2018 has been a rough year for China’s bike-sharing giants. Alibaba-backed Ofo pulled out of dozens of international cities as it fought with a severe cash crunch. Tencent-backed Mobike puts a brake on expansion after it was sold to neighborhood services provider Meituan Dianping. But one newcomer is pedaling against the wind. Hellobike, currently the country’s… Continue reading Alibaba-backed Hellobike bags new funds as it marches into ride-hailing
Tag: Strategy
Tesla adds Larry Ellison, Walgreens exec to board
Tesla adds Larry Ellison, Walgreens exec to boardTesla Inc. added Larry Ellison and Kathleen Wilson-Thompson to its board, fulfilling the terms of the settlement reached with U.S. securities regulators over its CEO’s problematic posts about taking the company private.
Ellison, the co-founder of Oracle Corp., and Wilson-Thompson, the global chief human resources officer of Walgreens Boots Alliance Inc., join a board the Securities and Exchange Commission ordered to step up its governance and oversight measures after Elon Musk claimed in August to have had the funding and investor support for a buyout. The chief executive officer relinquished the role of chairman in November, and both he and the company agreed to pay $20 million penalties.
The new additions to the board put a bookend on a months-long distraction that at one point looked like it may cost Musk his future with the company. While reining him in may prove challenging, they’ll help steer a carmaker that’s made significant strides in profitably making and delivering electric vehicles.
Tesla’s shares rose 1.3 percent to $320.26 at 10:11 a.m. in New York after earlier gaining as much as 6 percent. The stock was up 1.5 percent this year through the close Thursday.
Ellison, 74, went off-script during an Oracle meeting with analysts in October to announce that he had been building a personal stake in Tesla and that it was his second-largest holding. He criticized how the media had covered Musk, 47, whom he called a close friend.
“This guy is landing rockets,” Ellison said in October of Musk, who also runs Space Exploration Technologies Corp. “You know, he’s landing rockets on robot drone rafts in the ocean. And you’re saying he doesn’t know what he’s doing. Well, who else is landing rockets? You ever land a rocket on a robot drone? Who are you?”
Tesla said in its statement announcing Ellison would be joining the board that he purchased 3 million shares of the electric-car maker earlier this year.
Tesla’s board now has 11 members, including three women. This fall, California became the first U.S. state to mandate that publicly traded companies have women on their boards. Those with at least seven directors need to have at least three women by 2021.
The SEC moved to punish Tesla and Musk because it alleged he committed fraud by tweeting that he had the “funding secured” to take the company private at $420 a share. The agency said this and other claims the CEO made on Aug. 7 were false and misleading and impacted Tesla’s stock.
Musk and Tesla reached the settlement with the SEC on Sept. 29 that gave the company 90 days to add directors and take other actions. Since then, the CEO has publicly lampooned the agency and bristled at the notion that he’ll change his Twitter habits.
Tesla’s legal department also has been going through shakeups since Musk’s run-in with the SEC.
The company tapped Dane Butswinkas, the Washington trial lawyer who represented the CEO in his legal battle with the agency, earlier this month to become general counsel. He’ll replace Todd Maron, who’s leaving Tesla in January after five years. Before he joined the company, he represented Musk through two divorces.
In November, Phil Rothenberg, a vice president on Tesla’s legal staff, left to became general counsel at Sonder, a hospitality startup. Rothenberg previously worked at the SEC.
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Tesla names Oracle’s Larry Ellison, Walgreens executive to board as part of SEC settlement
Tesla has added two independent directors to its board, Oracle founder and executive chairman Larry Ellison and Walgreens executive Kathleen Wilson-Thompson, as part of a settlement with U.S. securities regulators over CEO Elon Musk’s infamous tweets about taking the company private. The pair joined the board as of December 27, Tesla said in an announcement early… Continue reading Tesla names Oracle’s Larry Ellison, Walgreens executive to board as part of SEC settlement
Clean energy leader Costa Rica turns attention to electric cars
New Delhi: Costa Rica likes to advertise itself as an ecological paradise, where more than 98 percent of its electricity needs are met by clean energy. But in the automotive industry, it is lagging behind with just 600 out of 1.4 million private vehicles running on electricity rather than petrol or diesel. Experts believe that… Continue reading Clean energy leader Costa Rica turns attention to electric cars
PSA’s CEO on What It Will Take to Re-Enter the U.S. – Automobile
Our New York bureau chief Jamie Kitman recently sat down with the CEO of French automaker PSA Carlos Tavares to further discuss the company’s future in North America and across the globe. Note: This interview, which took place before the recent Carlos Ghosn scandal, has been edited for clarity. Automobile Magazine: Why come back to… Continue reading PSA’s CEO on What It Will Take to Re-Enter the U.S. – Automobile
VW Unveils New 360-kWh Mobile Charging Station
2 H BY MARK KANE To charge where there is no power Volkswagen presents at the turn of the year its new Mobile Charging Station, which is basically a fast charger with 360 kWh energy storage system. Development of such stations was announced earlier this year by the way of 80th anniversary of Wolfsburg, which will… Continue reading VW Unveils New 360-kWh Mobile Charging Station
No car keys? No problem. Hyundai rolls out fingerprint technology that makes keys obsolete
Source: Hyundai
Hyundai Smart Fingerprint technology
If you're prone to losing car keys, the latest-generation Hyundai Santa Fe just going on sale in China is for you.
It offers buyers the option of using a fingerprint detector that can open the vehicle and turn on its engine, rendering car keys as necessary as a landline. Touch one of the SUV's biometric sensors and it will even adjust such things as seat position and sideview mirrors to the settings preferred by individual drivers in its database.
The oldest known locks were found in the ruins of the ancient Syrian capital of Nineveh and date back thousands and thousands of years. Today, keys are an accessory to just about everything we do, giving us access to our homes, offices, gym lockers and, of course, our cars. For motorists, however, keys could soon go the way of the crank starter, rumble seat and running board.
It's already rare to find a car that still uses a conventional metal key. They've largely been replaced by wireless key fobs on all but a handful of base models. But manufacturers are looking at a variety of alternative technologies, much like those replacing traditional keys in homes and workplaces — and, of course, to unlock smartphones, where biometric sensors let users forget those complicated and often forgettable passcodes.
Volvo's key app
“Mobility needs are evolving and so are our customers' expectation to access cars in an uncomplicated way,” said Henrik Green, vice president of product strategy and vehicle line management at Volvo Car Group.
Volvo's S90 makes even a key fob an option, the big sedan otherwise relying on the owner's smartphone to serve as a key, at least as long as the motorist has downloaded the necessary app. Approach the car and it links up to the phone by Bluetooth, unlocking its doors when the motorist touches one of the handles.
BMW, meanwhile, uses a similar approach with the newly redesigned 2019 3 Series. In this case, however, it uses near-field communications, or NFC, technology, similar to what underlies smartphone-based financial transaction services like Apple Pay. The system can be shared with as many as five different drivers.
BMW isn't ready to abandon keys, or at least key fobs, entirely. The latest version of its flagship 7 Series sedan features an oversized key fob that incorporates a reconfigurable display that allows an owner to control a wide range of vehicle functions that couldn't be incorporated into a traditional fob with hard buttons.
The push to move away from conventional car keys comes at the same time automakers are loading up vehicles with all sorts of digitally controlled technologies. Wireless fobs, smartphone apps and biometric sensors can all tell the vehicle precisely which motorist is going to be driving, adjusting such things as seats, mirrors, climate control and even which radio station to tune to.
Defective switches
Smartphone apps are particularly useful for new battery-powered vehicles, allowing a driver to check how much range is left and, if it's plugged in, to control when the vehicle begins charging. Vehicles like the Nissan Leaf and Jaguar I-Pace also allow a motorist to remotely turn on the climate control while the vehicle is plugged in so that the cabin is comfy when it's time to drive off. That also has the advantage of requiring less range-sapping energy when the vehicle is unplugged.
There are other reasons why automakers want to abandon conventional keys, as General Motors learned earlier in the decade. A poor ignition switch design made it possible to inadvertently shut off the engine on a number of models. It didn't help, of course, that GM delayed fixing the problem for close to a decade. Ultimately, 2.4 million vehicles equipped with the defective switches were recalled. And, with more than 120 deaths connected to the problem, GM paid out more than $1 billion in fines and settlements to victims and their families.
Switching to digital keys offers a number of new opportunities for carmakers, car owners and even retailers. Last April, Amazon partnered up with General Motors and Volvo on a service that can allow it to place packages in the trunk of a vehicle, rather than leaving goods on a porch where they might get stolen. The service is available to Amazon Prime customers who have GM vehicles newer than 2015 and equipped with the GM OnStar or Volvo on Call telematics services.
Cloning signals
GM's car-sharing service, Maven, also makes use of the OnStar service to allow customers to open a vehicle they are renting without having to first get the key — which the owner stores inside in a locked box.
That's not to say that digital alternatives don't have their own problems. Several recent news reports have alleged that thieves have been able to make off with Tesla vehicles by cloning signals from their key fobs — something captured on video during one robbery in the U.K. Tesla has told media outlets that it isn't the only automaker that is vulnerable to these types of hacks into passive entry systems, and says it has rolled out a number of security enhancements to assist customers in decreasing the likelihood of such security breaches.
Some cybersecurity experts warn that even when they're not in use, digital key fob codes can be cloned, and some have suggested storing the devices in metal coffee cans, much like chipped credit cards can be stored inside special sleeves designed to prevent their code from being read and cloned by hackers.
“We think it is becoming the new way of stealing cars,” Roger Morris, a vice president at the National Insurance Crime Bureau, told The Wall Street Journal, after several vehicles were stolen in Houston two years ago, with video of one theft appearing to show how the thieves used cloned keys. “The public, law enforcement and the manufacturers need to be aware.”
There's also a cost issue. A motorist who needs a spare metal key can get one for a dollar or two at most hardware stores — unless it's a more secure key with a digital chip built in. But the price for a replacement wireless key fob can run anywhere from $200 up to more than $500 for one of the smart fobs used on the BMW 7 Series.
Alternative 'keys'
Despite such concerns, expect to see the industry to continue the shift to alternative “keys,” if for no other reason than convenience. Several Jaguar models, such as the E-Pace SUV, feature “activity keys,” little more than waterproof wristbands with built-in NFC chips. Someone who is going swimming or hiking, Jaguar says, doesn't have to carry and risk losing a conventional key or fob. Instead, they lock the regular fob in the car and wear the band. When it's time to open the vehicle up again they simply touch the activity key to a reader on the back logo.
Digital alternatives actually aren't entirely new. Various Ford designs for decades have allowed motorists to access the vehicle using a keypad on the car's center pillar. The motorist still has to keep a conventional key or fob hidden inside the vehicle, however, to start the engine. And similar keypads may be needed on future vehicles to make it possible for a motorist to get into a vehicle should their smartphone run out of battery life or other new systems fail.
Biometric sensors could make the process even easier, since there's no need to carry or wear anything. There are, however, other challenges. Hyundai had to make sure its fingerprint sensor could work under all weather conditions and not be foiled if the car was dirty – something that can be expected of an SUV. The automaker claims the system can distinguish one person's fingerprint from another with an error rate of about 1 in 50,000, which is along the lines of what Apple claims for its own touch-based system.
For the moment, Hyundai will be offering the fingerprint system only in China versions of the Santa Fe. But if it works as expected and generates strong consumer demand it can be expected to start offering the technology in other markets, as well.
Source: Hyundai
Hyundai Smart Fingerprint technology
Tata group spent Rs 70,000 crore on restructuring, consolidation and acquisitions in 2018
“This unified entity will enable us to move beyond merely providing individual products to developing integrated offerings” MUMBAI: Tata group spent over Rs 70,000 crore ($10 billion) in 2018 to deleverage and restructure Tata companies, consolidate cross-holdings, acquire strategic assets and infuse much-needed capital. In a year-end message to employees, Tata Sons chairman N Chandrasekaran… Continue reading Tata group spent Rs 70,000 crore on restructuring, consolidation and acquisitions in 2018
Fall of diesel: 10,000 to 15,000 jobs threatened in France
There will be no miracle. The fall of diesel in the Hexagon will cause breakage on the job. According to the Observatory of Metallurgy, between 10,000 and 15,000 industrial jobs are threatened by 2030, out of the 37,500 in the automotive sector. This is one of the conclusions of his prospective study on employment and… Continue reading Fall of diesel: 10,000 to 15,000 jobs threatened in France
DENSO Announces Changes of Organization and Executive Responsibility
Dec. 27, 2018 News Releases Organization Announcement KARIYA (Japan) ― DENSO Corporation today announced that it will change its organization and Executive Responsibility on January 1, 2019. The auto industry has been undergoing a once-in-a-century paradigm shift due to electrification, automated driving, and connected driving. To cope with the paradigm shift quickly, DENSO will review… Continue reading DENSO Announces Changes of Organization and Executive Responsibility