Uber driver apocalypse cometh

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Get you a a new part time job, via AAP:

Volvo will sell tens of thousands of self-driving cars to Uber, which is expanding to become an operator and owner of its own car fleet.

The car maker said on Monday it would provide the San Francisco-based ride-sharing company with its XC90 premium SUVs complete with autonomous driving technologies, from 2019 until 2021.

Volvo, owned by China’s Geely Holding since 2010, did not disclose the agreement’s value. Media reports suggest Uber is buying up to 24,000 autonomous Volvo cars.

Volvo is also going ex-internal combustion of course, so the implication for oil are also stark as ride sharing rockets.

The big worry for me is just how much surplus labour is Uber soaking up, as well as holding down official unemployment figures thanks to working a few hours here and there?

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.