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☆ Tesla being investigated for steering wheels coming off on Model Y
▼ + stars: | 2023-03-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Federal safety regulators are investigating Tesla’s Model Y SUV after at least two instances in which owners said their steering wheels became detached while the vehicle was being driven. The National Highway Traffic Safety Administration is looking at the 2023 model year. It said in the two instances in which the steering wheel came off, the cars were delivered to buyers without the retaining bolt that attaches the steering wheel to the steering column. But Tesla did order a recall last month of 3,470 2022-2023 Model Y cars due to bolts in the second-row seat back frames not being secured correctly, which could cause the seat belts in those seats to not work properly in a crash. Tesla has not had a public relations staff for several years and email inquiries to its press office are no longer accepted.

☆ Suspected thieves using a Tesla as a getaway vehicle were caught after they stopped to charge it 15 minutes away
▼ + stars: | 2023-03-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Two people accused of stealing $8,000 of merchandise used a Tesla as their getaway vehicle. But they stopped to charge it 15 minutes down the road, where police located them. Gwinnett County Police told Insider that the suspects were arrested around 10 miles away while attempting to charge the car near the Gas South Arena venue on February 19. The suspects were found about 15 minutes away. In 2019, a woman in Arizona tried to steal a Model S but it ran out of charge as she drove away.

☆ Stocks making the biggest moves midday: Rivian, Delta, Snap, Dish Network and more
▼ + stars: | 2023-03-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

United Airlines — United Airlines gained 4.4%, as the broader airline space got a boost after the Justice Department sued to block JetBlue's acquisition of American Airlines. Snap — The tech company's stock gained 4.1%, adding to the 13% it gained on Monday. Dish Network -- The stock climbed 7.4% after Dish co-founder and Executive Vice President James DeFranco disclosed the purchase of 1.45 million shares. DXC Technology — Shares fell 4.5% after DXC Technology said talks of a possible acquisition of the information technology company by a financial sponsor were terminated. Bank stocks — Bank stocks fell after Fed Chair Jerome Powell suggested that rates may need to go higher for longer.

☆ Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock falls
▼ + stars: | 2023-02-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. Electric vehicle startup Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday. For 2023, Rivian forecast vehicle production of 50,000 vehicles. "Supply chain continues to be the main limiting factor of our production; during the quarter we encountered multiple days of lost production due to supplier shortages. Rivian's net loss for the fourth quarter was $1.7 billion, a narrower loss than the $2.5 billion it reported a year earlier.

☆ TFI Stake in Trucker ArcBest Sparks Acquisition Speculation
▼ + stars: | 2023-02-22 | by ( Liz Young | Paul Berger | ) www.wsj.com time to read: +4 min

TFI in 2021 became one of the top carriers in the U.S. less-than-truckload sector when it bought United Parcel Service Inc.’s freight business for $800 million. TFI CEO and President Alain Bédard said on the Feb. 6 earnings call that TFI is looking for opportunities to work with ArcBest. TFI executives said they see ways to save money working together with ArcBest, analysts at Cowen wrote in a Feb. 14 note summarizing a meeting they had with TFI management. The Cowen analysts wrote TFI is well placed to take over ArcBest’s unionized workforce because it already works with the Teamsters union at TForce Freight. ArcBest shares are up about 14% since TFI disclosed its stake.

☆ Judge to hear final arguments in trial over Musk's $56 billion Tesla pay
▼ + stars: | 2023-02-21 | by ( Tom Hals | Thomson Reuters | Award-Winning Reporter With More Than Two Decades Of Experience In International News | ) www.reuters.com time to read: +2 min

[1/2] Tesla vehicles are shown at a Tesla service center in San Diego, California, U.S., January 13, 2023. REUTERS/Mike BlakeCompanies Tesla Inc FollowWILMINGTON, Del, Feb 21 (Reuters) - Lawyers for Elon Musk and a Tesla Inc (TSLA.O) investor will make closing arguments on Tuesday in a trial over his $56 billion pay package and whether it fueled the electric carmaker's growth or improperly subsidized Musk's dream of one day traveling to Mars. The arguments follow a five-day trial in November that featured testimony from the Tesla chief executive about the origins of the 2018 pay package and whether its performance goals were difficult to achieve and accurately described to investors. Musk, who founded rocket company SpaceX, admitted during his testimony that his pay package provided funds he would use to finance interplanetary travel. His lawyers also argued the pay plan benefited shareholders by increasing the value of their stock 10 times.

[1/2] Tesla vehicles are shown at a Tesla service center in San Diego, California, U.S., January 13, 2023. At Tuesday's closing arguments in a Delaware court, a judge pressed lawyers representing Tesla directors and the investor challenging Musk's pay over whether the company's explosive growth outweighed misleading disclosures about the pay plan in 2018. The pay package contributed to Musk's fortune, the world's second-largest, and has no comparison in the world of executive pay. Tesla investor Richard Tornetta sued Musk and the board in 2018, arguing it unjustly enriched Musk and should be voided. Attorneys for the Tesla directors argued that Tornetta never challenged the main details of the proxy that described the plan, such as the goals Musk had to meet.

☆ Traditional automakers have one huge leg up on EV startups: A nationwide network of shops ready to service cars
▼ + stars: | 2023-02-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +6 min

But today's EV startups don't operate that way. When in need of service, car buyers typically utilize the massive dealership network automakers like Ford, GM, Toyota and others have, or choose to take their vehicle elsewhere. Unlike Tesla, today's EV startups can't afford to tick their owners off with waits or make prospective buyers worry about repairs and service. The right-to-repair movement is also going to be significant for EV startups moving forward. "It comes down to how confident a given consumer feels when going with an electric vehicle from a new EV brand versus a traditional car from a traditional car company," Brauer said.

☆ Tesla owners reveal the best and worst features of their cars, and what they really think of Elon Musk
▼ + stars: | 2023-02-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

Insider spoke with more than a dozen Tesla owners to learn what they like most and least about their cars. We talked to more than a dozen Tesla owners to find out what they like most about their cars — and what they think needs improvement. Since electric cars don't experience the same acceleration lag as gas vehicles, Teslas jolt forward the instant you put your foot down. Con: Stiff rideSome Model 3 and Y owners told Insider their cars are too stiff and jittery over bumpy pavement. Tim Levin/InsiderOver and over, Tesla owners praised the company's extensive network of fast chargers, which is exclusive to Tesla owners in the US.

☆ A Tesla driver says his steering wheel fell off his brand new Model Y only five days after getting the car
▼ + stars: | 2023-02-03 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Prerak Patel said his Tesla steering wheel fell of while he was driving down a New Jersey highway. The driver said he'd received the Model Y just five days prior to the incident. Pictures of the steering wheel appear to show the wheel entirely detached from the steering column, only hanging on by exposed wires. He'd always wanted to buy a Tesla, he said, and saw an opportunity when the company lowered its prices for its Model Y and Model 3 on January 13. In 2020, Tesla driver Jason Tuatara posted photos of a Model 3 steering wheel that had fallen off.

☆ For one energy company, digital transformation was the catalyst for positive social impact
▼ + stars: | 2023-02-02 | by ( Sponsor Post | Created Insider Studios With Lenovo | ) www.businessinsider.com time to read: +5 min

Gas distributor SGN uses Lenovo's suite of products to help vulnerable customers out in the field. This human-centered approach honors Lenovo's commitment to innovation, while ensuring that SGN makes a positive social impact. The gas distributor uses Lenovo's whole ecosystem of products, including its moto g31 smartphones and ThinkPad X13 devices, to access digital resources to help vulnerable customers in the field. In turn, using Lenovo's products helps SGN to have a positive impact. Using a variety of Lenovo equipment plus Microsoft Teams software has enabled the company to achieve excellence when it comes to digital transformation.

SYDNEY, Jan 30 (Reuters) - Australia is preparing for the arrival of thousands of Chinese students, the education minister said on Monday, days after China's education ministry warned students enrolled overseas that online learning would no longer be recognised. Tens of thousands remain offshore after pandemic restrictions and strained diplomatic relations led many to return home. Phil Honeywood, chief executive officer at International Education Association of Australia, an advocacy body for international education in Australia, said there were currently about 40,000 Chinese students still offshore. "We anticipate a lot of Chinese students will be scrambling as we speak to get on flights to Australia. The move by China's Ministry of Education has been met with anger from Chinese students.

☆ Carmakers face a crossroads as they work to fit auto dealers into their EV plans
▼ + stars: | 2023-01-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

"I think we're all building this airplane as we fly," Michael Alford, president of the National Auto Dealers Association, a trade association that represents more than 16,000 U.S. new franchised dealers, told CNBC. Automakers and franchised dealers have a complex relationship that is backed, in many states, by laws that make it difficult, if not illegal, to bypass franchised dealers and sell new vehicles directly to consumers. Both automakers and franchised dealers want to maximize profits, but they're separate businesses that heavily rely on one another to succeed. David Paul Morris | Bloomberg | Getty ImagesHonda Motor has said it plans to move more sales online, including 100% online sales for its luxury Acura brand for EVs. Jay Vijayan, who assisted in building out Tesla's digital and IT systems, doesn't believe selling EVs exclusively online will pan out.

[1/2] Tesla vehicles are shown at a Tesla service center in San Diego, California, U.S., January 13, 2023. Tesla board Chair Robyn Denholm is a defendant in the lawsuit alongside Musk, Tesla and other directors. At the time of the tweets, Denholm led Tesla's audit committee, which oversees company controls meant to ensure compliance with securities law. Musk told the jury earlier this week he could have financed the potential deal from existing Tesla investors as well as a Saudi wealth fund. The "funding secured" tweet came as a surprise to him, as Goldman, which had long worked with Tesla, was not involved in the deal.

☆ U.S. Treasury emphasizes IRS customer service as tax seasons begins
▼ + stars: | 2023-01-23 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The new hires will help to slash call waiting times and shorten the processing time for paper tax returns and documents as part of a first stage that will be followed later by the ramping up of auditing of tax returns to curb evasion, according to Treasury officials. U.S. Deputy Treasury Secretary Wally Adeyemo told reporters that the 5,000 new customer service hires will be fully trained by Feb. 20, when call volume from taxpayers typically increases. FUNDING FIGHTThe improvements coincide with preparations by the Treasury and IRS to unveil a 10-year spending plan for the $80 billion in IRS funding six months after the IRA was enacted. Democrats passed the funding to reverse a more than decade-long slide in IRS funding that has reduced its staffing and audit levels. The bulk of the new hires will replace retiring employees and increase customer service and information technology staffing, but the claims are perpetuated on social media and in statements to the media.

☆ As tax season starts, U.S. Treasury emphasizes IRS customer service over audits
▼ + stars: | 2023-01-23 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 23 (Reuters) - The U.S. Internal Revenue Service kicks off the 2023 income tax filing season on Monday armed with 5,000 new customer service representatives to slash call waiting times as the Biden administration implements $80 billion in new IRS funding. The new hires and technology improvements to more efficiently process paper tax returns and documents represent an early emphasis on improving services, according to U.S. Treasury officials. FUNDING FIGHTThe improvements come as the Treasury and IRS are preparing to unveil a 10-year spending plan for the $80 billion in IRS funding, six months after the IRA was enacted. "In just five months since the IRA’s passage, we've made meaningful progress to deliver the service American taxpayers deserve." Democrats passed the funding to reverse a more than decade-long slide in IRS funding that has reduced its staffing and audit levels.

☆ How the job of Amazon delivery has changed with Rivian's electric vans and routing software
▼ + stars: | 2023-01-14 | by ( Katie Tarasov | ) www.cnbc.com time to read: +10 min

For now, most Amazon drivers are still in about 110,000 gas-powered vans — primarily Ford Transits, Mercedes-Benz Sprinters and Ram ProMasters. Amazon wouldn't share how it determines which of its 3,500 third-party delivery firms, or delivery service partners (DSPs), are receiving Rivian vans first. Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022. Amazon vans have driver-facing cameras inside, which can catch unsafe driving practices as they happen. For example, an Amazon driver in Missouri was found dead in a front yard in October, allegedly after a dog attack.

☆ Tesla shares tumble 10% following deliveries report
▼ + stars: | 2023-01-03 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Shares of Tesla dropped 10% on Tuesday morning, a day after the electric auto maker reported fourth-quarter vehicle production and delivery numbers for 2022. The company reported 405,278 total deliveries for the quarter and 1.31 million total deliveries for the year. According to a consensus of analysts' estimates compiled by FactSet, as of Dec. 31, 2022, Wall Street was expecting Tesla to report around 427,000 deliveries for the final quarter of the year. Some Wall Street analysts think Tesla's deliveries miss spells trouble for the electric vehicle maker, but others see a buying opportunity for the company in 2023. "We believe key debates from here will be on whether vehicle deliveries can reaccelerate, margins and Tesla's brand," the analysts said.

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☆ China operating over 100 police stations across the world with the help of some host nations, report claims
▼ + stars: | 2022-12-04 | by ( Nina Dos Santos | ) edition.cnn.com time to read: +11 min

Madrid-based human rights campaigner Safeguard Defenders says it found evidence China was operating 48 additional police stations abroad since the group first revealed the existence of 54 such stations in September. When approached by CNN last month about Safeguard Defenders’ original allegations, China’s foreign affairs ministry said the overseas stations were staffed by volunteers. However, the organization’s latest report claims one police network it examined had hired 135 people for its first 21 stations. The organization also sourced a three-year contract for a worker hired at an overseas station in Stockholm. The NGO determines Italy has hosted 11 Chinese police stations, including in Venice and in Prato, near Florence.

☆ Goldman Sachs names the global automakers exposed to a China slowdown
▼ + stars: | 2022-11-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Many global companies are heavily exposed to China, including some of the world's biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs. Goldman Sachs has a $305 price target on Tesla, giving it potential upside of around 66% from its current share price of around $182. Mercedes-Benz Goldman Sachs estimates that Mercedes will sell 734,000 cars this year in China. Meanwhile, Volkswagen's joint-venture partner SAIC is sell-rated by Goldman Sachs, which gives it downside potential of 9%. General Motors Goldman Sachs estimates that nearly half of all cars GM sells worldwide will be in China between 2022 and 2024.

☆ Beijing pushes back on FBI claims of Chinese ‘police stations’ in U.S.
▼ + stars: | 2022-11-19 | by ( ) www.nbcnews.com time to read: +2 min

China on Friday pushed back on claims it was operating ‘police stations’ on U.S. soil, calling the sites volunteer-run, after the FBI director said he was “very concerned” about unauthorized stations that have been linked to Beijing’s influence operations. Safeguard Defenders, a Europe-based human rights organization, published a report in September revealing the presence of dozens of Chinese police “service stations” in major cities around the world, including New York. The Embassy did not respond immediately to a Reuters request for a list of the sites. Members of the British parliament have also called for investigations into similar sites. Republicans in the U.S. Congress, including Representative Jim Banks, have requested answers from the Biden administration about the operations of the sites.

☆ China pushes back on FBI claims of Chinese 'police stations' in U.S.
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 18 (Reuters) - China on Friday pushed back on claims it was operating 'police stations' on U.S. soil, calling the sites volunteer-run, after the FBI director said he was "very concerned" about unauthorized stations that have been linked to Beijing's influence operations. Safeguard Defenders, a Europe-based human rights organization, published a report in September revealing the presence of dozens of Chinese police "service stations" in major cities around the world, including New York. China's Embassy in Washington acknowledged the existence of volunteer-run sites in the United States, but said they were not "police stations" or "police service centers." Mark Clifford, president of the Committee for Freedom in Hong Kong Foundation, said such stations needed to be "stopped in their tracks." "By allowing the CCP to operate these types of institutions in their countries, international governments are complicit in Beijing's actions," Clifford said.

☆ Lucid's fight to sell cars in Texas could give it a leg up in the ultracompetitive electric-vehicle market
▼ + stars: | 2022-11-11 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

The resulting legal battles could slow crucial deliveries for EV startups. It's also a sign that there could be more legal confrontations to come for other budding EV makers, like Rivian and Fisker. What consumers can expectLast year, Tesla, Rivian, and Lucid joined forces to push for bills allowing direct sales in eight states. Many of these efforts are still in progress while Rivian, Lucid, and Tesla continue to sell vehicles remotely. Even with the legal troubles, EV startups are moving full speed ahead on direct to consumer.

☆ $2.04 billion Powerball jackpot is now the largest prize in history—here are the top 5 so far
▼ + stars: | 2022-11-10 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +5 min

The $2.04 billion Powerball jackpot finally found a winner on Tuesday morning, after technical difficulties delayed the drawing that had been scheduled to take place on Monday. The massive prize marked the fifth time in the past five years that a lottery jackpot has crossed the billion-dollar threshold — and this one was a world record. That one was also a Powerball drawing that reached $1.586 billion and was split between three winning tickets. $1.59 billion (Powerball)This Powerball drawing from Jan. 13, 2016, for which three winning tickets were sold, held the record as history's biggest lottery prize for more than six years, until this week's Powerball drawing dropped it down a spot. $1.34 billion (Mega Millions)The first billion-dollar jackpot of 2022 topped $1.3 billion before it found a winner in July.

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