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Found 241 results

  1. Aditya Tiwari
    Samsung teams up with Tesla to offer smart home integration by Aditya Tiwari Samsung has partnered with EV-maker Tesla to offer cross-platform integration and energy management through the SmartThings platform. In other words, you'll be able to connect Tesla products such as Powerwall, Solar Inverter, Wall Connector, etc., to SmartThings and keep an eye on the power status of your home. SmartThings Energy will be able to display data related to energy production, storage, and usage. It will sync with Tesla's "Storm Watch" feature, so you can better prepare for power disruptions and outages in the case of extreme weather events such as typhoons or heavy snowfall. In addition to the Tesla app, SmartThings will be able to display alerts on your phone and Samsung TVs during extreme weather events. Samsung said in a blog post that the integration is being made possible using Tesla's open APIs, adding that "Samsung’s utilization of the Tesla API is part of its continual drive toward making substantial progress on the Net Zero Home project and enhancing the multi-device experience of SmartThings users." Tesla's Drew Baglino, SVP of Powertrain and Energy Engineering, said: We recently published FleetAPI, allowing developers to interact with Powerwall, Solar and Wall Connector in addition to our vehicles. We are pleased that Samsung has chosen to be an early developer, given its leading position in consumer smart home technology. Customers will be able to view the status of their grid connectivity across multiple devices and intelligently control home loads to extend their Powerwall energy when off grid. The SmartThings integration is currently in development and due for a release in the second quarter of 2024. It will be showcased at the Samsung booth later this month during the CES 2024. Samsung has also partnered with Hyundai to offer SmartThings integration for the automaker's connected cars, including electric vehicles. The duo is working on "Home-to-Car" and "Car-To-Home" services that let you control home appliances from your car and vice-versa. This adds to Samsung's wider efforts to make SmartThings a one-stop-shop for smart home integration. It previously partnered with LG and Vestel to let users control various smart home appliances from a single app of their choice.
  2. Martin Hodás
    Bug or a feature? AI “dream machines” actually don't have hallucination problem, expert says by Martin Hodás One of the most criticized behaviors of AI-powered chatbots is so-called hallucinating, when the AI convincingly answers a question while providing you with factually incorrect information. Simply said, artificial intelligence is making things up in an attempt to satisfy its user. Although what might sound like a trivial issue is —in reality, a very complex problem. Actually, we might not be able to completely cure this disease, a concern raised by many experts over the past year. But are the large language models (LLMs) – the core technology behind all those popular generative AI chatbots like Bing, Bard, or ChatGPT – indeed broken? Andrej Karpathy, the co-founder of OpenAI and former senior director of AI at Tesla thinks the exact opposite. “In some sense, hallucination is all LLMs do. They are dream machines,” he says in a post on X (Twitter). # On the "hallucination problem" I always struggle a bit with I'm asked about the "hallucination problem" in LLMs. Because, in some sense, hallucination is all LLMs do. They are dream machines. We direct their dreams with prompts. The prompts start the dream, and based on the… — Andrej Karpathy (@karpathy) December 9, 2023 The Slovakia-born expert on deep neural nets and natural language processing hints we, the users are some sort of directors. We are using our prompts to initiate and steer this dreaming process to a hopefully useful result. “It's only when the dreams go into deemed factually incorrect territory that we label it a ‘hallucination’,” continues Karpathy, adding that it only looks like a bug: “Hallucination is not a bug, it is LLM's greatest feature.” At the same time, Karpathy is not hiding from the fact that AI chatbots indeed have issues. Although, what is important here is correctly defining the problem: “I realize that what people ‘actually’ mean is they don't want an LLM Assistant (a product like ChatGPT etc.) to hallucinate. An LLM Assistant is a lot more complex system than just the LLM itself, even if one is at the heart of it.” Former head of Tesla’s Autopilot development admits that “LLM Assistants” have a problem that we should fix. And there are several ways to tackle it, all “active and very interesting areas of research” according to Karpathy. To solve a problem, you first have to be aware of its existence. And now, a little over a year since the generative AI boom started in 2022, all the researchers and developers are very well aware of the issue. In fact, it’s the commercial success of AI bots that drives the research and improvement of these tools, as the tech giants compete in the race for the best consumer product. Image: Microsoft Bing AI
  3. Omer Dursun
    U.S. investigates 280,000 Teslas over sudden loss of steering control by Omer Dursun The National Highway Traffic Safety Administration (NHTSA) has opened an investigation into 280,000 Tesla Model 3 and Model Y vehicles over complaints about sudden loss of steering control. The probe covers 2023 model year vehicles after the agency received 12 complaints from owners reporting incidents where steering wheels locked up or the vehicles lost power steering assist. According to Reuters, one driver said their Model 3 slid off the road and hit a tree after the steering wheel felt stuck. Another Model Y owner reported their steering wheel jerked hard to the right and displayed a warning about reduced steering assist. The investigation is in the preliminary evaluation stage as NHTSA determines if the issue poses an unreasonable safety risk that could lead to a recall. It is worth noting that the probe focuses on Model 3 sedans and Model Y SUVs from the 2023 model year, around 280,000 vehicles. Tesla has faced recent scrutiny over safety issues, including complaints about its Autopilot advanced driver assistance system. The new steering probe adds to quality control problems Tesla has seen with high-profile recalls over touchscreen failures and battery fires. The company did not respond to Reuters' request for comment on the steering investigation. However, some drivers reported waiting weeks for Tesla service appointments and parts delays related to their steering complaints. The NHTSA has opened more than three dozen Tesla special crash investigations since 2016, with 20 crash deaths reported. The agency is also conducting a comprehensive review of Tesla's ADAS systems. With the latest one, NHTSA launched its fifth investigation for Tesla in the past three years. In July, we reported that the agency investigated the fatal crash involving Tesla's Autopilot in California. The crash, which resulted in the tragic loss of life, has raised concerns regarding the safety and autonomous driving capabilities of Tesla EVs. On the other hand, Tesla's misleading Autopilot safety ads are recently under investigation by the California Attorney General.
  4. Ishtiaqe Hanif
    Tesla's misleading autopilot safety ads under investigations by California Attorney General by Ishtiaqe Hanif A customer complaint filed at the Federal Trade Commission in August 2022 led to the California Attorney General investigating Tesla's claims over Autopilot safety. Greg Wester, a 2018 Tesla Model 3 owner, complained to FTC about phantom braking in the car. It is a phenomenon where the car abruptly hits the brakes without any apparent danger or reasoning. This can cause the car to be rear-ended by any vehicle behind due to the sudden nature of the action. It is not Tesla's first time in hot waters over false advertisements. Earlier this year, South Korea fined Tesla $2.2 million over false claims about its cars' driving range and charging speed. Tesla was scrutinized just over a week ago regarding a fatal Autopilot crash in California where a three-month-old passenger suffered a catastrophic injury while hitting a Subaru Impreza. Autopilot is a Tesla feature that aids drivers with traffic-aware cruise control and auto steering. On the other hand, Enhanced Autopilot (EA) offers Navigation, lane change, park, and smart summon. Tesla was heavily criticized for removing essential autopilot hardware, including radar and lidar, to cut costs. The autopilot on newer Tesla models relies on stereo vision only to make distance calculations and driving decisions. Greg Wester claims he paid a hefty $15,000 to get the full Self-Driving Capability of Tesla but felt misled about the safety and reliability of the Autopilot system. Later on, an analyst from the California Attorney General's office tried to contact him, the records of which were shared with CNBC news. Elon Musk, the founder of Tesla, is engulfed with his new passion project X after the Twitter acquisition while Tesla is continuously on the news with lawsuits, autopilot glitch accidents, and investigations. Even though Musk promised investors and customers about features being added with over-the-air software updates, they are yet to be realized. Wester says in an interview 'Tesla should offer customers the option to receive a full refund of Autopilot features if they are unsatisfied with the product. [W]e bought a full autonomy product and we received a driver monitoring product with partial autonomy.' Tesla mentioned in its second-quarter filing that it received information requests from regulators, government bodies, and the Department of Justice DOJ. Source: CNBC
  5. Omer Dursun
    Elon Musk in talks to license the Tesla FSD to major automakers by Omer Dursun During an earnings call on Wednesday, Tesla CEO Elon Musk revealed that the company is in talks to license its Full Self-Driving (FSD) to another automaker. While Musk refrained from disclosing the potential partner's name, he emphasized that licensing FSD had always been part of Tesla's long-term strategy. Tesla's FSD technology is known for its advanced capabilities, surpassing most other driver-assist systems. It empowers Tesla vehicles to autonomously navigate local roads, including handling traffic signals, intersections, and vulnerable road users. Despite its technological prowess, Tesla's FSD has faced scrutiny for perceived aggressiveness and its propensity to push the limits of road safety for users. The National Highway Traffic Safety Administration (NHTSA) has been actively investigating the Tesla Autopilot accidents. The latest Califonia crash, which resulted in the tragic loss of life, has raised concerns regarding the safety and autonomous driving capabilities of Tesla EVs. The NHTSA said it investigates whether advanced driver assistance systems (ADAS) were used during the crash. Tesla's driver-assist technology has pushed the boundaries of what's safe for customers to use on public roads. We're not trying to keep this to ourselves. We're more than happy to license it to others. -Elon Musk, CEO of Tesla Licensing FSD to another automaker marks a significant step for Tesla's autonomous driving technology. However, it is crucial to note that Tesla's FSD remains in development, and its readiness for general use is yet to be determined. Meanwhile, Tesla enabled other brands' EVs to utilize its Supercharger stations. It announced access to 12,000 North American Superchargers to Ford EV drivers starting in Spring 2024. Ford and General Motors will adopt Tesla's open-source charge port standard for its 2025 model-year vehicles as part of this partnership. These efforts by Tesla and other automakers to collaborate on charging infrastructure will assuage concerns about inconsistent charger availability for non-Tesla EV owners. Source: The Verge
  6. Omer Dursun
    Another investigation opens into Tesla Autopilot after fatal California crash by Omer Dursun Tesla's Autopilot system has been under a lot of scrutiny lately following reports of an unusual number of crashes involving Tesla vehicles and the possibility that the company misled investors and consumers about the efficacy of Autopilot. The United States has started a new special probe into the incident to learn more about the facts behind a recent deadly accident involving a Tesla vehicle. The crash, which resulted in the tragic loss of life, has raised concerns regarding the safety and autonomous driving capabilities of Tesla EVs. The National Highway Traffic Safety Administration (NHTSA) has taken the lead in conducting the investigation. According to the NHTSA, the driver of a Subaru Impreza was killed in the accident when it collided head-on with a Tesla Model 3. Several days later, a three-month-old passenger in the Tesla passed away from injuries incurred in the crash. ADAS systems, such as Tesla's Autopilot, can help drivers with tasks such as steering and braking, but they do not make the vehicles autonomous. The NHTSA said it is investigating whether advanced driver assistance systems (ADAS) were used during the crash. This is the latest in a series of fatal Tesla crashes that have raised questions about the safety of ADAS systems. In December 2022, the NHTSA opened two new special crash investigations into Tesla vehicles where ADAS systems were suspected of being in use. The NHTSA has opened more than three dozen Tesla special crash investigations since 2016, with 20 crash deaths reported. The agency is also conducting a comprehensive review of Tesla's ADAS systems. Tesla, on the other hand, maintains that its Autopilot system is designed to enhance driver safety and that proper usage guidelines are provided to users. The results of the NHTSA's investigation into the recent California crash are unknown. Still, the agency said it would "take appropriate action" if it found that ADAS systems were a factor in the crash. Source: Reuters
  7. Omer Dursun
    Elon Musk announces his own AI company to 'understand the true nature of the universe' by Omer Dursun Elon Musk has launched a new artificial intelligence (AI) company called xAI. Previously, Musk stated that his new company's goal is to develop more transparent and accountable AI that can better work with humans. In the latest tweet, he added that the new AI will "understand the true nature of the universe." xAI is still early, but Musk has already made some big hires. The company's chief executive officer is Ilya Sutskever, a former research director at OpenAI. Other key hires include Igor Babuschkin and Manuel Kroiss, who worked on Google's DeepMind project. Announcing formation of @xAI to understand reality — Elon Musk (@elonmusk) July 12, 2023 The xAI team has announced an event on July 14, where they will be hosting a Twitter Spaces discussion to engage with their audience. This interactive session allows listeners to connect with the team directly. As stated on its website, the company operates as a separate project from Musk's overarching X Corp. Still, it collaborates closely with "X (Twitter), Tesla, and other affiliated companies." On the other hand, Musk has been a vocal critic of the potential dangers of AI, and he has warned that AI could pose an existential threat to humanity. However, he also believes that AI has the potential to do great good, and he is committed to developing AI that is safe and beneficial. xAI's focus on transparency and accountability is a key part of Musk's vision for safe AI. The company plans to develop AI systems to explain its decisions to humans and be held accountable for their actions. Elon Musk is also one of the three co-founders of OpenAI. However, he is no longer associated with the company. He previously said, "I came up with the name and I am the reason that OpenAI exists.". Musk claimed the non-profit startup wouldn't have come to where it is today without his instrumental role. xAI also said it is actively looking for new employees. "We are actively recruiting experienced engineers and researchers to join our team as members of our technical staff in the Bay Area," wrote in the company's website.
  8. Omer Dursun
    Tesla Superchargers welcomes All EVs in Canada by Omer Dursun In a significant move to promote electric vehicle (EV) adoption, Tesla has announced plans to open up access to its Superchargers in Canada. Following the government's support, Tesla will enable other brands' EVs to utilize its Supercharger stations. The initiative will commence with a pilot route connecting Ottawa to Sudbury, with 750 stations slated for opening by the end of 2025. Of the 750 planned stations, a minimum of 350 will feature high-speed 250kW Superchargers, which are crucial for facilitating long-distance travel. The pilot route will traverse a substantial portion of the Trans-Canada Highway between Ottawa and Calgary, allowing EV drivers to experience the convenience of reliable charging infrastructure on extended journeys. This milestone announcement coincides with the Canadian government's commitment to enhance accessibility to EV chargers nationwide. Collaborating with various partners, the government aims to install approximately 3,000 EV chargers across multi-use residential buildings, offices, public spaces, and fleets. Among these installations, 1,908 will be Level 2 chargers, while 100 Level 3 chargers will be deployed, providing faster charging capabilities. Furthermore, funding has been allocated to five ongoing projects, which are expected to install up to 1,328 EV chargers. This latest development in Canada follows Tesla's previous endeavors to open up its Superchargers to other automakers in the United States and Europe. Additionally, Tesla recently announced its commitment to granting access to 12,000 North American Superchargers to Ford EV drivers starting in spring 2024. Ford will adopt Tesla's open-source charge port standard for its 2025 model-year vehicles as part of this partnership. These efforts by Tesla and Ford to collaborate on charging infrastructure will assuage concerns about inconsistent charger availability for non-Tesla EV owners. On the other hand, Volkswagen plans to construct its inaugural North American EV battery plant in Ontario while negotiations for a Stellantis EV battery plant are underway. These developments and Canada's existing automotive manufacturing base are expected to play a critical role in shaping the country's future in the EV industry. Source: Natural Resources Canada
  9. Aditya Tiwari
    Samsung and Tesla are reportedly in talks over development of high-end automotive tech by Aditya Tiwari Samsung said on Sunday that a private meeting was held between Tesla CEO Elon Musk and Samsung Electronics Executive Chairman Lee Jae-yong. This hints towards a potential partnership that could materialize between the two companies to develop high-end technologies, according to a report by Yonhap news agency. The meeting happened earlier this week on Wednesday at Samsung's semiconductor research center in Silicon Valley. While the two executives have met at several events, this was the first time the two leaders talked in a private setup. The publication reports, citing sources, that Samsung and Tesla have been exploring partnerships related to the development of IT-related technologies, including chips for autonomous cars. Industry watchers said that the latest meeting could open doors for both companies to work together in the automotive chip sector. Speaking of which, the market for automotive chips is expected to reach $700 billion by 2028. The report says that Lee, who was on a 22-day trip to the U.S., also met other tech executives, including Microsoft's Satya Nadella and Google's Sundar Pichai. Samsung has been working on automotive hardware for quite some time. Last year, the company introduced a new lineup of memory chips for cars designed to cater to modern features such as ADAS (Advanced Driver-Assistance Systems) and IVI (In-Vehicle-Infotainment). Also, Samsung announced earlier this year that it will manufacture 5nm chips for the US-based fabless semiconductor design company Ambarella, whose new SoC CV3-AD685 was designed to be used as an AI controller for autonomous cars. Source: Yonhap News
  10. zikalify
    ARK Invest CEO, Cathie Wood, believes Tesla will 10x in value by 2027 by Paul Hill The well-known growth investor, Cathie Wood, has told CNBC in a video interview that she expects Tesla to be worth $2,000 per share by 2027. Her comments come on the same day that the Tesla share price fell 9.75% after the company reported a fall in net income after it lowered the price of its vehicles in a bid to grow its market share to put it in better stead in the future. When asked about ARK Invest’s new Tesla valuation assessment, the company’s CEO, Cathie Wood, responded by saying: “For 2027, our expected value is roughly $2,000. That’s within a range of $1,400 to $2,500, our bear and bull case.” Seemingly a bit taken aback by the figure Wood was sharing, another CNBC interviewer joined the conversation asking her to clarify the number as it represents a more than ten times increase from the current share price of $163. She confirmed the figure and said that Tesla’s robotaxi plan is a huge opportunity that could spur the stock price increase. Cathie Wood said that robotaxis, globally, could deliver between $8 trillion - $10 trillion in revenue by 2030 and “is one of the most important investment opportunities of our lifetimes.” She explained that autonomous vehicles will cut road-related fatalities by a massive 80% to 90%. The deadline for this prediction isn’t too far off into the future so this wild prediction may still be on people’s minds by the time it expires. If it does turn out accurate, those who make the bet and invest in Tesla will be rewarded handsomely. For anyone considering it, you should only invest what you can afford to lose.
  11. Aditya Tiwari
    Tesla Cybertruck update: Deliveries expected to start in Q3 2023 by Aditya Tiwari Tesla CEO Elon Musk has finally spilled the beans regarding the Cybertruck delivery date. The company will host a "great delivery event" for the electric pickup truck most likely in the third quarter of 2023, he told investors during an earnings call on Wednesday. Cybertruck was first unveiled in 2019 when Musk had a tongue-in-check moment as its supposedly bulletproof armor glass cracked during the on-stage demo. It was recently spotted at Giga Texas where its comically large windshield wiper was being tested. The machine offers an electric range of up to 500 miles and can accelerate from zero to 60 mph in 2.9 seconds, depending on the configuration. "Regarding the Cybertruck, we continue to build Alpha versions of the Cybertruck on our pilot line for testing purposes. It's a great product and we are completing the installation of the volume production line at Giga Texas," Musk told the investors. The pricing information was not available on the Tesla website at the time of writing. It is expected to be revealed closer to the Cybertruck delivery event. Musk said that Cybertruck's mass production will start slow and accelerate over the course of time, much like all product launches that follow an S curve. "As with all new products, it takes time to get the manufacturing line going. And this is a very radical product. It's not made in the way that other cars are made," he added. Source: Tesla via Digital Trends
  12. Aditya Tiwari
    Caught on video: Tesla Cybertruck's unbelievably large windshield wiper in action by Aditya Tiwari Tesla's yet-to-be-released pickup truck is again in the news, this time for its massive windshield and the question of how it will be cleaned. A new video shows a drone view of the Cybertruck at the Texas Gigafactory and possibly the first reported instance of its gigantic wiper in action. As seen in the video that was first picked by Electrek, a Cybertruck is placed on a rotating stand in front of a wind tunnel. A worker can be seen holding a spray bottle in their hand and he appears to be testing the large wiper blade. The video shows the Cybertruck from multiple angles including a short timespan (at around 13:40) where the comically large wiper is moving and cleaning the massive windshield. The single wiper is long enough to cover most of the windshield including a big part of the passenger side as well. Also, the video shows a couple of tripods placed around the Cybertruck, one above the wind tunnel and one on the side. It's unclear if the tripods are holding cameras as well. A similar large wiper installed on a Cybertruck prototype was previously shared on Twitter back in December 2021. But Elon Musk clarified that it's not a production wiper. "The wiper is what troubles me most. No easy solution. Deployable wiper that stows in front trunk would be ideal, but complex," Musk said while replying to a different tweet. The Cybertruck was first announced in November 2019, and since then, its release date has been pushed multiple times. Available in three configurations, it can accelerate from zero to 60 mph in 2.9 seconds and offers a range of up to 500 miles. Source: Brad Sloan via Mashable
  13. Chasethebase
    US Appeals Court rules that Elon Musk broke federal labour laws by Steve Bennett The 5th Circuit US Court of Appeals has upheld a previous ruling by the National Labour Relations Board (NLRB) that found Elon Musk had made unlawful threats on employee remuneration when he tweeted in 2018 that he would remove stock options from employees if they unionised. At the time, Tesla did contest the finding, stating that there was nothing stopping Tesla workers from joining a union, therefore this can not be considered a threat, but the courts sided with the NLRB, stating the following: "Because stock options are part of Tesla's employees' compensation, and nothing in the tweet suggested that Tesla would be forced to end stock options or that the UAW would be the cause of giving up stock options, substantial evidence supports the NLRB's conclusion that the tweet is as an implied threat to end stock options as retaliation for unionization." The court also ordered that the tweet be deleted, and upheld an order that Tesla should reinstate a worker that was previously sacked for organising a union drive at its factory in Fremont, California, and must provide backpay from when they were dismissed in April 2022 up until the date they are reinstated. This isn't the first time that Elon Musk and Tesla have found themselves in difficulty regarding its handling of human resources within the company. The NLRB also ruled against Tesla last year when it prevented staff members from wearing clothing with any union logos or badges. Source: Business Insider
  14. zikalify
    Tesla Model S and Model X start at $89,990 following price cuts by Paul Hill Tesla’s most expensive vehicles – the Model S and Model X – have received price cuts of 5% and 9% respectively to stoke demand, Reuters has reported. The decision from the company is pretty interesting given the massive price inflation we are seeing for goods around much of the world, nevertheless, Tesla thinks attracting customers at lower prices is the best choice right now. In addition to the discounts mentioned above, the Plaid editions of the Model S and Model X have also received discounts. The Model S Plaid is down by 4% and the Model X Plaid has been reduced by 8% - prices start at $109,990. The price drops, which are already available through Tesla’s website, mark the fifth price adjustment this year. Last week at Tesla’s Investor day, CEO Elon Musk said that many people wish to own Tesla vehicles but the prices a prohibitive so the company is looking for ways to make them more affordable. The company has not commented on the latest price drops so it’s unclear how permanent they’ll be or how the company has managed to cut prices. The new prices apply in the United States but it’s not clear if pricing in other markets has changed at all. It’ll be interesting to hear from the company in future quarterly earnings calls whether it saw a pick up in the number of sales as a result of these price drops. Source: Reuters
  15. Usama Jawad96
    Tesla confirms DoJ request for Autopilot documents in criminal investigation by Usama Jawad Tesla's Autopilot system has been under a lot of scrutiny lately following reports of an unusual number of crashes involving Tesla vehicles and the possibility that the company misled investors and consumers about the efficacy of Autopilot. Tesla has now confirmed that it has indeed been asked for documentation related to Autopilot in an ongoing investigation by the U.S. Department of Justice (DoJ). Regulatory filings spotted by The Wall Street Journal confirm that Tesla is under a criminal investigation led by the U.S. DoJ and the Securities and Exchange Commission (SEC). In the filing, Tesla says that: To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred. [...] Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows and financial position. The ongoing investigation reportedly involves authorities from Washington and San Francisco. The National Highway Traffic Safety Administration (NHTSA) has been probing Tesla for quite some time while the California Department of Motor Vehicles has also previously accused the company of falsely advertising its cars as autonomous. Tesla is currently facing a lot of challenges. While it has commenced the rollout of a beta version of its Full Self-Driving (FSD) system in North Ameria, it has missed its delivery target for 2022 and been fined $2.2 million in South Korea for falsely advertising the driving range, charging speed, and estimated fuel savings of its electric cars. The firm is expected to announce layoffs soon as well. Source: SEC filing via WSJ (paywall)
  16. zikalify
    Tesla fined $2.2 million in South Korea for false advertising claims by Paul Hill Tesla has been fined 2.8 billion won, roughly $2.2 million, in South Korea for violating the country’s advertisement laws. According to Bloomberg, Tesla made false claims about the driving range and charging speed of its electric vehicles as well as estimated savings on fuel costs. The offending advertisement was changed by Tesla on its Korean website last February after the Fair Trade Commission launched its investigation, the fine is for misleading prospective customers in the first place. In addition to the 2.8 billion won fine, the regulator will levy an extra 1 million won on Tesla for violating the electronic commerce act because it failed to provide enough information on its cancellation policy. The Free Trade Commission said it plans to send a notice to Tesla explaining how it can address the raised concerns. On Monday, Tesla issued its Q4 2022 and full-year 2022 production and delivery figures. It revealed that deliveries had grown in 2022 but only by 40%, that’s below the 50% goal that the company had envisioned. The car maker has got off to a bad start of the year but there's still plenty of 2023 for it to turn things back in its favour. Source: Bloomberg
  17. zikalify
    Tesla misses its delivery target for 2022 as economy worsens by Paul Hill Tesla has missed its 2022 delivery target, according to a report from The Wall Street Journal. While the company did see deliveries rise about 40% to 1.31 million vehicles this year, it had initially planned to grow the figure by 50% to 1.4 million vehicle deliveries. Given the state of economies around the globe, it’s not surprising that demand for Tesla vehicles has fallen. In a press release, Tesla didn’t allude to the fact that it missed its planned targets but did share a breakdown of the number of vehicles it produced and delivered in Q4 2022 and the whole of 2022. Those figures are as follows: Q4 2022 2022 Production Deliveries Subject to operating lease accounting Production Deliveries Model S/X 20,613 17,147 9% 71,177 66,705 Model 3/Y 419,088 388,131 4% 1,298,434 1,247,146 Total 439,701 405,278 4% 1,369,611 1,313,851 “In the fourth quarter, we produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle deliveries grew 40% YoY to 1.31 million while production grew 47% YoY to 1.37 million,” the company said in a statement. “We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain related challenges throughout the year.” Tesla’s share price has fallen dramatically since its peak of around $414 in November 2021. It’s now down 70%, trading at $123 per share. While that’s a sharp decline, there is still potential for it to fall even lower. There are two main issues with the price of Tesla stock, firstly, it has only been traded since 2010 so it has only ever experienced a low-interest rate environment where money is cheap. Secondly, the stock is very much a hype stock, so its price would have been pushed up by sheer demand. While fundamentals such as earnings did improve recently, they don’t necessarily justify the price the stock reached in 2021. With Tesla CEO Elon Musk currently alienating large swathes of people on Twitter, it’ll be interesting to see whether he’s doing any long-term damage to his other companies, like Tesla. Some people have said they won’t engage with Tesla now but it remains to be seen if this is just a vocal minority or a large enough group to do some financial damage to the company. Source: Tesla via The Wall Street Journal
  18. JustinCharlier
    Tesla to reportedly implement hiring freeze, announce another round of layoffs by Justin Luna Electric car maker Tesla will apparently implement a hiring freeze and perform a wave of layoffs which will happen in the next quarter, according to a report by Electrek on Wednesday. Back in June of this year, Tesla also temporaily stopped hiring and laid off 10% of its staff due to the economy. However, the car maker eventually reversed the pause and started hiring again during the second half of this year. While it is not yet known how extensive the new hiring freeze will be, the company is still reportedly planning to expand in some manufacturing locations. This development comes as Tesla's stock has been falling all year despite the company hitting new records with its financials every quarter. Its CEO Elon Musk blamed the downward spiral of Tesla stock on global macroeconomic variables and the feds. Not everyone is buying Musk's arguments, however. Ever since he took over Twitter, there were concerns that the microblogging platform will distract him from his Tesla duties. Ross Gerber, a Tesla investor and chief of Gerber Kawasaki Wealth Management, recently said that Musk is not suitable to run Twitter and should instead focus on fixing the damage that the acquisition has done to Tesla. "I think he just got himself maybe over his skis in an area that he’s just not suited to deal with the subtleties of," he said. Joseph Cirincione, another Tesla investor, called Musk "a danger to the company." "The fear is that Musk’s erratic behavior on Twitter raises serious questions about his mental stability and management ability," he stated. "Do you trust him to build a car that you depend on to safely get you from one place to another?" Musk recently conducted a poll on Twitter asking the public if he should step down as the social media company's CEO. Out of over 17 million voters, 57.5% wanted him to resign. He has since acknowledged the poll's results, saying that he will abdicate his post once he finds someone "foolish enough to take the job." Source: Electrek
  19. zikalify
    Elon Musk announces Full Self-Driving Capability Beta rollout to all in North America by Paul Hill Tesla CEO Elon Musk has announced via Twitter that the Full Self-Driving Capability Beta is now available to anyone in North America if they request it through the in-car display, and assuming they bought this option. The Full Self-Driving Capability includes all the features of Autopilot and Enhanced Autopilot, but also identifies stop signs and traffic lights and slows the car to a stop. The package will also soon include Autosteer on city streets. Drivers that want the Full Self-Driving Capability features are required to pay an additional $15,000 on their car purchase. New capabilities that get added to the tier will be delivered to customers through over-the-air updates. Importantly, drivers still need to be attentive when using Full Self-Driving Capability (FSDC) – despite the name. Tesla Full Self-Driving Beta is now available to anyone in North America who requests it from the car screen, assuming you have bought this option. Congrats to Tesla Autopilot/AI team on achieving a major milestone! — Elon Musk (@elonmusk) November 24, 2022 The FSDC Beta began rolling out in 2020 to a limited number of customers. By October this year, that small group had ballooned to 160,000 customers, according to The Verge. The Beta required drivers to have a certain safety score in Tesla’s built-in Safety Score feature, and they needed to have driven at least 100 miles with Autopilot. Customers that forked out the $15,000 – no small sum – and were still waiting for the feature will definitely be glad that they can now access the Beta. If you’re planning on using the features yourself, be sure to pay attention on the road despite the increased automation. Source: Elon Musk (Twitter) via The Verge
  20. JustinCharlier
    Elon Musk plans to find a new leader for Twitter by Justin Luna Business mogul Elon Musk said on Wednesday that he is looking to reduce his time managing Twitter and aiming to find a new leader to run the social media company. Musk made these statements during testimony in a Delaware court where he the took the stand in a lawsuit over his $56 billion Tesla pay package. According to the lawsuit, the package was based on easily achievable targets approved by a compliant board of directors. However, Musk stated later in a tweet that he will continue to run Twitter "until it is in a strong place, which will take some time." Correct. I will continue to run Twitter until it is in a strong place, which will take some time. — Elon Musk (@elonmusk) November 17, 2022 Musk's tweet came after former Twitter CEO Jack Dorsey was asked if he would accept returning to his old position. "Nope," Dorsey said in a tweet. According to Reuters, Tesla investors have been increasingly concerned that Musk is spending too much time running Twitter. "There's an initial burst of activity needed post-acquisition to reorganize the company," Musk said in his testimony. "But then I expect to reduce my time at Twitter." He also admitted that some Tesla engineers were assisting in evaluating Twitter's engineering teams, but this was on a "voluntary basis" and "after hours." Musk took over the microblogging platform back in late October for a whopping $44 billion, and has since implemented immediate changes to the company. First, he fired CEO Parag Agrawal, CFO Ned Segal, and head of legal policy, trust, and safety Vijaya Gadde. To make the company more profitable and give "power to the people," he then made Twitter's blue checkmark available to everyone for $8 a month. However, the service was halted after Twitter users exploited their checkmarks to impersonate companies and politicians and post inappropriate content. On Wednesday, Musk sent an email to Twitter employees telling them to either commit to an "extremely hardcore" Twitter and work "long hours at high intensity" or be paid severance. Via: Reuters
  21. Fiza Ali
    Facebook contractors told they would soon have their work taken away from them by Fiza Ali The US economy has hit a negative growth trajectory and by doing so, has given birth to an economic recession that has begun taking its toll on media advertising markets. The decline in digital-ad sales along with other issues stemming from the economic downturn is forcing social media giants to take steps that may or may not save their sinking boats. While Google may have to lay off employees if the economy slumps further, and Tesla may cut 10 percent of staff along with a pause on hiring, Meta was searching for ways it can do more with fewer resources as many are hesitant about spending money, with many more having less to spend. Now, Insider has reported that Accenture informed about 60 contractors working with Facebook, through the Irish-American professional services company, that they would soon have their work taken away from them. Although the contractors were given the option to reapply for available work at the company with "no guarantee" of being rehired, they were informed of the decision that would take place on the 2nd of September, 2022, through a video meeting held by anonymous Accenture representatives. Workers reported that when asked how people were chosen, the Accenture representatives said an algorithm chose people at random. A spokesperson for Accenture, Richard Keil commented on the topic, stating, "It would be inaccurate to report there are layoff actions in Austin." About the use of algorithms, Keil said, "We don't use algorithms to randomly select people." According to a former worker, Accenture also put those employees on a "performance-development plan," who did not correctly log time away from their desks or who started work a few minutes late. These contractors were let go of their work first. All those who are not rehired or if they choose not to reapply, they will be paid through the 3rd of October. Source: Insider
  22. Fiza Ali
    Ola's future electric cars will go from zero to 100 km per hour within four seconds by Fiza Ali India's electric two-wheeler manufacturer, Ola Electric Mobility, supported by Japan's Softbank Group, has aims of starting the production of electric cars in India by 2024. The future electric cars by the firm will come with a range of over 500 km (310 miles). Reuters mentioned what the company's chief executive, Bhavish Aggarwal, had to say about the latest step towards a new venture: While companies like Tesla are leading the way in building electric vehicles more suited for Western markets, India can lead in the area of small cars, scooters and motorbikes for which global demand is higher. Sporting advanced features and capabilities, the company's electric cars will have the potential to go from zero to 100 km per hour (62 miles per hour) within four seconds. A plant in a southern Indian state, Tamil Nadu, for which the company signed the largest debt agreement in the Indian electric vehicle industry in 2021, is currently the home to Ola's electric vehicle ecosystem that will see the production of cars, e-scooters, and batteries. The company is also setting up 100 hyper charging electric stations in major cities of India for over 70,000 e-scooters it sold in the last seven months. Source: Reuters
  23. Alap Naik Desai
    Tesla 'Standard Connectivity' package to cost $10/month, but after 8 years by Alap Naik Desai Tesla will now ask for $10 per month from its car owners who choose to stick with the “Standard Connectivity” package. The electric car company has been offering the package for free. It appears the company is not asking for a subscription fee for the most basic plan. Moreover, payment will not start for eight years from the time of purchase of the vehicle. Connectivity is one of the most critical components for any Tesla car owner, and for the company as well. Reliable high-speed connectivity enables several important functions and helps users access the majority of the infotainment features. Tesla has been offering internet connectivity in all its cars for free. In fact, car owners enjoyed lifetime premium data features, including the ability to stream music and movies, access live security camera feeds, and browse the internet. Not just the car owners, but even Tesla benefitted from this arrangement because it collected data. This data helped the company fine-tune many features, including Autopilot. Tesla terminated this arrangement in 2018 when it introduced a $10 per month ($99 if paid yearly) Premium Connectivity subscription fee. Those who refused to pay had access to just basic navigation. Tesla updated its website to specify that Standard Connectivity is included for “eight years”: Standard Connectivity is included in your vehicle, at no additional cost, for eight years beginning on the first day your vehicle was delivered as new by Tesla, or the first day it is put into service (for example used as a demonstrator or service vehicle), whichever comes first. If you are purchasing a used vehicle, you will be notified of how long your vehicle will include access to Standard Connectivity. Simply put, Tesla seems to be indicating that customers will have eight years of free access to the basic navigation feature. After the eight-year period, Tesla vehicle owners, still sticking to the Standard Connectivity package, would be transitioned to the Premium Connectivity package. Via: Electrek
  24. Anushe Fawaz
    Elon Musk wishes to delay trial against Twitter by Anushe Fawaz The acquisition of social media platform Twitter is an ongoing back-and-forth series that doesn’t seem to be ending soon. According to Bloomberg, in a recent court filing by Elon Musk’s lawyers, Musk is asking for an extension for the trial against Twitter. As of now, Twitter has remained silent on the update from Musk's legal team. The court trial is between Twitter and Musk, where Twitter is suing the Tesla CEO, forcing him to comply with the agreement to buy Twitter. The company argued that the trial would be four days long and start in early September this year. According to the filing made by Twitter at the Delaware Court of Chancery, it would require Musk to proceed with the acquisition of the social media platform at $54.20 per share. There will also be a case hearing on July 19 at the court to decide whether to speed up the legal procedures between the two parties or not. The 14-page filing by Musk's representatives asks to delay the trial until next year, ideally, February 13, 2023. The team describes the trial as “an extremely rapid schedule for a case of this enormous magnitude,” as Bloomberg reports. Initially, Musk was to buy Twitter for $44 billion; however, since then has tried to escape from the deal. In May, he stated that he was delaying the acquisition as Twitter has more bots than the company disclosed. Twitter then sent Musk a letter followed by a trial on July 12, which Musk wants to postpone until next year. Source: Bloomberg via TechCrunch
  25. zikalify
    Tesla sold off $936 million worth of Bitcoin in the second quarter by Paul Hill Tesla has released its second quarter financials (PDF) today, and it shows that the firm sold $936 million worth of Bitcoin during the period – that is the months April, May, and June. Had the firm sold these before April 26, it could have sold each coin at above $40,000, but if it had waited until mid-June a bitcoin would have fetched just $17,500. Until June 2021, the firm held $1.31 billion in Bitcoin, but reduced this to $1.26 billion by the end of September. After the latest sell off, the company has just $218 million of Bitcoin or other digital assets. The timing of the sales is interesting, Bitcoin first peaked in April last year before making a comeback in November where it reached a new high of $69,000. In the report, it says that the year-over-year operating income was primarily impacted by several items, including “Bitcoin impairment”. In the line prior, however, it says that the operating income had improved year-over-year, so it’s not clear whether Bitcoin helped or hindered the company. Either way, the company now has just 25% of the Bitcoin that it had before, and the money that it has got in return is being held in fiat currency such as dollars. Since mid-June, the price of Bitcoin has climbed from $17,500 and sits at $23,294 at the time of writing, earlier in the day it has climbed above $24,000 for the first time since June 13.