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Questions About The Safety Of Tesla’s ‘Full Self-Driving’ System Are Growing In 2024

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4 months ago

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Tesla

DETROIT — Three times in the last four months, William Stein, a technology analyst with Truist Securities, has accepted Elon Musk’s invitation to test the latest versions of Tesla’s lauded “Full Self-Driving” system.

According to the business, a Tesla equipped with the technology may go from one location to another with minimum human assistance. However, when Stein drove one of the cars, he claimed that the vehicle engaged in risky or illegal manoeuvres. Stein stated that his 16-year-old son, who accompanied him on the test drive earlier this month, was “terrified.”

Federal inspectors are investigating Stein’s experiences, as well as a Tesla crash in the Seattle region employing Full Self-Driving that killed a biker in April. They had previously been looking at Tesla’s automated driving technologies for almost two years, following scores of collisions that prompted safety concerns.

Questions About The Safety Of Tesla’s ‘Full Self-Driving’ System Are Growing

The issues have made many who monitor autonomous vehicles more skeptical that Tesla’s automatic system would ever be able to operate securely on a large scale. Stein believes Tesla is still waiting to launch a fleet of self-driving cars by next year, as Musk has predicted.

The newest mishaps occur at a critical juncture for Tesla. Musk has informed investors that Full Self-Driving may be able to operate more safely than human drivers by the end of this year, if not next.

In less than two months, the business plans to showcase a car designed specifically to be a robotaxi. Musk has stated that in order to deploy robot axis on the road, Tesla will have to demonstrate to regulators that the system can drive more safely than people. Under federal regulations, Teslas must meet national vehicle safety standards.

Musk has disclosed data on miles driven per crash, but only for Tesla’s less advanced Autopilot technology. According to safety experts, the data must be corrected since it only records catastrophic collisions involving airbag deployment and does not reveal how frequently human drivers had to take control to escape a collision.

Approximately 500,000 Tesla owners employ Full Self-Driving on public roads, accounting for slightly more than one in every five Teslas now in service. Most of them paid at least $8,000 for the optional system.

The business has stressed that automobiles outfitted with the system cannot drive autonomously and that drivers must always be prepared to intervene if necessary. Tesla also claims to watch each driver’s behavior and will suspend their ability to use Full Self-Driving if they do not properly supervise the system. Recently, the business began referring to the technology as “Full Self-Driving” (Supervised).

Musk, who has admitted that his previous estimates for the deployment of autonomous driving were overly optimistic, predicted a fleet of autonomous vehicles by the end of 2020. Five years later, many who follow the technology doubt it will function across the United States as promised.

Michael Brooks, executive director of the Centre for Auto Safety, stated, “It’s not even close, and it won’t be next year.”

Stein drove a Tesla Model 3, purchased at a Tesla dealership in Westchester County, north of New York City. Tesla’s lowest-priced vehicle was outfitted with the most recent Full Self-Driving software. According to Musk, the program now incorporates artificial intelligence to assist with steering and pedal control.

During his journey, Stein noted that the Tesla seemed smoother and more human-like than previous versions. However, in less than ten miles, he claimed the automobile made a left turn from a through lane while running a red light.

“That was stunning,” Stein said.

He explained that he did not take control of the automobile because there was little traffic, and the maneuver did not appear unsafe then. Later, the car drove along the middle of a parkway, straddling two lanes of traffic moving in the same direction. This time, Stein explained, he intervened.

Stein wrote to investors that the latest version of Full Self-Driving does not “solve autonomy” as Musk had expected. It does not “appear to approach robotaxi capabilities.” Stein reported that Tesla vehicles surprised him with dangerous maneuvers after two previous test drives in April and July.

Tesla has not replied to requests for comment.

Stein stated that, while he believes Tesla will eventually profit from its driving technology, he does not anticipate a robotaxi with no driver and a passenger in the back seat shortly. He projected that it would be considerably delayed or have restricted travel options.

According to Stein, there is frequently a considerable difference between what Musk says and what is likely to happen.

To be true, many Tesla devotees have shared videos on social media of their cars driving autonomously without human intervention. Videos, of course, do not demonstrate how the system functions over time. Others have shared recordings that depict harmful behavior.

Alain Kornhauser, head of autonomous vehicle studies at Princeton University, said he drove a Tesla borrowed from a friend for two weeks and discovered that it constantly recognized pedestrians and detected other drivers.

While it often performs well, Kornhauser said he had to take control when the Tesla made actions that terrified him. He advises that Full Self-Driving has yet availableto be alone in all locations.

“This thing,” he told me, “is not at a point where it can go anywhere.”

Kornhauser believes the system may operate independently in smaller portions of a city with precise maps to direct the vehicles. He asks why Musk doesn’t start by providing rides on a limited scale.

“People could really use the mobility that this could provide,” according to him.

For years, experts have cautioned that Tesla’s camera and computer system cannot always detect and identify objects. Cameras cannot always see in bad weather or darkness. Most other self-driving car firms, including Alphabet Inc.’s Waymo and General Motors’ Cruise, use a combination of cameras, radar, and laser sensors.

“If you can’t see the world correctly, you can’t plan, move, or react to it correctly,” said Missy Cummings, a professor of engineering and computing at George Mason University. “Cars can’t do it with vision alone,” she explained.

Cummings claims that even those with laser and radar cannot always drive successfully, raising safety concerns about Waymo and Cruise. (Waymo and Cruise declined to comment.)

Phil Koopman, a Carnegie Mellon University professor who researches autonomous vehicle safety, believes it will be many years before autonomous vehicles based only on artificial intelligence can handle all real-world scenarios.

“Machine learning has no common sense and learns narrowly from a huge number of examples,” according to Koopman. “If the computer driver gets into a situation it has not been taught about, it is prone to crashing.”

A motorcyclist was hit and killed by a Tesla employing Full Self-Driving in Snohomish County, Washington, near Seattle, in April, according to officials. The Tesla driver, who has yet to be charged, informed police that he was utilising Full Self-Driving while looking at his phone when the car rear-ended the motorcycle. Authorities said that the motorcyclist was pronounced deceased at the spot.

Questions About The Safety Of Tesla’s ‘Full Self-Driving’ System Are Growing

The agency stated that it is reviewing information obtained from Tesla and law enforcement officials on the fatal crash. It also acknowledges Stein’s experience with full self-driving.

The NHTSA also stated that it is investigating whether a Tesla recall earlier this year, which was intended to improve its automated vehicle driver monitoring system, was successful. It also urged Tesla to recall Full Self-Driving in 2023 because, in “certain rare circumstances,” the agency stated, it may violate some traffic laws, increasing the risk of a crash. (The agency declined to say whether it had completed its evaluation of whether the recall accomplished its mission.)

As Tesla electric vehicle sales have declined in recent months despite price cuts, Musk has urged investors to view the company as a robotics and artificial intelligence business rather than a car company. However, Tesla has been working on full self-driving vehicles since at least 2015.

“I recommend that anyone who doesn’t believe Tesla will solve vehicle autonomy should not hold Tesla stock,” he stated during an earnings conference call last month.

Stein advised investors, however, to evaluate whether Full Self-Driving, Tesla’s artificial intelligence initiative “with the most history, that’s generating current revenue, and is already being used in the real world,” works.

SOURCE | AP

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Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics.

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Walmart Charged With Unlawfully Establishing Bank Accounts for 1 Million Drivers

Published

1 day ago

on

2024-12-24

By

Walmart
Photo: Reuters

(VOR News) – The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Walmart and a fintech company called Branch Messenger, alleging that the two companies forced more than a million delivery workers to use costly bank accounts to receive their paychecks. Both of these companies were the targets of the lawsuit.

According to the action filed by the Consumer Financial Protection Bureau (CFPB), Walmart and Branch are accused of opening deposit accounts for Walmart’s Spark Drivers, who are considered independent contractors, without first getting their consent.

These bank accounts contained drivers’ personal data, including their Social Security numbers.

The lawsuit specifically claims that Walmart’s drivers, who are in charge of delivering goods from the company’s warehouses to consumers, are only allowed to have their earnings transferred into these branch accounts.

This goes against the company’s rules, which permit them to move their earnings to different accounts.

Walmart reportedly told employees in 2021 that using these accounts may lead to firing.

Additionally, the lawsuit claimed that accessing profits through the accounts was a “complex process,” typically causing weeks-long delays. Among the other accusations that were made was this one.

This was the predicament they ultimately found themselves in, even though the business had assured them that they would have prompt access to funds.

To make matters worse, according to the Consumer Financial Protection Bureau (CFPB), drivers allegedly paid ten million dollars in “junk fees” to move their earnings to different bank accounts.

Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, said, “Companies cannot force workers into getting paid through accounts that drain their earnings with junk fees,” in his criticism of the practice. “Junk fees are a waste of money.”

This case’s next section outlined the traits of the average Spark Driver: “in addition to being a woman, having children, not having a college degree, and having a low income.”

Walmart denied the accusations made by the Consumer Financial Protection Bureau (CFPB) and stated in a statement that it will firmly defend itself in court.

Walmart released a statement claiming that the Consumer Financial Protection Bureau’s (CFPB) hurried lawsuit is full of factual errors, exaggerations, and blatant misrepresentations of basic legal principles.

The Consumer Financial Protection Bureau (CFPB) never gave Walmart a chance to make its case in an unbiased way throughout its rushed probe. In contrast to the Consumer Financial Protection Bureau, we are ready to fiercely defend the Company before a court that respects the due process of law principle.

Additionally, Branch was charged by the Consumer Financial Protection Bureau (CFPB) with engaging in deceptive advertising and neglecting to look into and address issues pertaining to the accounts. In addition to earlier accusations, these were also made.

In contrast, Branch denied the accusations and defended its services, saying, “The Consumer Financial Protection Bureau rushed to file a lawsuit despite the company’s extensive cooperation with its investigation, refusing to engage with Branch in any meaningful way about this matter.”

Branch responded to the Walmart accusations with a statement.

Furthermore, Branch claimed that the case was motivated more by a desire for “media attention” than by concerns for the welfare of the employees. This is what he stated in his statement.

This case, which is part of a larger campaign to give these gig workers more rights, targets these individuals who work for firms like Uber, Lyft, and DoorDash who are supposed to be independent contractors. It is considered that gig workers are independent contractors.

Earlier this month, the Consumer Financial Protection Bureau (CFPB) made claims against large financial firms, including Wells Fargo, Bank of America, and JPMorgan Chase.

According to the CFPB, these organizations did not stop fraud on the money-sending app Zelle, which is a platform that lets people send and receive money.

The choice of a new director may have an impact on the outcome of this lawsuit because President-elect Donald Trump is expected to choose a replacement for the present director of the Consumer Financial Protection Bureau (CFPB).

When Jaret Seiberg was employed as a financial services policy analyst at TD Cowen Washington Research Group, she noted that the new director’s strategy for handling such matters would be the deciding element in the case’s future course.

SOURCE: TN

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Naked Wines Issues 2024 Performance Review

Published

2 days ago

on

2024-12-24

By

Naked Wines
Naked Wines claims to be in 'better position' despite falling sales

Naked Wines, an online retailer, has issued a performance review after announcing that sales declined 15% in the first half of the year to $112.3 million, despite management insisting it is in “a better position, both financially and strategically”.

Rodrigo Maza, who became CEO in February after joining the company as UK managing director in September 2023, stated that the company was in a better financial and strategic position, with “robust financial foundations” and committed and engaged members.

“Our strategic initiatives centred around customer acquisition and retention are generating learnings, and we are currently experiencing solid trading during the peak season period,” he told shareholders.

It also stated that a performance review is under underway in order to “proactively evaluate options to maximise shareholder value”. The end of the fiscal year will see the release of a report.

Naked Wines New CEO

He also welcomed new CFO Dominic Neary, who joined Naked Wines from Mind Gym in November, saying he was excited to collaborate with him “as we focus the business on cash, profitability, and growth with its rose wine and dry white wine.”A performance review is presently ongoing to “proactively evaluate options to maximise shareholder value,” according to the results, with a report expected to be released at the end of the fiscal year.

It also stated that it has continued to liquidate surplus inventory, with the UK and Australia returning to normal inventory levels, however US inventories remained “significantly” in excess, albeit being down $20.5 million from HY24.

It stated that it was “currently investigating options to reduce inventory levels more quickly,” which would help drive improved cash over the next two fiscal years, but “could lead to increased liquidation costs and result in EBIT at the lower end of guidance.”

Although active members (those with Angel or Wine Genie membership) declined 12% in the last 12 months, the statement noted retention of its ‘core’ members (those who had been customers for two years or more) was up two percentage points to 79%, and they remained “highly engaged”.

Customers’ total probability to refer the company to a friend (net promoter score) increased from 73 to 76 in the previous quarter, according to the report.

Turning Things Around

In August, the company reported a pre-tax loss of $16.3 million for the fiscal year ending 1 April 2024, up from $15 million in the fiscal year 2022/2023, with revenues down 18% to $290 million and repeat business down a quarter to $65 million.

Founder Rowan Gormley, on the other hand, asserted that the company was “making real progress in turning things around with its rose wine and dry white wine”.

It came after the engagement of debt consultants in March 2024 to look into refinancing possibilities and a possible wine company reorganization after the value of Naked Wines shares fell by about a third in the previous year.

Gormley increased his interest in Naked Wines significantly in December 2023, purchasing $9,600 in shares.

This was Gormley’s second round of stock purchases; he and other senior board members purchased a large number of shares in early November following a drop in share value after the firm stated it was lowering its full-year sales estimates to -12% to -16%.

Three of the company’s leaders at the time put a total of $94,000 in its stock.

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Deal With Mexican Retailer, Nordstrom’s Founding Family Takes Nordstrom Private.

Published

2 days ago

on

2024-12-23

By

Nordstrom
Scott Olson | Getty Images

(VOR News) – The company made the news on Monday that it would transition into a private Nordstrom corporation after the conclusion of a buyout agreement with El Puerto de Liverpool, a Mexican department store, and the founding family of Nordstrom.

The arrangement was reached when the company acquired El Puerto de Liverpool. It is projected that the transaction will end up valued at around $6.25 billion.

The company’s board of directors came to a resolution that was unanimous in order to give their approval to the deal, which is expected to be completed in the first half of the year 2025.

The Nordstrom family would control the corporation under the agreement.

Which will equate to 50.1% of the business, while Liverpool will hold 49.9% of the company. In accordance with a press announcement, common stockholders would receive a cash payment of $24.25 for each share of Nordstrom common stock that they now hold in their possession.

According to a news release, Nordstrom’s Chief Executive Officer Erik Nordstrom remarked that the company has been working on the fundamental principle of assisting customers in feeling well and looking their best for more than a century.

This idea has been the driving force behind the company’s operations. The company is about to embark on an exciting new phase, and today marks the beginning of that chapter.

We, the members of my family, are looking forward to working together with our coworkers to make certain that Nordstrom will continue to be successful well into the foreseeable future.

Over the course of its history, the retail establishment has made repeated attempts to transition into a private operation. 2018 was the year that a previous attempt was unsuccessful at materializing.

In September, the Nordstrom family made an offer to purchase the company at a price of $23 per share, which resulted in the company being valued at around $3.76 billion. The offer was accepted by the company.

Over the course of the early trading session, the stock of Nordstrom witnessed a decrease of nearly one percent. As a result of a report that was published by Reuters in March, which said that the family intended to take the company private, the shares of the company have undergone a large boost.

November revenues beat Wall Street forecasts for Nordstrom’s fiscal third quarter.

This was due to the fact that the company’s revenue climbed approximately 4% year-over-year. However, the company claimed that it anticipated a dismal holiday season, which resulted in a little more optimistic prediction for the full year’s revenues. This was the case since the corporation anticipated that the holiday season would be weak.

Customers continue to be picky when it comes to purchasing things that are desires rather than needs, and they have paid greater attention to pricing, according to the majority of merchants, including Walmart, Best Buy, and Target.

These businesses have also said that customers have become more price conscious. This has led to an increase in the amount of pressure that is being placed on luxury clothing businesses.

Nordstrom, a department store, was initially founded in 1901 as a shoe business but later expanded into other areas. Since then, it has developed into a department store that provides customers with a diverse range of clothing and accessories at more than 350 sites around the United States. These locations include Nordstrom Rack, Nordstrom Local, and Nordstrom.

El Puerto de Liverpool is responsible for the management of two further department store chains under the names Liverpool and Suburbia. In addition, El Puerto de Liverpool is home to 29 shopping centers that are dispersed across the entirety of Mexico

SOURCE: CNBC

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