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☆ Wizz, a Tinder-like app aimed at teenagers, removed from Apple App Store and Google Play
▼ + stars: | 2024-01-31 | by ( Ben Goggin | Lora Kolodny | ) www.cnbc.com time to read: +6 min

Wizz was removed from the Apple App Store and Google Play this week. Wizz, a social media app growing popular among teens in the U.S., was removed from the Apple app store and Google Play this week. A Google spokesperson said that the Wizz app was suspended from Google Play, the online store for Android apps, on Tuesday. "But if the app store doesn't continue to carry it, they cannot sustain, let alone grow, their user base." Wizz declined to say what steps it would take to try to get reinstated on the Apple App Store or Google Play.

Persons: Wizz, Goldman Sachs, Adam Sohn, Alex Goldenberg, Goldenberg Organizations: Apple, Google, National Center, Sexual, NBC News, Network, Research, FBI, Meta Locations: U.S, French, Miami, United States, North America, Australia

A Delaware judge on Tuesday voided the $56 billion pay package of Tesla CEO Elon Musk, ruling that the company's board of directors failed to prove "that the compensation plan was fair" or show much evidence that they had even negotiated with him. The pay package that Tesla granted Musk in 2018 was the largest compensation plan in public corporate history, McCormick noted in her 200-page ruling. He claims that Tesla, Inc.'s directors breached their fiduciary duties by awarding Elon Musk a performance-based equity-compensation plan." "Put simply, neither the Compensation Committee nor the Board acted in the best interests of the Company when negotiating Musk's compensation plan. But in a tweet late Tuesday afternoon, Musk wrote, "Never incorporate your company in the state of Delaware."

Persons: Elon, Twitter —, Elon Musk, Richard Tornetta, Chancellor Kathaleen McCormick, Tesla, McCormick, Musk, Tornetta, Todd Maron, Grant Organizations: SpaceX, Twitter, New York Times, Tesla, Delaware Supreme Court, Inc, Elon, Company, Musk, CNBC, CNBC PRO Locations: New York City, Delaware

☆ Reed Hastings sells $1.1 billion in Netflix shares
▼ + stars: | 2024-01-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Netflix co-founder and executive chairman Reed Hastings has gifted two million shares of his holdings in the streaming giant, according to a regulatory filing, with a current value of more than $1.1 billion. "We don't know what it could be, whether it's a charity or multiple charities," VerityData Vice President Ben Silverman told CNBC. Hastings retains just under three million Netflix shares with a value of around $1.7 billion. Though Hastings remains the executive chairman of Netflix, the company has no obligation to disclose the reason behind the gift or the beneficiary. Netflix shares are up nearly 23% year to date but are still around 16% below their 2021 high.

Persons: Reed Hastings, Hastings, it's, Ben Silverman, VerityData's Silverman, — CNBC's Lora Kolodny Organizations: Netflix, New York Times DealBook, Jazz, Lincoln Center, Bloomberg, CNBC, United Negro College Fund, Hastings, CNBC PRO Locations: New York City

☆ Sextortion is fastest-growing crime targeting minors in North America – and social media companies can do more to stop it, study finds
▼ + stars: | 2024-01-27 | by ( Lora Kolodny | ) www.cnbc.com time to read: +11 min

NCRI, a nonprofit, found cybercriminals used the social apps Instagram, Snapchat and Wizz to find and connect with their marks. And social media platforms should include a distinct category to report sextortion — as Snapchat did in early 2023. Parents and educators should "combat the belief that photos sent on Snapchat disappear, which can create a false sense of security," the NCRI study recommends. The NCRI study also strongly criticized Wizz, concluding: "Sextortion on Wizz is pervasive and dangerous. Apple's App Store and Google Play can also help, the NCRI study suggested, by carefully monitoring complaints about sextortion associated with social media apps, and enforcing their existing policies.

Persons: cybercriminals, Wizz, Paul Raffile, Alex Goldenberg, TikTok, Scribd, sextortion, Snapchat, Goldenberg, screenshotted, General Raúl Torrez, Mark Zuckerberg, Meta, — Kevin Collier, Ben Goggin Organizations: Yahoo, Network, Research, FBI, Yahoo Boys, NBC News, CNBC, NBC, Secret Service, Facebook, YouTube, Meta, gov, National Center for Locations: North America, Australia, West Africa, Michigan, Wizz, New Mexico, U.S

☆ Tesla set to report fourth-quarter earnings after the bell
▼ + stars: | 2024-01-24 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla is set to report fourth-quarter earnings for 2023 after the bell Wednesday. Tesla shareholders submitted questions for executives to answer via the platform Say Technologies ahead of the earnings call. They're asking when Tesla plans to debut its "next-generation" vehicle, a more affordable EV referred to by fans as the Model 2. Gerber said on CNBC's "Last Call" with Brian Sullivan, that Musk was "blackmailing" Tesla shareholders, and that "the idea that he doesn't control Tesla is absurd." WATCH: Elon Musk is very much in charge of Tesla

Persons: Elon Musk, Tesla, Musk, Elon, Ross Gerber, who's, bristled, Gerber, Brian Sullivan Organizations: Tesla Inc, Fratelli, LSEG, Labor, General Motors, Ford, United Auto Workers, Tesla, Investors, Twitter Locations: Italy, Rome, U.S, Sweden, Scandinavia, Europe, Nevada, Tesla

☆ New details emerge about SEC's X account hack, including SIM swap
▼ + stars: | 2024-01-22 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

The U.S. Securities and Exchange Commission said on Monday that a SIM swap attack was to blame for the breach of its official account on X (formerly Twitter) earlier this month. With access to the phone number, the unidentified individual then reset the account password. "While multi-factor authentication (MFA) had previously been enabled on the @SECGov X account, it was disabled by X Support, at the staff's request, in July 2023 due to issues accessing the account," the SEC said in the statement. The agency had the ability to switch two-factor authentication back on for their X account and were not reliant on X to do so. X owner and CTO Elon Musk mocked the SEC, an agency he has clashed with for years, after the agency's account on X was breached.

Persons: Elon Musk, Department of Homeland Security's, — CNBC's Lora Kolodny Organizations: U.S . Securities, Exchange, SIM, SEC, X, Twitter, SEC's, Federal Bureau of Investigation, Department of Homeland, Infrastructure Security Agency, Futures Trading Commission, Department of Justice, Enforcement

☆ Elon Musk wants more control of Tesla, seeks 25% voting power
▼ + stars: | 2024-01-16 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Tesla and SpaceX CEO Elon Musk, who also owns the social network X (formerly known as Twitter), said Monday that he wants about 25% of voting control over his electric vehicle business. Now, Musk is angling for even more control over Tesla. Specifically, Musk wrote on Monday, "I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. "Unless that is the case, I would prefer to build products outside of Tesla," the billionaire executive said on X. Tesla unveiled an early Optimus prototype at Tesla AI Day in September that year, and Musk said in a post around that event: "The point of AI Day is to show the immense depth & breadth of Tesla in AI, compute hardware & robotics."

Persons: Elon Musk, Rishi Sunak, Tesla, Musk, Musk's, Tesla's Organizations: Tesla Inc, SpaceX, Twitter Locations: London, That's, Tesla

Shares of Tesla closed down more than 3% Friday as the stock faced pressure from supply chain delays due to a crisis in the Red Sea, and after offering more price cuts on its vehicles in China. The Iranian-backed Houthi militia group has been attacking cargo ships and merchant vessels in the Red Sea in response to the ongoing war in the Gaza Strip. The Baird analysts wrote that they are "wary" of further effects to Tesla's supply chain, and they are "closely monitoring" any effect on the company's shipping routes from China. "No delays have been cited, however, we speculate that disruptions in the Red Sea may lead to longer wait times as supply chains are rerouted," they wrote. Analysts were also focused on Tesla's continuing price cuts including new discounts in China.

Persons: Tesla, Baird, Morgan Stanley, Price, Hertz, Stephen Scherr, Scherr, unionize Organizations: Tesla, Hertz, Reuters, Baird, United Auto Workers, UAW, Toyota Locations: Red, China, U.S, Berlin, Grunheide, Germany, Jan, Gaza, Europe, Sweden, Scandinavia, Detroit

☆ Tesla reported 485,000 deliveries for the fourth quarter, bringing 2023 total to 1.8 million
▼ + stars: | 2024-01-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Here are the key numbers: Total deliveries Q4 2023: 484,507Total production Q4 2023: 494,989Total annual deliveries 2023: 1,808,581Total annual production 2023: 1,845,985 In 2022, the Elon Musk-led automaker reported annual deliveries of 1.31 million and production of 1.37 million electric vehicles. In its last earnings call in October 2023, Tesla execs offered guidance that the company would notch at least 1.8 million deliveries for the full year, a number they had revised down from a 2 million goal earlier. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. Tesla does not break out delivery and production numbers by individual model but reported combined numbers of: Tesla produced 476,777 Model 3 and Model Y vehicles during the quarter and reported 461,538 deliveries for these models. In the last quarter of 2023, Tesla sold its refreshed, or Highland, version of the entry-level Model 3 sedan in some markets.

Persons: Tesla, StreetAccount, Aly Song, Musk Organizations: Elon, Analysts, Tesla Locations: Tesla China, Shanghai, China, U.S

Tesla is recalling around 2 million of its vehicles in the U.S. to fix Autopilot features that auto safety regulators found to be confusing to drivers, or too easy for them to misuse and abuse. The NHTSA opened an investigation into 11 incidents involving Tesla cars where Autopilot and Autosteer were involved in 2021, a probe which ultimately led to today's voluntary recall. He hopes Tesla and NHTSA will pay special attention to roads with cross traffic, because there have been multiple fatal crashes with trucks in that situation involving Tesla vehicles with Autopilot engaged. If people need to steer, for instance, they must pay attention. The Autopilot system will still be helpful if it just does the accelerating and braking but people could not not pay attention."

Persons: Elon, Twitter —, Tesla, Autosteer, Philip Koopman, Koopman, hasn't, Erik Vinkhuyzen Organizations: SpaceX, Twitter, New York Times, National, Traffic, NHTSA, Federal Reserve, Carnegie Mellon University, CNBC, King's College London, CNBC PRO Locations: New York City, U.S

of X Elon Musk speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. Elon Musk on Sunday reinstated the account of conspiracy theorist Alex Jones on X, formerly Twitter, reneging on a year-ago vow to keep Jones off the social network. Users of the Elon Musk-led X social media platform had anticipated the reinstatement of Jones since at least Thursday, when Musk said he would consider reinstating Jones. Musk said Jones "cannot break the law," but that if he does spread misinformation, X's community notes feature will correct him. X has allowed Tate to monetize his account and Tate has said that he generated tens of thousands of dollars on X, previously.

Persons: Tesla, X Elon Musk, Elon Musk, Alex Jones, Jones, Sandy, Sandy Hook, Infowars, Musk, Andrew Tate —, Tate, monetize, Travis Brown, Jack Sweeney, Aaron Greenspan, MMfA, he's, Donald Trump Organizations: SpaceX, New York Times, Elon, Twitter, Elementary, Sandy Hook Elementary School, Associated Press, Media, America Locations: New York City, Sandy, Newtown , Connecticut, Texas and Connecticut, Romania, New York

☆ Elon Musk's AI startup — X.AI — files to raise $1 billion in fresh capital
▼ + stars: | 2023-12-05 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

Elon Musk speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City. X.AI, an artificial intelligence startup founded by Elon Musk, has filed with the SEC to raise up to $1 billion in an equity offering. The AI startup, which Musk announced in July, seeks to "understand the true nature of the universe," according to its website. Last month, X.AI released a chatbot called Grok, which the company says is modeled after "The Hitchhiker's Guide to the Galaxy." — CNBC's Lora Kolodny contributed to this reportWATCH: Elon Musk's X.AI launches 'Grok'

Persons: Elon Musk, Musk, X.AI, didn't, OpenAI, Sam Altman, Google's Bard, Claude chatbot, Tesla, They've, DeepMind's AlphaCode, OpenAI's, — CNBC's Lora Kolodny, Elon Musk's X.AI Organizations: New York Times, Jazz, Lincoln Center, Elon, SEC, Google's, Nvidia, SpaceX, Boring Company, X Corp, DeepMind, Google Research, Microsoft Research, Twitter, Tesla, X.AI Locations: New York City, Nevada

☆ Elon Musk hypes Tesla Cybertruck at deliveries event in Austin
▼ + stars: | 2023-11-30 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

At that event, Musk boasted, "It will be the biggest product launch of anything by far on Earth this year." At the event in Austin, Musk said the Cybertruck's hard steel body was bulletproof, and that its windows were "rock proof." Tesla first unveiled the Cybertruck — with its angular and unpainted hard steel body — in November 2019. The covid pandemic and other factors contributed to a two-year delay however, and Tesla only began early Cybertruck production in July this year. The U.S. electric pickup truck market has not expanded as quickly as some thought when the Cybertruck was initially revealed.

Persons: Elon Musk, Musk, Tesla, Rivian, CNBC's Mike Wayland Organizations: Ford, General Motors, Lordstown Motors, GM, CNBC PRO Locations: New York, Austin, U.S

☆ Elon Musk claims advertisers are trying to 'blackmail' him, says 'Go f--- yourself'
▼ + stars: | 2023-11-29 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Tesla and SpaceX's CEO Elon Musk reacts during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. Speaking at the 2023 DealBook Summit in New York on Wednesday, Elon Musk, the owner of social media site X (formerly Twitter), scoffed at advertisers leaving the platform because of antisemitic posts he amplified there. "The whole world will know that those advertisers killed the company and we will document it in great detail," Musk threatened. Musk told Sorkin on stage that his visit to Israel was planned before his tweets, and were not part of an "apology tour." Previously, Musk had said he wanted to bring SpaceX satellite communications service, Starlink, to the region and specifically to humanitarian organizations in Gaza.

Persons: Tesla, Elon Musk, Rishi Sunak, somebody's, Musk, Bob Iger, Bob, Andrew Ross Sorkin, Paris Mayor Anne Hidalgo, Benjamin Netanyahu, Netanyahu, Sorkin Organizations: British, Disney, Apple, Paris Mayor, SpaceX Locations: London, Britain, New York, Israel, Gaza

☆ Tesla sues Swedish government after postal workers block license plate deliveries
▼ + stars: | 2023-11-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Tesla filed a lawsuit against the Swedish Transport Agency on Monday after postal workers began to block deliveries of license plates for the company's cars. Swedish postal workers blocked Tesla license plate deliveries as a show of solidarity with striking workers. Tesla claims the Swedish government has a "constitutional obligation to provide registration plates to vehicle owners," according to the documents. "This seizure of license plates constitutes a discriminatory attack without any support in law directed at Tesla. This measure cannot be described in any other way than as a unique attack on a company operating in Sweden," Tesla said in the filing, which CNBC translated to English.

Persons: Tesla, Elon Musk, Rishi Sunak, wasn't, CNBC's Lora Kolodny Organizations: British, Swedish Transport Agency, Bloomberg, CNBC, Tesla Locations: London, Britain, Norrköping, Sweden, Swedish

Accounts on Threads were also established for the first lady and second gentleman as well as for the White House itself. White House officials repeatedly rebuked Musk for what they called "anti-semitic rhetoric" on X over the last week. Several major advertisers including Apple and Disney subsequently paused their spending on X. Musk defended himself on Sunday, without apologizing or rescinding his statements. The White House said in a statement to CNBC that the launch of the new Threads accounts "has been in process for several weeks." Here's what Biden said in his first post on Threads:"Folks, it's President Biden.

Persons: Joe Biden, Andres Manuel Lopez Obrador, Kamala Harris, Elon Musk's, Musk, Adam Mosseri, Biden, it's, hasn't Organizations: Economic Cooperation, Elon, Defamation League, White House, Apple, Disney, Twitter, CNBC, America Locations: Asia, San Francisco , California, U.S, White, America, China

Cruise founder and CEO Kyle Vogt has resigned from his role at the autonomous vehicle venture owned by General Motors, according to a company statement sent to CNBC on Sunday. Cruise CEO and co-founder Kyle Vogt has resigned from his role at the autonomous vehicle venture owned by General Motors , according to a company statement sent to CNBC on Sunday. Mo Elshenawy, who previously served as executive vice president of engineering at Cruise, will now serve as president and CTO for Cruise, the company said. Vogt confirmed his resignation Sunday night in a social media post on X, formerly known as Twitter. The departing CEO also offered words of encouragement, writing: "Cruise is still just getting started, and I believe it has a great future ahead.

Persons: Kyle Vogt, Mo Elshenawy, Vogt, Cruise Organizations: General Motors, CNBC, Sunday, Cruise, Twitter, California Department of Motor Vehicles, California DMV Locations: San Francisco, California

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. "Sam and OpenAI were the catalyst that showed the world what AI tech is capable of," Jannsen said. Silicon Valley's high-profile startup CEO firings typically involve wrongdoing, rather than just philosophical differences about where the company is headed. "Sam Altman is a hero of mine," former Google CEO and investor Eric Schmidt said in an X post. — CNBC's Lora Kolodny contributed to this report WATCH: OpenAI says Sam Altman exiting as CEO because 'board no longer has confidence.'

Persons: Sam Altman, Carlos Barria, OpenAI, Steve Jobs, Altman, —, Jobs, U.S . Altman, Mark Zuckerberg, Jeff Bezos, Elon Musk, Greg Brockman, Brockman, Ron Conway, Greg, Brian Chesky, Matt Schlicht, Schlicht, Sam, Ryan Jannsen, Jannsen, Patrick Moorhead, They're, Moorhead, Josh Wolfe, Wolfe, he'd, Eric Schmidt, Tom Williams, Airbnb's Chesky, what's, Chesky, Satya Nadella, Zachary Lipton, Carnegie Mellon's Lipton, Lipton, — CNBC's Lora Kolodny Organizations: Economic Cooperation, Reuters, ChatGPT, Apple, U.S ., Amazon, Tesla, Microsoft, Tiger, Sequoia Capital, CNBC, Google, Lux Capital, Cq, Inc, Getty, Carnegie Mellon University, Industry Locations: Asia, San Francisco , California, U.S, Silicon Valley, OpenAI, what's, —

☆ Musk threatens 'thermonuclear lawsuit' against media watchdog, calls advertisers 'oppressors'
▼ + stars: | 2023-11-18 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Elon Musk lashed out at large advertisers and Media Matters, a media watchdog group, on Friday after several major brands decided to pause spending on X, the social media platform he owns and runs as CTO. Discovery , then decided to halt their ad spending, at least temporarily, on the social media platform formerly known as Twitter. In late October, an X user complained that a statue of Confederate general Robert E. Lee was melted down in Charlottesville, Virgina. Last week, Musk agreed with a post falsely claiming that the Jewish people have been pushing "dialectical hatred" against white people. It is not clear whether or when X Corp. will actually file a suit against Media Matters, or in which jurisdiction.

Persons: Elon Musk, Musk, hawked, Joe Benarroch, Confederate, Robert E, Lee, Jonathan Greenblatt, Musk's, Angelo Carusone, Jonathan Vanian Organizations: Media, X Corp, America, Twitter, Apple, Comcast, NBC Universal, Disney, IBM, Lions, Paramount Global, Warner Bros, CNBC, Facebook, Defamation League, Media Matters, Washington , D.C Locations: Charlottesville, Virgina, Jewish, San Francisco, Washington ,

The White House on Friday lashed out at Elon Musk for promoting "Antisemitic and racist hate" after the Tesla CEO and X Corp. owner said he agreed with a social media post accusing "Jewish communities" of pushing "hatred against whites." Musk, responding on X, wrote that that post "said the actual truth." Bates appeared to be referring to the mass murder at the Tree of Life Synagogue in Pittsburgh in 2018, in which 11 people were shot to death by a gunman who expressed a belief in the antisemitic "white genocide" conspiracy theory. "We condemn this abhorrent promotion of Antisemitic and racist hate in the strongest terms, which runs against our core values as Americans," Bates said. Spokespeople for Tesla and X did not immediately respond to CNBC's requests for comment on the White House's statement.

Persons: Elon Musk, Rishi Sunak, Andrew Bates, Bates, " Bates, Musk, Jonathan Greenblatt Organizations: Tesla Inc, Elon, X Corp, Synagogue, Defamation League Locations: London, Pittsburgh, Israel, America

☆ OpenAI's Sam Altman exits as CEO because 'board no longer has confidence' in his ability to lead
▼ + stars: | 2023-11-17 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

OpenAI's board of directors said Friday that Sam Altman will step down as CEO and will be replaced on an interim basis by technology chief Mira Murati. "The board no longer has confidence in his ability to continue leading OpenAI," the statement said. The board also said that Greg Brockman, OpenAI's president, "will be stepping down as chairman of the board and will remain in his role at the company, reporting to the CEO." Before taking over as CEO, Altman, 38, was president of startup accelerator Y Combinator and gained prominence in Silicon Valley as an early-stage investor. Microsoft CEO Satya Nadella made a surprise guest appearance during the event, joining Altman on stage to discuss the startup's AI technologies and its partnership with Microsoft.

Persons: Sam Altman, Mira Murati, Ilya Sutskever, Adam D'Angelo, Tasha McCauley, Helen Toner, OpenAI, Greg Brockman, what's, Murati, Mira, ChatGPT, Satya Nadella, Nadella, Elon Musk, Altman, rapt, Ted Lieu, Mike Johnson, Joe Biden, Xi Jinping, Altman didn't, — CNBC's Lora Kolodny Organizations: Tech, Conference, Georgetown Center for Security, Emerging Technology, Microsoft, OpenAI, U.S . Senate, House Democratic Caucus, Economic Cooperation, U.S Locations: Laguna Beach , California, Mira, Silicon Valley, Indonesia, Asia, Pacific, Singapore, India, China, South Korea, Japan, San Francisco

☆ Elon Musk calls antisemitic tweet 'the actual truth'
▼ + stars: | 2023-11-16 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +5 min

Elon Musk, CEO of Tesla and owner of X, arrives for the Inaugural AI Insight Forum in Russell Building on Capitol Hill, on Wednesday, September 13, 2023. Tesla , SpaceX, and X Corp. leader Elon Musk issued a spate of arguably bigoted tweets on Wednesday that spurred a critical backlash online. Musk replied to that tweet in emphatic agreement: "You have said the actual truth." "This exchange would have languished in obscurity had Musk not replied to this bigoted bromide," wrote Yair Rosenberg in The Atlantic. Musk previously threatened to sue the ADL, alleging that they tried to "kill" his social network's business.

Persons: Elon Musk, Tesla, Musk, Yair Rosenberg, Jonathan Greenblatt, Brian Levin, Ye, Levin, Meredith Benton, Benton Organizations: SpaceX, X Corp, Defamation League, Bloomberg, Defamation, ADL, CNBC, Employment Opportunity, California State University, San, Capital, Twitter Locations: The, America, U.S, Israel, San Bernardino, North America

☆ Tesla shares drop 5% after HSBC calls it a 'very expensive auto company'
▼ + stars: | 2023-11-09 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla shares closed down about 5% on Thursday at $209.98 after HSBC Global initiated coverage with a "reduce" rating and a $146 price target. "Arguably the ideas need to become reality to support the current share price," the analysts said. On the more bullish side, HSBC analysts said Tesla's core automotive business "faces fewer challenges than the incumbents and as such, deserves a premium." Besides the "reduce" rating from HSBC, Tesla is also facing a widening strike in Sweden. The IF Metall trade union, which represents some Tesla service employees, began a strike action at 12 Tesla service centers on Oct. 27, The New York Times reported.

Persons: Elon Musk, Tesla, Dockworkers, Joe Biden, Shawn Fain Organizations: HSBC Global, HSBC, Elon, Tesla, IF Metall, New York Times, Swedish Transport Workers Union, The New, UAW, Toyota, Auto Locations: Beijing, China, Sweden, Norway, The New Republic, Illinois

☆ GM's Cruise is recalling 950 robotaxis after pedestrian collision
▼ + stars: | 2023-11-08 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Cruise, the autonomous vehicle venture owned by General Motors , has issued a recall effecting 950 of its robotaxis following a pedestrian collision in San Francisco last month. The Oct. 2 collision triggered a federal probe. According to the Cruise filing with the NHTSA on Nov. 7, following the collision, Cruise found defects within its automated driving system software, specifically pertaining to its "Collision Detection Subsystem." This issue could occur after a collision with a pedestrian positioned low on the ground in the path of the AV." After Cruise lost its permits in California and faced a public backlash over safety concerns, the company also temporarily suspended production of its Cruise Origin driverless vans.

Persons: Cruise, Louise Zhang, Elon Musk, Quinn Emanuel Organizations: General Motors, National, Traffic, Administration, Google, Tesla, Cruise, GM Locations: San Francisco, California, Detroit

☆ Cruise confirms robotaxis rely on human assistance every four to five miles
▼ + stars: | 2023-11-06 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

This Cruise in San Francisco seemingly could not figure out how to pull aside on a narrow street to let a buss pass. First, Vogt confirmed that the General Motors -owned company does have a remote assistance team, in response to a discussion under the header, "GM's Cruise alleged to rely on human operators to achieve 'autonomous' driving." The CEO wrote, "Cruise AVs are being remotely assisted (RA) 2-4% of the time on average, in complex urban environments. CNBC confirmed with Cruise spokesperson Tiffany Testo that the comments were accurate and came from the company's CEO. Cruise recently took the drastic move of grounding all of its driverless operations following a collision that injured a pedestrian in San Francisco on October 2.

Persons: buss, Kyle Vogt, aren't, Vogt, GM's Cruise, Tiffany Testo, Cruise Organizations: Cruise, Hacker, General Motors, CNBC, DMV, NBC, California Department of Motor Vehicles, Google Locations: San Francisco, California

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