Tesla’s big stock rally after a tweet from CEO Elon Musk that said he is considering taking the company private put an important convertible bond above its conversion price, potentially easing financial pressure on the carmaker.
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Ex-SEC chair: Musk’s tweet on taking Tesla private puts him at risk of civil and criminal penalties
Elon Musk could face civil and criminal penalties if found he didn’t secure financing at the time of his tweet about taking Tesla private, former Securities and Exchange Commission Chairman Harvey Pitt told CNBC on Wednesday.
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Tesla board has met ‘several times’ to discuss Musk’s desire to go private
Members of the Tesla board said Wednesday they have met “several times” to discuss CEO Elon Musk‘s desire to go private.
UPDATE 1-Tesla’s board says Musk started go-private talks last week
(Reuters) – Tesla Inc Chief Executive Elon Musk started talks with the company’s board last week about taking the electric car maker private, some board members said on Wednesday. FILE PHOTO: Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in… Continue reading UPDATE 1-Tesla’s board says Musk started go-private talks last week
Tesla’s board says Musk started go-private talks last week
Aug 8 (Reuters) – Tesla Inc Chief Executive Elon Musk had opened a discussion with the board last week about taking the company private, some board members said in a statement on Wednesday. “This included discussion as to how being private could better serve Tesla’s long-term interests, and also addressed the funding for this to… Continue reading Tesla’s board says Musk started go-private talks last week
Canada’s Magna International quarterly profit rises 14 pct
Aug 8 (Reuters) – Canadian auto parts maker Magna International Inc reported a 14.2 percent rise in quarterly profit on Wednesday, driven by strong sales across Europe. Net income attributable to Magna rose to $626 million or $1.77 per share, in the second quarter ended June 30, from $548 million, or $1.44 per share, a… Continue reading Canada’s Magna International quarterly profit rises 14 pct
Insurance Institute Spots Problems in Driver Assistance Systems 8 Aug
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Electronic safety systems in today’s vehicles don’t always measure up to claims made for them, says a report published Tuesday by the Insurance Institute for Highway Safety (IIHS), a nonprofit supported by auto insurers.
“We zeroed in on situations our staff have identified as areas of concern during test drives with Level 2 systems, then used that feedback to develop road and track scenarios to compare vehicles,” IIHS senior engineer Jessica Jermakian said, according to the report.
Level 2 autonomy employs advanced driver assistance systems (ADAS), which as the phrase implies are meant to help drivers, not replace them. A Level 2 car has the two functions of lane keeping and adaptive cruise control, a feature that maintains a safe distance from the car in front.
The Insurance Institute isn’t yet at the point of ranking Level 2 systems for safety, although it does say that all of the five cars it has just tested have excellent emergency braking systems. That function is the sole criterion for Level 1 autonomy.
The tested cars were the 2017 BMW 5-series with Driving Assistant Plus; the 2017 Mercedes-Benz E-Class with Drive Pilot; the 2016 Model S and the 2018 Tesla Model 3 with Autopilot (using different software versions); and the 2018 Volvo S90 with Pilot Assist.
When starting at a speed of 50 kilometers per hour (31 mph) and with the adaptive cruise control turned off, the two Teslas were not able to brake in time to completely avoid hitting an obstacle. The other cars were able to stop well short of the obstacle. With the adaptive cruise control turned on, all the cars stopped in time.
When set to follow a lead vehicle that first slowed and then stopped, all five cars were able to keep their distance and to stop in time. When the lead vehicle moved out of the way to reveal a stopped vehicle in the lane, all five cars were able to avoid hitting it.
So far, so good. But these tests were conducted on the track; in traffic, things weren’t always so smooth. Engineers found that all of the cars except the Tesla 3 would sometimes be baffled by a stopped car. And even the Tesla 3 had a problem: excessively cautious braking.
“In 180 miles, the car unexpectedly slowed down 12 times, seven of which coincided with tree shadows on the road,” the report recounts. “The others were for oncoming vehicles in another lane or vehicles crossing the road far ahead.”
Such braking isn’t dangerous, the researchers note, but it could be annoying enough to induce drivers to turn off the adaptive cruise control. They’d then give up the safety edge that the function normally provides.
As for the other Level 2 function—keeping to the right lane—all the cars had a little trouble. In one set of tests, only the Tesla 3 consistently stayed within its lane; other models sometimes oversteered enough to require that the driver intervene. But in another set of tests, on hilly roads, even the Tesla 3 sometimes required the driver to intervene.
The Insurance Institute says that though lane keeping is a somewhat less potent safety function than adaptive cruise control, it could—if properly implemented—prevent 8,000 deaths a year.
Noble M500 borrows its engine from the Ford GT, headlights from the Corvette
It’s been a while since we’ve heard anything from British boutique automaker Noble, maker of hardcore performance cars like the current M600. But the company is back with a new supercar called the M500, which Noble described on Twitter as a “friendlier little brother to the M600.” But only a little friendlier. The M500 will… Continue reading Noble M500 borrows its engine from the Ford GT, headlights from the Corvette
Ford to launch new basic SUV as part of China revival effort
BEIJING (Reuters) – Ford Motor (F.N) said on Wednesday it will launch in China early next year a new “entry-level” sport utility vehicle developed jointly with a local partner, as the U.S. automaker attempts to revive its slumping business in the world’s biggest auto market. FILE PHOTO: A Ford logo is pictured at a car… Continue reading Ford to launch new basic SUV as part of China revival effort