Goldman Sachs Thinks Self-Driving Vehicles Will Cause the Trucking Industry to Hemorrhage Jobs
Autonomous vehicles will cause substantial job losses in American trucking when their full societal impact is felt, according to a report from Goldman Sachs.
When self-driving car saturation tops, U.S. drivers could see job losses at a rate of 25,000 a month, or 300,000 a year, Goldman said.
Truck drivers will see the majority of that job loss, according to the report.
In 2014, there were 4 million driver jobs in the U.S., 3.1 million of which were truck drivers.
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The firm estimates that semi- and fully autonomous car sales will have about 20% share of car sales around 2025 to 2030. Goldman isn't alone in its dire prediction on the impact of self-driving cars. Recently, billionaire Warren Buffett predicted railroads such as Berkshire Hathaway (BRK.A) - Get Report owned Burlington Northern will be hurt from more self-driving trucks. Electric car maker Tesla (TSLA) - Get Report is planning to unveil a self-driving truck in 2019.
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