score to have the clearest picture, says Julie May, vice president and general manager of B2B Scores at FICO. This is a product thats been growing rapidly, and we think it’s important to be groundbreaking in this approach. It can really drive financial inclusion, she adds. Frequently, people use BNPL, and if represented in credit scores, can drive more creditworthiness. Most scores increase, according to FICO’s research Earlier this year, FICO published the results of a yearlong analysis done in tandem with BNPL company Affirm. Simulating the impact of BNPL data on FICO scores, the analysis found that Affirm customers with multiple BNPL loans would most likely see their scores increase. Whats groundbreaking and exciting about these new scores is that theyre going to allow those younger consumers to build credit and build their FICO score, says Ethan Dornhelm, vice president of FICO Scores and Predictive Analytics. For borrowers who have blemished, limited, or no credit history, with the inclusion of BNPL data, borrowers are likely to see a benefit in their scores. As FICO is preparing to launch the new scoreswhich are expected to be available to lenders later this yearit may mark something of a change in strategy, too. While many borrowers may have initially been attracted to BNPL loans due to concerns about their own creditworthiness (and potential inability to secure a line a credit, accordingly), BNPL loans may now look more like a credit-enhancing product, rather than an offering of last resort. One of the early selling points for BNPL firms was that they were not sharing data with the credit bureaus, Ben Danner, senior analyst, credit and commercial at Javelin Strategy & Research, told PaymentsJournal earlier this year. The idea was that this lack of sharing would be attractive to consumers, particularly those concerned with their credit scores. He continued: However, with potential regulatory changes on the horizon, it makes sense for BNPL vendors to pivot towards a strategy that markets these loans as a credit enhancement tool.
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E-Commerce
Global markets appeared to take the U.S. strike against nuclear targets in Iran in stride as investors watched Monday to see how Iran will react.The price of oil initially jumped more than 2%, fell and then regained about half that much. U.S. stock futures edged lower and share benchmarks in Europe and Asia also were mostly lower.The attacks on three Iranian sites raised the stakes in the war between Israel and Iran and left questions about what remains of Tehran’s nuclear program. It also increased the possibility that Iran might retaliate, potentially disrupting shipping through the narrow Strait of Hormuz, a waterway through which much of the world’s crude oil passes.The big unknown is what Iran will do, analysts said.The price of Brent crude oil, the international standard, was up 1.2% at $77.91 per barrel. U.S. benchmark crude climbed 1.3% to $74.79.The future for the S&P 500 was little changed, while that for the Dow Jones Industrial Average was down 0.1%. Treasury yields were steady.In Europe, Germany’s DAX lost 0.5% to 23,230.54 and the CAC 40 in Paris fell 0.6% to 7,541.25. Britain’s FTSE 100 shed 0.2% to 8,761.53.Overall, there was no sign of panic.“I believe what we are thinking is or the thinking is that it is going to be a short conflict. The one big hit by the Americans will be effective and then we’ll get back to sort of business as usual, in which case there is no need for an immediate, panicky type of reaction,” said Neil Newman, managing director of Atris Advisory Japan.The conflict began with an Israeli attack against Iran on June 13 that sent oil prices yo-yoing and rattled other markets.Closing off the Strait of Hormuz would be technically difficult but it could severely disrupt transit through it, sending insurance rates spiking and making shippers nervous to move without U.S. Navy escorts. As a major oil producer, Iran may be reluctant to close down the waterway, which is used to transport its own crude, mostly to China. Oil is a major revenue source for the regime.“The situation remains highly fluid, and much hinges on whether Tehran opts for a restrained reaction or a more aggressive course of action,” Kristian Kerr, head of macro strategy at LPL Financial in Charlotte, North Carolina, said in a commentary.Speaking to Fox News on Sunday, U.S. Secretary of State Marco Rubio said disrupting traffic through the strait would be “economic suicide” and would elicit a U.S. response.“I would encourage the Chinese government in Beijing to call them about that because they heavily depend on the Strait of Hormuz for their oil,” Rubio said.When asked about that at a routine briefing in Beijing, Chinese Foreign Ministry spokesperson Guo Jiakun told reporters in Beijing that “China is willing to strengthen communication with Iran and relevant parties to continue playing a constructive role in promoting de-escalation” of the conflict.“The Persian Gulf and its adjacent waters are important international channels for cargo and energy trade. Maintaining security and stability in this region serves the common interests of the international community,” he said.Tom Kloza, chief market analyst at Turner Mason & Co said he expects Iranian leaders to refrain from drastic measures and oil futures to ease back after the initial fears blow over.Disrupting shipping would be “a scorched earth possibility, a Sherman-burning-Atlanta move,” Kloza said.Writing in a report, Ed Yardeni, a long-time analyst, agreed that Tehran leaders would likely hold back.“They aren’t crazy,” he wrote in a note to investors Sunday. “The price of oil should fall and stock markets around the world should climb higher.”Other experts weren’t so sure.Countries are not always rational actors and Tehran could lash out for political or emotional reasons, said Andy Lipow, a Houston analyst who has covered oil markets for 45 years.“If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,” Lipow said. That would translate to about $4.50 a gallon at the pump and hurt consumers in other ways, he said.Much of East Asia depends on oil imported through the strait. Taiwan’s Taiex fell 1.4% while the Kospi in South Korea slipped 0.2%.In Tokyo, the Nikkei 225 edged 0.1% lower, with gains for defense contractors, oil companies and miners helping to make up for broad losses.“The U.S. strike on Iran certainly is very good for defense equipment,” Newman of Atris Advisory said, noting that both Japan and South Korea have sizable military manufacturing hubs.Australia’s S&P/ASX fell 0.4%.Hong Kong’s Hang Seng regained lost ground, climbing 0.7%, while the Shanghai Composite index picked up 0.7%.In currency dealings, the U.S. dollar rose to 147.82 Japanese yen from 146.66 yen. The euro fell to $1.1464 from $1.1473. AP Business Writer Bernard Condon in New York and AP video journalist Mayuko Ono in Tokyo contributed. Elaine Kurtenbach and Bernard Condon, AP Business Writer
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