DIRS.INFO The most relevant business & tech news

REUTERS/Phil NobleCOVENTRY, England, Feb 1 (Reuters) - Developing fully autonomous vehicles (AVs) that can go everywhere has proven harder and more expensive than expected, but investors are continuing to fund startups that target simpler self-driving vehicle solutions far removed from pedestrians and other vehicles operated by unpredictable humans. Earlier promises made by robotaxi companies of operating fleets of vehicles by the early 2020s have fallen well short. BMW iVentures has also invested in AV truck technology firm Kodiak Robotics, which managing partner Sage said has adopted a simpler approach to areas like mapping. Construction and agricultural equipment - used off-road in low-traffic environments - has been another growth area for AV startups. U.S. agricultural equipment maker AGCO Corp (AGCO.N), for instance, is using the Palo Alto, California-based startup's software for an experimental automated electric planter.

☆ Tech giants have cut tens of thousands of jobs. Automakers are ready to hire them.
▼ + stars: | 2023-01-29 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

But the auto industry doesn't need to undergo massive cuts — mostly because they already have over the past few years. Tech companies, meanwhile, had enjoyed a decade of unmitigated growth thanks to low interest rates and a floor of new investor money. As these companies enter a new phase and a different economy, the tech industry is experiencing its first real belt-tightening. The auto industry could benefit from tech layoffsWhile tech sheds thousands of jobs, automakers are desperate for workers. "The war for talent in the automotive industry is still raging and the talent pool is still relatively small."

☆ GM, Ford must convince investors they can profit as prices fall
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

Already there are signs the Detroit automakers are scaling back spending to offset competitive and economic pressure. GM and Ford both rely on sales of pickup trucks and SUVs in the United States for the bulk of their global profits. The risk to the Detroit automakers' profitability would be a challenge in the best of times. But now, GM and Ford must factor in forecasts for a slowdown, or even a recession, in the U.S. economy. The Model Y SUV competes with Ford's Mustang Mach-E, GM's Cadillac Lyriq EV, and with combustion SUVs the Detroit automakers sell.

☆ Will We Blame Self-Driving Cars?
▼ + stars: | 2023-01-26 | by ( Julian De Freitas | ) www.wsj.com time to read: +1 min

The autonomous vehicle (AV) industry has been promising for years that self-driving cars will be the future of transportation. But technological progress remains slow, and in recent months investors have shown signs of impatience. When Intel took its Mobileye car-technology unit public in October 2022, it was valued at $23 billion, dramatically lower than the company’s original expectation of $50 billion. One of the challenges facing the industry is trying to estimate how much liability AV firms will have for accidents involving their vehicles. As fully autonomous vehicles become more common, they will inevitably be involved in accidents.

☆ Oxbotica raises $140 mln to deploy self-driving commercial vehicles
▼ + stars: | 2023-01-11 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Jan 11 (Reuters) - Self-driving software startup Oxbotica has raised $140 million from investors to speed deployment of autonomous vehicles (AVs) in areas including heavy industry, ports and airports. The Series C round includes funding from new investors including Japanese insurer Aioi Nissay Dowa Insurance, the venture capital arm of software company Trimble (TRMB.O) and the venture capital arm of Japanese oil refiner Eneos (5020.T). Oxbotica has now raised about $225 million in total and the company said that additional investors are expected to sign up before the funding round closes in a few months. Once regulations catch up with the industry, the company will start running tests on limited routes for Ocado in 2025, Jackson said. "The proceeds (of this funding round) will really accelerate deployment for our commercial customers."

Jan 4 (Reuters) - Microsoft Corp (MSFT.O) is in advanced talks to invest in Gatik, a California-based autonomous driving startup, as part of its cloud partnership with the company, two people familiar with the discussions told Reuters. Microsoft plans to invest over $10 million in a financing round that values Gatik at more than $700 million, the sources added. As part of the deal, Gatik will use Microsoft's cloud and edge computing platform Azure in developing autonomous delivery technology for trucks. Like other big tech companies, Microsoft has recently been putting funds into self-driving technology. In November, Ford and Volkswagen shut down their self-driving technology unit, Argo AI, saying that creating self-driving "robotaxis" would be "harder than putting a man on the moon."

☆ Baidu gets license for driverless robotaxi tests in Beijing
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - Baidu Inc (9888.HK) said on Friday it had been granted the first license to test driverless vehicles on roads in Beijing, and would add another 200 robotaxis to its network across China in the coming year. Baidu started to charge fees for its robotaxi service Apollo Go last year. Apollo Go, which operates in Wuhan and Chongqing without a safety driver, delivered a total of 1.4 million driverless rides by end of the third quarter, Baidu has said. The company said it would begin testing 10 fully autonomous vehicles in a technology park developed by the government of Beijing as a step toward offering a commercial robotaxi service in China’s capital. The push by Baidu comes as other companies outside China pull back from the bullish rollout schedule for fully autonomous vehicles predicted just a few years ago.

☆ The electric-car industry is set for a pivotal year. Here are 6 VCs' top predictions for 2023, from new trends to investment opportunities.
▼ + stars: | 2022-12-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +6 min

2023 is set to bring even more momentum to the electric-car industry than 2022 did. Even with challenges — and some executives' losing faith in the EV biz — the industry can't turn back on its ambitions. Robert Knopes/UCG/Universal Images Group via Getty ImagesCharging, charging, chargingHistorically, charging hasn't been a money-making venture. Alexei Andreev, a managing director at AutoTech Ventures, said a shakeout could come in the battery industry, where hundreds of startups are racing to compete with giants. The autonomous-vehicle industry took several hits in 2022, but General Motors is still optimistic about Cruise.

☆ Argo Blockchain to sell its mining facility Helios for $65 mln
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Crypto miner Argo Blockchain Plc (ARB.L) said on Wednesday it will sell its mining facility Helios for $65 million and refinanced a new asset-backed loan agreement, in an attempt to avoid filing for bankruptcy. Argo will sell its Helios facility to Canada-listed investment management company Galaxy Digital Holdings (GLXY.TO). The transactions include refinancing loans with a new $35 million credit with Galaxy, which will help reduce its total indebtedness by $41 million, the company said in a press release. Digital currency miners such as Argo Blockchain use computers to solve cryptographic problems and receive a reward in the form of cryptocurrency. Reporting by Amna Karimi and Sinchita Mitra in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ The US Navy backed the hunt for Titanic in part because the explorer who found it argued it would 'drive the Soviets crazy,' book reveals
▼ + stars: | 2022-12-26 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +9 min

The hunt for the Titanic was cover for a secret Navy mission to investigate two submarine wrecks. It was also part of a psychological warfare game the US was playing with the Soviets, Ballard revealed in a 2021 book. But his most recognizable discovery was the British passenger ship Titanic that sank in the North Atlantic on April 15, 1912, ending more than 1,500 lives. "I wanted to do a bang-up job for the Navy, but I was also constantly thinking about how to find Titanic," Ballard wrote. "There it was, one of 29 boilers that had created steam for Titanic's engines," Ballard wrote in his book.

The Golden Globes are attempting to press forward after a rocky few years for the Hollywood Foreign Press Association, the organization that puts on the ceremony. The press association ultimately decided to hold the event privately, with a small audience and winners announced on social media. The Hollywood Foreign Press Association has since diversified its voting membership, and NBC has reinstated the telecast. Including popular television series could help the Globes draw viewers this year. Gilles Mingasson / ABCThe nominees for best drama series are "Better Call Saul," "The Crown," "House of the Dragon," "Ozark" and "Severance."

☆ Why GM's happy to keep spending billions on self-driving while rivals like Ford abandon ship
▼ + stars: | 2022-12-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

GM's Cruise is still pushing forward after Ford's Argo called it quits. Profitability is not yet the marker of success for Cruise, GM president Mark Reuss said. In fact, GM's self-driving outfit is now embarking on the commercialization phase of its robo-taxi service, after a successful nighttime pilot in San Francisco earlier this year. That's essentially the opposite approach from crosstown rival Ford, which last month gave up on its money-losing self-driving unit, Argo. That set off alarm bells for investors in the autonomous vehicle space, hammering AV startup stocks.

☆ Ben Affleck says Netflix's 'assembly line' approach to making quality films is
▼ + stars: | 2022-12-04 | by ( Dan Heching | ) edition.cnn.com time to read: +2 min

CNN —Ben Affleck is sounding off on how movies are being made in today’s age of Netflix and other streaming platforms, which offer an ever-expanding glut of content. “[Netflix’s head of original films] Scott Stuber is a really talented, smart guy who I really like…but it’s an impossible job,” he added. There aren’t enough – you just can’t do it.”Affleck acknowledged that “there’s (a) bigger audience for action movies than there is for small dramas. As seen in Variety, Artists Equity already has a first project in production – a yet-to-be-titled drama about the beginnings of Nike’s incredibly popular Air Jordan sneaker brand. Written and directed by Affleck, the film stars Damon as the executive who landed the endorsement deal for the shoe with Chicago Bulls superstar Michael Jordan.

"Lyle, Lyle, Crocodile" is written by Will Davies ("Flushed Away") and directed by Will Speck and Josh Gordon ("Blades of Glory"). After you purchase "Lyle, Lyle, Crocodile," you'll be able to stream it whenever you like with no restrictions. Is 'Lyle, Lyle, Crocodile' worth watching? "Lyle, Lyle, Crocodile" received generally positive reviews. "Lyle, Lyle, Crocodile" is based on the classic children's book of the same name by author Bernard Waber.

☆ Another tech bubble bursts: 2022 has been brutal for Silicon Valley workers
▼ + stars: | 2022-11-27 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +28 min

Gem: 100A maker of recruiting software, the startup cut a third of its workforce Nov. 1, The Information reported. HealthCare.com: 149The health insurance marketplace announced the job cuts Aug. 3, Miami Inno reported, citing state regulatory filings. Fabric: 120The robotics startup said July 13 that it was layoffing off 40% of them, TechCrunch reported, citing company confirmation. It affected about 300 people, the Silicon Valley Business Journal reported, citing company confirmation. Policygenius: 170The online insurance company cut about 25% of its staff, Axios reported June 6, citing company confirmation.

☆ Peter Thiel's VC firm just led a $40 million investment into the self-driving startup ISEE. Here's why it's betting on the little-known player as top firms struggle.
▼ + stars: | 2022-11-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Peter Thiel's venture-capital firm, Founders Fund, just led a $40 million raise for ISEE. CEO Yibiao Zhao told Insider the startup's first focus was software for trucks in logistics yards. Peter Thiel's venture-capital firm just led a $40 million investment into a little-known self-driving-tech startup whose founders plan to help solve the supply-chain crisis. The raise is sizable considering today's economic environment has seen less funding going toward mobility, including autonomous tech. "We don't build trucks," Zhao said.

☆ Ford vs. GM: Same Industry, two increasingly different companies
▼ + stars: | 2022-11-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article FGM Follow your favorite stocks CREATE FREE ACCOUNTJim Farley, CEO, Ford, left, and Mary Barra, CEO, General Motors Reuters; General MotorsDETROIT — "Same industry. GM has gained an edge in recent years on the back of better financials and early moves into electric and autonomous vehicles. GM most recently reported third-quarter results that, compared to Ford, knocked it out of the park. The investment cases for America's largest automakers are increasingly diverging as the companies — separated by just $1 billion in market value — have taken different tacks around electric and autonomous vehicles. Ford expects at least 40% of its sales globally to be electric vehicles by the end of this decade.

☆ Award-winning actor John Leguizamo says the lack of Latino representation in Hollywood is 'cultural apartheid'
▼ + stars: | 2022-11-11 | by ( Eboni Boykin-Patterson | ) www.businessinsider.com time to read: +3 min

John Leguizamo is an Emmy and Tony award-winning actor, and he's calling out Hollywood. In an open letter to Hollywood, he says it's way past time that Latinos have more lead roles. In an "Open Letter to Hollywood" published in the LA Times, Leguizamo said the time for more Latino representation in film, TV, and plays is way past overdue. Leguizamo argued that the absence of Latinos onscreen isn't even reflective of the city in which Hollywood resides. Latino representation also means including Latinos of all hues, since "more often than not," the Latinos who are cast in major roles are "white-passing."

Nov 10 (Reuters) - Origin Energy Ltd (ORG.AX), Australia's no.2 power producer and energy retailer, backed an A$18.4 billion ($11.8 billion) non-binding buyout offer from a consortium led by Canada's Brookfield Asset Management, the companies said on Thursday. The deal sent Origin's share price soaring nearly 40% in early trade to A$8.14. Origin opened its books to the consortium after it raised its offer to A$9 per share in cash, a near 55% premium to Origin's last close of A$5.81. The bid from Brookfield comes after it was rebuffed earlier this year when it led a $3.5 billion takeover offer for Australia's top power producer, AGL Energy (AGL.AX). Under the indicative proposal submitted on Thursday, Brookfield would acquire Origin's energy markets business, while MidOcean Energy, the other consortium partner, would take control of Origin's integrated gas business, including its 27.5% stake in Australia Pacific LNG (APLNG).

☆ Lyft shares plunge after revenue forecast disappoints
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing company Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue slightly below Wall Street estimates, hurt by competition from Uber Technologies Inc , sending its shares down 13% in extended trading. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. Lyft forecast current-quarter operating profit above Wall Street estimates, as it bets on demand for rideshare and cost cuts such as headcount reduction and closing office spaces. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion.

☆ Aurora says it has enough cash to sustain through mid-2024
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Aurora Innovation Inc (AUR.O) has enough cash to sustain its operations through mid-2024, the company said on Wednesday, even as it grapples with an uncertain market for autonomous driving. Shares of the company jumped 8% to $2.03 in extended trading after Aurora said it had over $1.2 billion in cash and short-term investments, which would also be used to develop its self-driving technology. Aurora said that it had over $1.2 billion in cash and short-term investments, which it expects to fund operations through mid-2024 and enable development of the Aurora Driver technology. The company expects to launch Aurora Driver platform at the end of 2024. The company has seen its market value plunge to $2.5 billion from $12.5 billion last November, when it went public.

☆ Ford's October sales slide 10% amid supply chain issues
▼ + stars: | 2022-11-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – Ford Motor's U.S. sales last month declined by 10% as the automaker battled through supply chain issues that delayed shipments to dealers. Ford has experienced unique supply chain issues lately, including sourcing of its blue oval badges for highly profitable pickup trucks and SUVs. Ford said orders for 2023 model-year vehicles totaled 255,000. Ford's 2022 all-electric vehicle sales totaled roughly 47,500 units through October, accounting for about 3% of the automaker's sales. Ford is among a handful of automakers to report new monthly vehicle sales.

☆ Ford's shuttered unit argo lays off 78 employees in Austin -govt notice
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

SAN FRANCISCO, Nov 1 (Reuters) - Argo AI, the now shut self-driving technology unit of Ford (F.N) and Volkswagen (VOWG_p.DE), will lay off 78 employees in Austin on Tuesday, according to a notice to the Texas Workforce Commission. The Pittsburg-based Argo AI earlier this year commenced driverless operations in Austin and Miami. Ford said last week it will wind down Argo, saying creating self-driving "robotaxis" will be "harder than putting a man on the moon." Ford and Volkswagen said some Argo personnel will be offered positions with the automakers. Argo referred questions to Ford and Volkswagen.

☆ Self-driving cars were supposed to take over the road. What happened?
▼ + stars: | 2022-11-01 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Caitlin O'Hara/Bloomberg/Getty ImagesGeneral Motors bought a self-driving company in 2016. Big talk, smaller resultsUrmson, while leading Google’s self-driving car project before founding Aurora, talked of his preteen son never needing to get a driver’s license. A self-driving car, without a steering wheel or pedals, would have to be able to drive itself in literally every situation possible. “It’s really, really hard,” Waymo’s then-CEO John Krafcik said in 2018 of self-driving technology. Companies developing lidar, widely seen as a key component for self-driving vehicles, as well as self-driving companies, have seen their stocks plummet recently.

☆ Self-driving cars face uncertain path to U.S. deployment
▼ + stars: | 2022-10-28 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

Legislation in Congress has been stalled for more than five years over how to amend regulations to encompass self-driving cars, including the scope of consumer and legal protections. And U.S. regulators have given no indication when they might act on petitions to initially approve a few thousand self-driving cars on U.S. roads without steering wheels or brake pedals. U.S. Transportation Secretary Pete Buttigieg said this month he has "very high hopes for the theoretical possibility that self-driving cars and high-tech cars will save thousands and thousands of lives because human beings have a basically murderous track record as drivers of cars. Some in the industry and in Washington also see developing self-driving vehicle technology as a competitive issue. Last year the agency directed all automakers and tech companies to promptly report crashes involving self-driving vehicles.

Search resuls for: "Argo"

25 mentions found