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Audi India has updated its smallest Q3 SUV with a new Bold Edition, which is available with both the SUV and Sportback body styles in limited numbers. The Bold Edition brings a handful of cosmetic enhancements in form of a black styling package.

 
Speaking of the changes it features over the regular models, the Bold Edition features a gloss-black grille, black Audi rings in front and rear, black window surrounds, black ORVMs and black roof rails. The Q3 Sportback further adds exterior highlights such as an S Line body kit and 18-inch S design alloy wheels.&nbsp;

 
Both the Audi Q3 and Q3 Sportback are offered in five exterior colour options. The Q3 is available in Glacier White, Nano Grey, Mythos Black Navarra Blue &amp; Pulse Orange whereas the Q3 Sportback offers Glacier White, Daytona Grey, Mythos Black, Progressive Red and Navarra Blue exterior colour options.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/maruti-suzuki-swift-launched-at-inr-649-lakh-719658">Maruti Suzuki Swift launched at INR 6.49 lakh</a>

 
On the equipment front, the Bold Edition doesn’t bring any new features over the regular models. Both the Q3 and Q3 Sportback offer features such as a 10.1-inch touchscreen infotainment system with Android Auto and Apple CarPlay, wireless smartphone charger, virtual cockpit, dual-zone climate control, 10 speaker Audi sound system, powered tailgate with gesture operation, panoramic sunroof and power-adjustable front seats.

 
Coming to the powertrain, both the Audi Q3 and Q3 Sportback feature a 2.0L turbocharged petrol engine. The four-cylinder engine puts out 190PS of power and 320Nm of torque. The engine comes in a range of Volkswagen Group models like the Volkswagen Tiguan and Skoda Kodiaq with all-wheel-drive drivetrain and 7-speed dual-clutch automatic transmission.&nbsp;

 
At INR 54.65 lakh and INR 55.71 lakh, the Bold Editions of the Q3 and Q3 Sportback command a premium of INR 1.49 lakh over their respective top-spec Technology variants. For the added price, the Bold Edition offers enhanced exterior appeal with a gloss black package, helping the models to stand apart from their respective regular variants.&nbsp;

 
Speaking on the launch event, Balbir Singh Dhillon, Head of Audi India said, “The Audi Q3 and Audi Q3 Sportback are currently our best-selling models and have always been loved by our customers. A perfect blend of luxury, performance and versatility, both these models are now being offered with a Bold Edition – a more exclusive and sportier variant packed with distinctive styling elements. The Bold Editions are designed for those who want to make a unique statement on the road. With limited units available, we are positive that these will be sold out in no time.” 
&nbsp;

Audi India has updated its smallest Q3 SUV with a new Bold Edition, which is available with both the SUV and Sportback body styles in limited numbers. The Bold Edition brings a handful of cosmetic enhancements in form of a black styling package.

Audi India has updated its smallest Q3 SUV with a new Bold Edition, which is available with both the SUV and Sportback body styles in limited numbers. The Bold Edition brings a handful of cosmetic enhancements in form of a black styling package. Speaking of the changes it features over the regular models, the Bold Edition features a gloss-black grille, black Audi rings in front and rear, black window surrounds, black ORVMs and black roof rails. The Q3 Sportback further adds exterior highlights such as an S Line body kit and 18-inch S design alloy wheels. Both the Audi Q3 and Q3 Sportback are offered in five exterior colour options. The Q3 is available in Glacier White, Nano Grey, Mythos Black Navarra Blue & Pulse Orange whereas the Q3 Sportback offers Glacier White, Daytona Grey, Mythos Black, Progressive Red and Navarra Blue exterior colour options. Also Read: Maruti Suzuki Swift launched at INR 6.49 lakh On the equipment front, the Bold Edition doesn’t bring any new features over the regular models. Both the Q3 and Q3 Sportback offer features such as a 10.1-inch touchscreen infotainment system with Android Auto and Apple CarPlay, wireless smartphone charger, virtual cockpit, dual-zone climate control, 10 speaker Audi sound system, powered tailgate with gesture operation, panoramic sunroof and power-adjustable front seats. Coming to the powertrain, both the Audi Q3 and Q3 Sportback feature a 2.0L turbocharged petrol engine. The four-cylinder engine puts out 190PS of power and 320Nm of torque. The engine comes in a range of Volkswagen Group models like the Volkswagen Tiguan and Skoda Kodiaq with all-wheel-drive drivetrain and 7-speed dual-clutch automatic transmission. At INR 54.65 lakh and INR 55.71 lakh, the Bold Editions of the Q3 and Q3 Sportback command a premium of INR 1.49 lakh over their respective top-spec Technology variants. For the added price, the Bold Edition offers enhanced exterior appeal with a gloss black package, helping the models to stand apart from their respective regular variants. Speaking on the launch event, Balbir Singh Dhillon, Head of Audi India said, “The Audi Q3 and Audi Q3 Sportback are currently our best-selling models and have always been loved by our customers. A perfect blend of luxury, performance and versatility, both these models are now being offered with a Bold Edition – a more exclusive and sportier variant packed with distinctive styling elements. The Bold Editions are designed for those who want to make a unique statement on the road. With limited units available, we are positive that these will be sold out in no time.”

Audi Q3 and Q3 Sportback Bold Edition launched in India

Intel, announced on Wednesday that it expects a decline in sales following the US government's decision to revoke some of its export licenses for a Chinese customer. <o:p></o:p>

This move, intended for national security reasons, has sparked objections from Beijing, highlighting escalating tensions between the two economic powerhouses. <o:p></o:p>

While Intel did not disclose the identity of the affected Chinese customer, recent reports suggest that the US has revoked licenses allowing companies like Intel and Qualcomm to supply chips to sanctioned Chinese telecom giant Huawei Technologies. <o:p></o:p>

The revocation of export licenses has implications for Intel and Qualcomm, impacting their ability to supply chips for laptops and handsets to Huawei. <o:p></o:p>

The development follows the release of Huawei's AI-enabled laptop, the MateBook X Pro, powered by Intel's latest Core Ultra 9 processor. <o:p></o:p>

This launch drew criticism from US lawmakers, who expressed concerns over national security risks associated with supplying advanced technology to Huawei. <o:p></o:p>

As a result, Intel's shares experienced a 2.9 per cent decline, reflecting investor apprehension over the company's revenue prospects.<o:p></o:p>

Qualcomm, another key player in the semiconductor industry, also revealed that one of its export licenses for Huawei had been revoked. <o:p></o:p>

While Qualcomm's shares remained relatively stable, the implications of this regulatory move are likely to resonate across the tech sector. <o:p></o:p>

Commerce Secretary Gina Raimondo said that the action against Huawei is not a deviation from existing policy but rather a response to evolving security concerns, particularly regarding AI capabilities embedded in semiconductor technologies. <o:p></o:p>

Raimondo highlighted the importance of reassessing licensing decisions in light of advancing AI capabilities. <o:p></o:p>

Responding to the US government's actions, the Chinese foreign ministry issued a statement condemning the move, claiming that the US was unjustifiably using export controls to suppress Chinese companies under the guise of national security. <o:p></o:p>

This latest escalation adds to the ongoing trade tensions between the two economic giants, reflecting bigger &nbsp;geopolitical competition in the realm of technology. <o:p></o:p>

The US government's placement of Huawei on a trade restriction list in 2019 signalled an effort to curb China's technological advancement, particularly in sensitive sectors with military implications. <o:p></o:p>

President Joe Biden's administration has adopted a multifaceted approach to constrain China's access to cutting-edge technology, employing export bans and diplomatic initiatives to counter China's technological rise. <o:p></o:p>

This latest move against Huawei accentuates Biden's plan to China's access to advanced US technology, framing it within the context of strategic competition between the two nations. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Intel, announced on Wednesday that it expects a decline in sales following the US government's decision to revoke some of its export licenses for a Chinese customer.

Intel, announced on Wednesday that it expects a decline in sales following the US government's decision to revoke some of its export licenses for a Chinese customer. This move, intended for national security reasons, has sparked objections from Beijing, highlighting escalating tensions between the two economic powerhouses. While Intel did not disclose the identity of the affected Chinese customer, recent reports suggest that the US has revoked licenses allowing companies like Intel and Qualcomm to supply chips to sanctioned Chinese telecom giant Huawei Technologies. The revocation of export licenses has implications for Intel and Qualcomm, impacting their ability to supply chips for laptops and handsets to Huawei. The development follows the release of Huawei's AI-enabled laptop, the MateBook X Pro, powered by Intel's latest Core Ultra 9 processor. This launch drew criticism from US lawmakers, who expressed concerns over national security risks associated with supplying advanced technology to Huawei. As a result, Intel's shares experienced a 2.9 per cent decline, reflecting investor apprehension over the company's revenue prospects. Qualcomm, another key player in the semiconductor industry, also revealed that one of its export licenses for Huawei had been revoked. While Qualcomm's shares remained relatively stable, the implications of this regulatory move are likely to resonate across the tech sector. Commerce Secretary Gina Raimondo said that the action against Huawei is not a deviation from existing policy but rather a response to evolving security concerns, particularly regarding AI capabilities embedded in semiconductor technologies. Raimondo highlighted the importance of reassessing licensing decisions in light of advancing AI capabilities. Responding to the US government's actions, the Chinese foreign ministry issued a statement condemning the move, claiming that the US was unjustifiably using export controls to suppress Chinese companies under the guise of national security. This latest escalation adds to the ongoing trade tensions between the two economic giants, reflecting bigger geopolitical competition in the realm of technology. The US government's placement of Huawei on a trade restriction list in 2019 signalled an effort to curb China's technological advancement, particularly in sensitive sectors with military implications. President Joe Biden's administration has adopted a multifaceted approach to constrain China's access to cutting-edge technology, employing export bans and diplomatic initiatives to counter China's technological rise. This latest move against Huawei accentuates Biden's plan to China's access to advanced US technology, framing it within the context of strategic competition between the two nations. (With inputs from Reuters)

Intel and Qualcomm hit as US halts chip exports to China amid security concerns

US prosecutors are delving into possible securities and wire fraud by Tesla, investigating allegations of deceptive claims regarding the capabilities of its Autopilot and Full Self-Driving systems, Reuters reported citing sources familiar with the matter. <o:p></o:p>

Tesla's promotional assertions about its vehicles' self-driving capabilities have come under scrutiny, raising concerns about misleading investors and consumers. <o:p></o:p>

This investigation, a follow-up to Reuters' exclusive report on the US criminal inquiry into Tesla, indicates mounting legal challenges facing the electric vehicle manufacturer.<o:p></o:p>

Tesla's Autopilot and Full Self-Driving systems, while assisting with steering, braking, and lane changes, fall short of full autonomy. <o:p></o:p>

However, Tesla and its CEO, Elon Musk, have faced allegations of misleading statements suggesting otherwise. <o:p></o:p>

Investigators are exploring potential wire fraud charges, focusing on deceptive interstate communications related to Tesla's driver-assistance systems. <o:p></o:p>

Additionally, scrutiny extends to Tesla's representations to investors, raising concerns about possible securities fraud. <o:p></o:p>

The Securities and Exchange Commission (SEC) is also investigating Tesla's disclosures regarding driver-assistance systems. <o:p></o:p>

The investigation into Tesla's autonomous-car claims navigates a complex legal terrain, requiring prosecutors to establish that Tesla's statements crossed the threshold from permissible marketing to knowingly false assertions. <o:p></o:p>

Legal experts caution that mere corporate optimism or aspirational goals do not necessarily constitute fraud. <o:p></o:p>

However, prosecutors seek evidence of internal communications indicating an awareness of false claims. <o:p></o:p>

Safety considerations add weight to the seriousness of the allegations, indicating the gravity of potential legal implications for Tesla.<o:p></o:p>

Tesla's claims about Autopilot and Full Self-Driving have sparked regulatory scrutiny and legal challenges, with concerns mounting over the technology's safety implications. <o:p></o:p>

Recent fatal crashes involving Tesla vehicles with Autopilot engaged have intensified concerns about the adequacy of Tesla's safety measures and the implications of its marketing messaging. <o:p></o:p>

Safety regulators and courts alike have raised alarms over the potential for consumer misinterpretation of the capabilities of Tesla's driver-assistance systems. <o:p></o:p>

The National Highway Traffic Safety Administration (NHTSA) launched an investigation into Tesla's recall of over 2 million vehicles, probing whether safety concerns related to Autopilot were adequately addressed. <o:p></o:p>

The recall followed a series of incidents where vehicles with Autopilot engaged collided with emergency response vehicles. <o:p></o:p>

Regulators identified multiple fatalities and injuries linked to these incidents, highlighting a significant safety gap between consumer expectations and the system's actual capabilities.<o:p></o:p>

US Senator Edward Markey, a vocal critic of Tesla's driver-assistance systems, welcomed the actions taken by NHTSA and the Justice Department, emphasising the importance of addressing safety concerns associated with Tesla's technology. <o:p></o:p>

Markey's statement underlines growing regulatory pressure on Tesla to enhance safety measures and transparency regarding its autonomous driving features. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US prosecutors are delving into possible securities and wire fraud by Tesla, investigating allegations of deceptive claims regarding the capabilities of its Autopilot and Full Self-Driving systems, Reuters reported citing sources familiar with the matter.

US prosecutors are delving into possible securities and wire fraud by Tesla, investigating allegations of deceptive claims regarding the capabilities of its Autopilot and Full Self-Driving systems, Reuters reported citing sources familiar with the matter. Tesla's promotional assertions about its vehicles' self-driving capabilities have come under scrutiny, raising concerns about misleading investors and consumers. This investigation, a follow-up to Reuters' exclusive report on the US criminal inquiry into Tesla, indicates mounting legal challenges facing the electric vehicle manufacturer. Tesla's Autopilot and Full Self-Driving systems, while assisting with steering, braking, and lane changes, fall short of full autonomy. However, Tesla and its CEO, Elon Musk, have faced allegations of misleading statements suggesting otherwise. Investigators are exploring potential wire fraud charges, focusing on deceptive interstate communications related to Tesla's driver-assistance systems. Additionally, scrutiny extends to Tesla's representations to investors, raising concerns about possible securities fraud. The Securities and Exchange Commission (SEC) is also investigating Tesla's disclosures regarding driver-assistance systems. The investigation into Tesla's autonomous-car claims navigates a complex legal terrain, requiring prosecutors to establish that Tesla's statements crossed the threshold from permissible marketing to knowingly false assertions. Legal experts caution that mere corporate optimism or aspirational goals do not necessarily constitute fraud. However, prosecutors seek evidence of internal communications indicating an awareness of false claims. Safety considerations add weight to the seriousness of the allegations, indicating the gravity of potential legal implications for Tesla. Tesla's claims about Autopilot and Full Self-Driving have sparked regulatory scrutiny and legal challenges, with concerns mounting over the technology's safety implications. Recent fatal crashes involving Tesla vehicles with Autopilot engaged have intensified concerns about the adequacy of Tesla's safety measures and the implications of its marketing messaging. Safety regulators and courts alike have raised alarms over the potential for consumer misinterpretation of the capabilities of Tesla's driver-assistance systems. The National Highway Traffic Safety Administration (NHTSA) launched an investigation into Tesla's recall of over 2 million vehicles, probing whether safety concerns related to Autopilot were adequately addressed. The recall followed a series of incidents where vehicles with Autopilot engaged collided with emergency response vehicles. Regulators identified multiple fatalities and injuries linked to these incidents, highlighting a significant safety gap between consumer expectations and the system's actual capabilities. US Senator Edward Markey, a vocal critic of Tesla's driver-assistance systems, welcomed the actions taken by NHTSA and the Justice Department, emphasising the importance of addressing safety concerns associated with Tesla's technology. Markey's statement underlines growing regulatory pressure on Tesla to enhance safety measures and transparency regarding its autonomous driving features. (With inputs from Reuters)

US prosecutors probe Tesla's autopilot claims for potential fraudulent misrepresentation

Huawei's latest flagship smartphone, the Pura 70 Pro, has used more Chinese-made components, indicating China's pursuit of technological self-reliance. <o:p></o:p>

A thorough teardown analysis conducted by online tech repair company iFixit and consultancy TechSearch International revealed an increase in the presence of domestic suppliers, including a new flash memory storage chip and an upgraded chip processor. <o:p></o:p>

These findings mark Huawei's endeavours to reduce reliance on foreign components while US-China trade tension continue to escalate.<o:p></o:p>

The examination of the Pura 70 Pro uncovered a NAND flash memory chip likely packaged by Huawei's in-house chip unit, HiSilicon, alongside several other components sourced from Chinese suppliers. <o:p></o:p>

This shift towards domestic sourcing represents a concerted effort by Huawei to facilitate self-sufficiency in light of protracted US sanctions. <o:p></o:p>

Shahram Mokhtari, iFixit's lead teardown technician, confirmed this, saying, "This is about self-sufficiency... everything you see... made by Chinese manufacturers, this is all about self-sufficiency." <o:p></o:p>

The Pura 70 series' emergence amid Huawei's resurgence in the high-end smartphone market following years of US sanctions indicates its symbolic significance in the context of US-China trade frictions. <o:p></o:p>

Analysts anticipate Huawei's enhanced market positioning to intensify competition with industry leaders like Apple. <o:p></o:p>

Meanwhile, policymakers in Washington scrutinise the efficacy of US restrictions imposed on Huawei, elaborating the geopolitical implications surrounding Huawei's technological advancements. <o:p></o:p>

Notably, the Pura 70 Pro features a DRAM chip sourced from South Korea's SK Hynix, indicative of Huawei's diversified component procurement strategy. <o:p></o:p>

However, the NAND flash memory chip, comprised of NAND dies with a capacity of 1 terabit, is likely produced by Huawei's HiSilicon unit. <o:p></o:p>

While the manufacturer of the wafer remains unconfirmed, iFixit speculates that HiSilicon may have also developed the memory controller. <o:p></o:p>

SK Hynix reiterated its compliance with relevant policies concerning dealings with Huawei. <o:p></o:p>

The analysis of the Pura 70 Pro's processor suggests incremental improvements in Huawei's chip manufacturing capabilities, building upon the foundation laid by the Mate 60 series. <o:p></o:p>

The processor, similar to its predecessor, is manufactured using Semiconductor Manufacturing International Corp's (SMIC) 7 nanometer (nm) N+2 process. <o:p></o:p>

This continuity in chip architecture indicates steady progress in China's chip manufacturing prowess, despite ongoing geopolitical pressures. <o:p></o:p>

While the similarities between the processors of the Mate 60 series and the Pura 70 Pro may suggest a perceived stagnation in technological advancement, experts caution against underestimating Huawei's resilience. <o:p></o:p>

SMIC, Huawei's manufacturing partner, is set to transition to a 5nm manufacturing node.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Huawei's latest flagship smartphone, the Pura 70 Pro, has used more Chinese-made components, indicating China's pursuit of technological self-reliance. A thorough teardown analysis conducted by online tech repair company iFixit and consultancy TechSearch International revealed an increase in the presence of domestic suppliers, including a new flash memory storage chip and an upgraded chip processor.

Huawei's latest flagship smartphone, the Pura 70 Pro, has used more Chinese-made components, indicating China's pursuit of technological self-reliance. A thorough teardown analysis conducted by online tech repair company iFixit and consultancy TechSearch International revealed an increase in the presence of domestic suppliers, including a new flash memory storage chip and an upgraded chip processor. These findings mark Huawei's endeavours to reduce reliance on foreign components while US-China trade tension continue to escalate. The examination of the Pura 70 Pro uncovered a NAND flash memory chip likely packaged by Huawei's in-house chip unit, HiSilicon, alongside several other components sourced from Chinese suppliers. This shift towards domestic sourcing represents a concerted effort by Huawei to facilitate self-sufficiency in light of protracted US sanctions. Shahram Mokhtari, iFixit's lead teardown technician, confirmed this, saying, "This is about self-sufficiency... everything you see... made by Chinese manufacturers, this is all about self-sufficiency." The Pura 70 series' emergence amid Huawei's resurgence in the high-end smartphone market following years of US sanctions indicates its symbolic significance in the context of US-China trade frictions. Analysts anticipate Huawei's enhanced market positioning to intensify competition with industry leaders like Apple. Meanwhile, policymakers in Washington scrutinise the efficacy of US restrictions imposed on Huawei, elaborating the geopolitical implications surrounding Huawei's technological advancements. Notably, the Pura 70 Pro features a DRAM chip sourced from South Korea's SK Hynix, indicative of Huawei's diversified component procurement strategy. However, the NAND flash memory chip, comprised of NAND dies with a capacity of 1 terabit, is likely produced by Huawei's HiSilicon unit. While the manufacturer of the wafer remains unconfirmed, iFixit speculates that HiSilicon may have also developed the memory controller. SK Hynix reiterated its compliance with relevant policies concerning dealings with Huawei. The analysis of the Pura 70 Pro's processor suggests incremental improvements in Huawei's chip manufacturing capabilities, building upon the foundation laid by the Mate 60 series. The processor, similar to its predecessor, is manufactured using Semiconductor Manufacturing International Corp's (SMIC) 7 nanometer (nm) N+2 process. This continuity in chip architecture indicates steady progress in China's chip manufacturing prowess, despite ongoing geopolitical pressures. While the similarities between the processors of the Mate 60 series and the Pura 70 Pro may suggest a perceived stagnation in technological advancement, experts caution against underestimating Huawei's resilience. SMIC, Huawei's manufacturing partner, is set to transition to a 5nm manufacturing node. (With inputs from Reuters)

Huawei's latest smartphone prioritises China-made components, marking a technological shift

The US is deliberating a move to fortify its defences against China and Russia's advancements in artificial intelligence (AI) technology, particularly targeting access to advanced AI models, such as those powering platforms like ChatGPT. <o:p></o:p>

According to insider sources, the Biden administration is weighing plans to impose constraints on the export of proprietary or closed-source AI models, a crucial component of AI systems, amid rising concerns over national security risks. <o:p></o:p>

Responding to the competition in the AI realm, the US Commerce Department is contemplating regulatory measures aimed at curbing the export of sophisticated AI models, whose underlying software and training data are closely guarded. <o:p></o:p>

This action marks an escalation in the government's efforts to counter China's rapid strides in AI technology, following previous measures to impede the export of advanced AI chips to Beijing. <o:p></o:p>

Despite these efforts, regulating the fast-paced evolution of the AI industry poses challenges for regulators. <o:p></o:p>

The proposed export controls are viewed as a countermeasure against possible exploitation by adversarial nations, particularly China, North Korea, Russia, and Iran. <o:p></o:p>

Concerns abound regarding the misuse of AI models for nefarious purposes, including cyberattacks and the development of biological weapons. <o:p></o:p>

Notably, the American intelligence community and various research institutions have highlighted the risks associated with foreign entities harnessing advanced AI capabilities for malicious intent.<o:p></o:p>

A major aspect of the proposed regulatory framework revolves around establishing thresholds based on computational power to determine which AI models warrant export restrictions. <o:p></o:p>

This approach aligns with guidelines outlined in an AI executive order issued by the Biden administration last October, noting the need for enhanced oversight and reporting requirements for AI model development projects. <o:p></o:p>

However, the specifics of such regulations are still under deliberation, with industry stakeholders monitoring developments.<o:p></o:p>

While the implementation of export controls on AI models remains a complex endeavour, policymakers recognise the need of addressing national security concerns amid intensifying geopolitical competition. <o:p></o:p>

Experts advocate for a nuanced approach that balances technological thresholds with considerations of the model's capabilities and intended use. <o:p></o:p>

Nonetheless, regulating AI model exports presents inherent challenges, complicated by the prevalence of open-source models and the evolving landscape of AI development worldwide. <o:p></o:p>

The potential consequences of export controls extend beyond geopolitical dynamics, impacting consumer applications reliant on advanced AI technologies. <o:p></o:p>

Platforms like ChatGPT, powered by sophisticated AI models, could face restrictions on access to backend software under the proposed regulatory framework. <o:p></o:p>

Despite these measures, controlling the proliferation of AI models remains a challenging task, with the efficacy of export controls contingent upon ongoing technological advancements and regulatory adaptability.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US is deliberating a move to fortify its defences against China and Russia's advancements in artificial intelligence (AI) technology, particularly targeting access to advanced AI models, such as those powering platforms like ChatGPT.

The US is deliberating a move to fortify its defences against China and Russia's advancements in artificial intelligence (AI) technology, particularly targeting access to advanced AI models, such as those powering platforms like ChatGPT. According to insider sources, the Biden administration is weighing plans to impose constraints on the export of proprietary or closed-source AI models, a crucial component of AI systems, amid rising concerns over national security risks. Responding to the competition in the AI realm, the US Commerce Department is contemplating regulatory measures aimed at curbing the export of sophisticated AI models, whose underlying software and training data are closely guarded. This action marks an escalation in the government's efforts to counter China's rapid strides in AI technology, following previous measures to impede the export of advanced AI chips to Beijing. Despite these efforts, regulating the fast-paced evolution of the AI industry poses challenges for regulators. The proposed export controls are viewed as a countermeasure against possible exploitation by adversarial nations, particularly China, North Korea, Russia, and Iran. Concerns abound regarding the misuse of AI models for nefarious purposes, including cyberattacks and the development of biological weapons. Notably, the American intelligence community and various research institutions have highlighted the risks associated with foreign entities harnessing advanced AI capabilities for malicious intent. A major aspect of the proposed regulatory framework revolves around establishing thresholds based on computational power to determine which AI models warrant export restrictions. This approach aligns with guidelines outlined in an AI executive order issued by the Biden administration last October, noting the need for enhanced oversight and reporting requirements for AI model development projects. However, the specifics of such regulations are still under deliberation, with industry stakeholders monitoring developments. While the implementation of export controls on AI models remains a complex endeavour, policymakers recognise the need of addressing national security concerns amid intensifying geopolitical competition. Experts advocate for a nuanced approach that balances technological thresholds with considerations of the model's capabilities and intended use. Nonetheless, regulating AI model exports presents inherent challenges, complicated by the prevalence of open-source models and the evolving landscape of AI development worldwide. The potential consequences of export controls extend beyond geopolitical dynamics, impacting consumer applications reliant on advanced AI technologies. Platforms like ChatGPT, powered by sophisticated AI models, could face restrictions on access to backend software under the proposed regulatory framework. Despite these measures, controlling the proliferation of AI models remains a challenging task, with the efficacy of export controls contingent upon ongoing technological advancements and regulatory adaptability. (With inputs from Reuters)

US considers restrictions on China's access to advanced AI software, including models behind ChatGPT

A recent incident at Istanbul Airport stirred concerns as a FedEx Airlines Boeing 767 cargo plane made an emergency landing without its front landing gear. <o:p></o:p>

According to a Turkish Transport Ministry official, the aircraft, originating from Paris Charles de Gaulle Airport, encountered a landing gear malfunction, prompting it to seek guidance from the control tower upon approaching Istanbul's airspace. <o:p></o:p>

The plane, however, managed to touch down safely on the runway, averting any casualties. <o:p></o:p>

Authorities immediately launched an investigation into the circumstances surrounding the case.<o:p></o:p>

The cargo plane, a nearly decade-old Boeing 767 freighter, is one of the well-known models used for cargo aviation.<o:p></o:p>

&nbsp;While the exact cause of the landing gear failure remains unknown, scrutiny and assessments are underway at the scene.<o:p></o:p>

Footage captured during the incident showed sparks flying and slight smoke emanating as the aircraft's nose scraped against the runway. <o:p></o:p>

However, prompt action from the airport rescue and firefighting teams ensured that the situation did not escalate into a more severe crisis. <o:p></o:p>

Notably, the pilots executed emergency procedures, holding the plane's nose up during the landing, as trained for such scenarios. <o:p></o:p>

The incident drew comparisons to a similar event in Charlotte, North Carolina, last year involving a Boeing 717 flown by Delta Airlines, which landed smoothly despite a malfunctioning nose gear.<o:p></o:p>

Responding to the enquiries, Boeing directed queries to FedEx, which assured cooperation with investigative authorities and said that it would furnish additional information as it becomes available. <o:p></o:p>

The incident led to a temporary closure of the runway at Istanbul Airport, although other runways continued to operate normally, as confirmed by the airport operator IGA. <o:p></o:p>

While aircraft manufacturers like Boeing typically do not engage in post-service operations or maintenance, the incident draws attention amid heightened scrutiny on Boeing following a series of incidents involving its smaller 737 aircraft.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent incident at Istanbul Airport stirred concerns as a FedEx Airlines Boeing 767 cargo plane made an emergency landing without its front landing gear. According to a Turkish Transport Ministry official, the aircraft, originating from Paris Charles de Gaulle Airport, encountered a landing gear malfunction, prompting it to seek guidance from the control tower upon approaching Istanbul's airspace.

A recent incident at Istanbul Airport stirred concerns as a FedEx Airlines Boeing 767 cargo plane made an emergency landing without its front landing gear. According to a Turkish Transport Ministry official, the aircraft, originating from Paris Charles de Gaulle Airport, encountered a landing gear malfunction, prompting it to seek guidance from the control tower upon approaching Istanbul's airspace. The plane, however, managed to touch down safely on the runway, averting any casualties. Authorities immediately launched an investigation into the circumstances surrounding the case. The cargo plane, a nearly decade-old Boeing 767 freighter, is one of the well-known models used for cargo aviation. While the exact cause of the landing gear failure remains unknown, scrutiny and assessments are underway at the scene. Footage captured during the incident showed sparks flying and slight smoke emanating as the aircraft's nose scraped against the runway. However, prompt action from the airport rescue and firefighting teams ensured that the situation did not escalate into a more severe crisis. Notably, the pilots executed emergency procedures, holding the plane's nose up during the landing, as trained for such scenarios. The incident drew comparisons to a similar event in Charlotte, North Carolina, last year involving a Boeing 717 flown by Delta Airlines, which landed smoothly despite a malfunctioning nose gear. Responding to the enquiries, Boeing directed queries to FedEx, which assured cooperation with investigative authorities and said that it would furnish additional information as it becomes available. The incident led to a temporary closure of the runway at Istanbul Airport, although other runways continued to operate normally, as confirmed by the airport operator IGA. While aircraft manufacturers like Boeing typically do not engage in post-service operations or maintenance, the incident draws attention amid heightened scrutiny on Boeing following a series of incidents involving its smaller 737 aircraft. (With inputs from Reuters)

Investigation initiated following Boeing cargo plane's landing mishap in Istanbul

Tensions are increasing between Nigerian authorities and Binance, the world's leading cryptocurrency exchange, as the Nigerian government refutes allegations of bribery levelled by Binance's CEO, Richard Teng. <o:p></o:p>

In a recent blog post, Teng accused unidentified Nigerian officials of demanding a $150 million cryptocurrency bribe to halt ongoing investigations against the company. <o:p></o:p>

Nigerian Information Ministry spokesperson Rabiu Ibrahim dismissed these claims, calling them baseless and a part of a larger scheme aimed at undermining the country's legal proceedings.<o:p></o:p>

The rift between Nigeria and Binance deepened after criminal charges were brought against the exchange and two of its executives, citing tax evasion and money laundering exceeding $35 million. <o:p></o:p>

Despite Binance's vigorous defence against these charges, Tigran Gambaryan, the company's head of financial crime compliance, remains in custody, while Nadeem Anjarwalla, a British-Kenyan executive, has fled the country. <o:p></o:p>

The Nigerian government perceives Binance's bribery allegations as an attempt to divert attention from the serious legal consequences that the company faces within the country.<o:p></o:p>

According to Ibrahim, Nigeria maintains that Binance is under investigation for facilitating money laundering, terrorism financing, and illegal foreign exchange manipulation through its platform. <o:p></o:p>

He said that the government will uphold the rule of law and ensure accountability, dismissing Binance's accusations as a manoeuvre to evade accountability for criminal activities. <o:p></o:p>

The Nigerian authorities assert that Binance's bribery claims are part of a bigger campaign to discredit ongoing investigations, drawing parallels with similar legal challenges encountered by the exchange in the US.<o:p></o:p>

While Binance refrained from commenting on Nigeria's rebuttal, the exchange previously criticised the Nigerian government's handling of the situation. <o:p></o:p>

Binance highlighted concerns over the detention of its executives following purported discussions with Nigerian officials, characterising it as a crackdown on the crypto industry. <o:p></o:p>

The escalating dispute has already seen Binance suspend operations in Nigeria, a move that elicited further criticism from Nigerian authorities attributing cryptocurrency trading to the country's currency woes amidst dollar shortages.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tensions are increasing between Nigerian authorities and Binance, the world's leading cryptocurrency exchange, as the Nigerian government refutes allegations of bribery levelled by Binance's CEO, Richard Teng.

Tensions are increasing between Nigerian authorities and Binance, the world's leading cryptocurrency exchange, as the Nigerian government refutes allegations of bribery levelled by Binance's CEO, Richard Teng. In a recent blog post, Teng accused unidentified Nigerian officials of demanding a $150 million cryptocurrency bribe to halt ongoing investigations against the company. Nigerian Information Ministry spokesperson Rabiu Ibrahim dismissed these claims, calling them baseless and a part of a larger scheme aimed at undermining the country's legal proceedings. The rift between Nigeria and Binance deepened after criminal charges were brought against the exchange and two of its executives, citing tax evasion and money laundering exceeding $35 million. Despite Binance's vigorous defence against these charges, Tigran Gambaryan, the company's head of financial crime compliance, remains in custody, while Nadeem Anjarwalla, a British-Kenyan executive, has fled the country. The Nigerian government perceives Binance's bribery allegations as an attempt to divert attention from the serious legal consequences that the company faces within the country. According to Ibrahim, Nigeria maintains that Binance is under investigation for facilitating money laundering, terrorism financing, and illegal foreign exchange manipulation through its platform. He said that the government will uphold the rule of law and ensure accountability, dismissing Binance's accusations as a manoeuvre to evade accountability for criminal activities. The Nigerian authorities assert that Binance's bribery claims are part of a bigger campaign to discredit ongoing investigations, drawing parallels with similar legal challenges encountered by the exchange in the US. While Binance refrained from commenting on Nigeria's rebuttal, the exchange previously criticised the Nigerian government's handling of the situation. Binance highlighted concerns over the detention of its executives following purported discussions with Nigerian officials, characterising it as a crackdown on the crypto industry. The escalating dispute has already seen Binance suspend operations in Nigeria, a move that elicited further criticism from Nigerian authorities attributing cryptocurrency trading to the country's currency woes amidst dollar shortages. (With inputs from Reuters)

Nigeria dismisses Binance CEO's bribery allegations as "Diversionary Tactic"

The US Commerce Secretary, Gina Raimondo, hinted at enforcing extreme measures such as a ban or strict rules against Chinese connected vehicles amid national security concerns. This&nbsp;move follows a national security investigation, which the Biden administration initiated earlier this year.

National security probe

While the U.S. Department of Commerce is reviewing public findings submitted by April 30, this investigation has also been initially conducted by the department into possible security violation threats posed by vehicle imports from China. Raimondo emphasised the need to analyse the data thoroughly before determining the appropriate action.

Potential actions

Raimondo mentioned that such an action as banning Chinese connected vehicles in the U.S. might be taken; however, the administration could also consider measures like requirements or safeguards that are designed to fix the situation from the security point of view.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/lyft-estimates-positive-earnings-as-ride-hailing-demand-rises-719274">Lyft estimates positive earnings as ride-hailing demand rises</a>

Data collection concerns

The White House started the Commerce probe because of its worries about vehicles of Chinese origin collecting vast amounts of data on drivers and passengers. Raimondo also expressed the same apprehension pointing to the fact that the Chinese connected cars might be collecting much data about the Americans' activity.

President Biden's stance

President Biden expressed that he would try to restrain the growth of the imports of Chinese vehicles into the Unites States. However, it's noted that there are relatively few Chinese-made light-duty vehicles imported into the country at present.

Automakers' challenges

Automakers have raised concerns about the difficulty of overhauling their technology systems to address national security worries. They emphasised the extensive pre-production engineering and testing processes involved in vehicle systems, making it challenging to swap components from different suppliers.

Industry response

The Alliance for Automotive Innovation, representing major automakers, highlighted the industry's commitment to developing frameworks for information and communications technology in connected vehicles to mitigate risks associated with Chinese-designed systems.

International perspectives

South Korea's automotive industry expressed concerns about the broad scope of the investigation and its potential impact on the industry. Meanwhile, U.S. Senator Sherrod Brown urged Commerce to ban all Chinese internet-connected vehicles and smart vehicle technology.

Chinese response

Chinese foreign ministry responded to the criticism by praising Chinese cars as products resulted from market competition and technology innovation, instead of unfair methods.

In November, the bipartisan U. S. lawmakers jumped into the fray and expressed alarm over Chinese companies collecting sensitive data while testing autonomous vehicles in the United States which only gave more ammunition to the American national security concerns.

The U.S. administration's consideration of extreme measures against Chinese connected vehicles underscores the growing concerns surrounding data security and national sovereignty. As the investigation progresses, stakeholders await the administration's decision on potential actions to mitigate these risks.

(Inputs from Reuters)

The US Commerce Secretary, Gina Raimondo, hinted at enforcing extreme measures such as a ban or strict rules against Chinese connected vehicles amid national security concerns.

The US Commerce Secretary, Gina Raimondo, hinted at enforcing extreme measures such as a ban or strict rules against Chinese connected vehicles amid national security concerns. This move follows a national security investigation, which the Biden administration initiated earlier this year. National security probe While the U.S. Department of Commerce is reviewing public findings submitted by April 30, this investigation has also been initially conducted by the department into possible security violation threats posed by vehicle imports from China. Raimondo emphasised the need to analyse the data thoroughly before determining the appropriate action. Potential actions Raimondo mentioned that such an action as banning Chinese connected vehicles in the U.S. might be taken; however, the administration could also consider measures like requirements or safeguards that are designed to fix the situation from the security point of view. Also Read: Lyft estimates positive earnings as ride-hailing demand rises Data collection concerns The White House started the Commerce probe because of its worries about vehicles of Chinese origin collecting vast amounts of data on drivers and passengers. Raimondo also expressed the same apprehension pointing to the fact that the Chinese connected cars might be collecting much data about the Americans' activity. President Biden's stance President Biden expressed that he would try to restrain the growth of the imports of Chinese vehicles into the Unites States. However, it's noted that there are relatively few Chinese-made light-duty vehicles imported into the country at present. Automakers' challenges Automakers have raised concerns about the difficulty of overhauling their technology systems to address national security worries. They emphasised the extensive pre-production engineering and testing processes involved in vehicle systems, making it challenging to swap components from different suppliers. Industry response The Alliance for Automotive Innovation, representing major automakers, highlighted the industry's commitment to developing frameworks for information and communications technology in connected vehicles to mitigate risks associated with Chinese-designed systems. International perspectives South Korea's automotive industry expressed concerns about the broad scope of the investigation and its potential impact on the industry. Meanwhile, U.S. Senator Sherrod Brown urged Commerce to ban all Chinese internet-connected vehicles and smart vehicle technology. Chinese response Chinese foreign ministry responded to the criticism by praising Chinese cars as products resulted from market competition and technology innovation, instead of unfair methods. In November, the bipartisan U. S. lawmakers jumped into the fray and expressed alarm over Chinese companies collecting sensitive data while testing autonomous vehicles in the United States which only gave more ammunition to the American national security concerns. The U.S. administration's consideration of extreme measures against Chinese connected vehicles underscores the growing concerns surrounding data security and national sovereignty. As the investigation progresses, stakeholders await the administration's decision on potential actions to mitigate these risks. (Inputs from Reuters)

U.S. mulls ban on Chinese connected vehicles amid national security fears

The India-spec Maruti Suzuki Swift is similar to the Suzuki Swift sold overseas. Starting with its design, it takes an evolutionary approach with its small radiator grille up front, flanked by slim LED headlights. Other exterior highlights include a new clamshell bonnet, LED fog lights, LED tail lights and dual-tone 15-inch machined alloy wheels. On the dimensions front, the new Swift has grown longer by 15mm while measuring shorter in height by 10mm.&nbsp;

 
On the inside, the Swift picks the major set of equipment from its siblings. The revised air-con control panel is shared with the Baleno and Grand Vitara and so is the new 9-inch touchscreen infotainment system. The top-spec variants of the Swift offers wireless connectivity for Android Auto,&nbsp;Apple CarPlay, and connected car tech. Other interior highlights include a twin-pot instrument cluster, a D-cut steering wheel and a layered dashboard finish.&nbsp;

 
Under the bonnet of the new Swift sits a new 1.2L 3-cylinder petrol engine that replaces the older 1.2L 4-cylinder unit. While the engine has lost a cylinder, it has gained an advantage in terms of fuel efficiency which&nbsp;stands at 25.75kmpl with the AMT, and 24.80kmpl with the manual transmission. Speaking of its engine output, the new unit produces 81.6PS of power at 5700rpm, and 112Nm of torque at 4300rpm. The new engine continues to come with either a 5-speed manual or a 5-speed automated manual transmission (AMT).&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/german-carmakers-warn-eu-tariffs-on-chinese-evs-may-backlash-719665">German carmakers warn EU tariffs on Chinese EVs may backlash</a>

 
On the features front, the new Swift packs features such as 6 airbags, electronic stability control, hill-hold assist, keyless entry with push-button start/stop, reverse parking camera, cruise control, automatic headlamps, Arkamys sound system, rear AC vents, 60:40 rear seat split, wireless phone charger and 3-point seatbelts for all passengers.

 
Coming to the variants and pricing, Maruti Suzuki offers the new Swift in five variants — LXI, VXI, VXI(O), ZXI and ZXI+. Its prices start from INR 6.49 lakh (ex-showroom) and go up to INR 9.64 lakh (ex-showroom). Buyers can also get the new Swift via the subscription model with a monthly price of INR 17,436.&nbsp; 
&nbsp;

The India-spec Maruti Suzuki Swift is similar to the Suzuki Swift sold overseas. Starting with its design, it takes an evolutionary approach with its small radiator grille up front, flanked by slim LED headlights.

The India-spec Maruti Suzuki Swift is similar to the Suzuki Swift sold overseas. Starting with its design, it takes an evolutionary approach with its small radiator grille up front, flanked by slim LED headlights. Other exterior highlights include a new clamshell bonnet, LED fog lights, LED tail lights and dual-tone 15-inch machined alloy wheels. On the dimensions front, the new Swift has grown longer by 15mm while measuring shorter in height by 10mm. On the inside, the Swift picks the major set of equipment from its siblings. The revised air-con control panel is shared with the Baleno and Grand Vitara and so is the new 9-inch touchscreen infotainment system. The top-spec variants of the Swift offers wireless connectivity for Android Auto, Apple CarPlay, and connected car tech. Other interior highlights include a twin-pot instrument cluster, a D-cut steering wheel and a layered dashboard finish. Under the bonnet of the new Swift sits a new 1.2L 3-cylinder petrol engine that replaces the older 1.2L 4-cylinder unit. While the engine has lost a cylinder, it has gained an advantage in terms of fuel efficiency which stands at 25.75kmpl with the AMT, and 24.80kmpl with the manual transmission. Speaking of its engine output, the new unit produces 81.6PS of power at 5700rpm, and 112Nm of torque at 4300rpm. The new engine continues to come with either a 5-speed manual or a 5-speed automated manual transmission (AMT). Read More: German carmakers warn EU tariffs on Chinese EVs may backlash On the features front, the new Swift packs features such as 6 airbags, electronic stability control, hill-hold assist, keyless entry with push-button start/stop, reverse parking camera, cruise control, automatic headlamps, Arkamys sound system, rear AC vents, 60:40 rear seat split, wireless phone charger and 3-point seatbelts for all passengers. Coming to the variants and pricing, Maruti Suzuki offers the new Swift in five variants — LXI, VXI, VXI(O), ZXI and ZXI+. Its prices start from INR 6.49 lakh (ex-showroom) and go up to INR 9.64 lakh (ex-showroom). Buyers can also get the new Swift via the subscription model with a monthly price of INR 17,436.

Maruti Suzuki Swift launched at INR 6.49 lakh

Uber surprised its investors with a quarterly loss and a projection that gross bookings fell short of analysts’ expectation that caused its shares to plunge by 9% and also suggesting that the ride-hailing and food delivery giant might be losing more than USD 10 billion in market value.

The dramatic contrast between Uber’s bleak outlook and Lyft's optimistic declaration, after their shares sky rocketed by 8%, showed some of the competition within the space.

Lyft was able to increase its revenues significantly during the quarter, thanks to an increase in demand across the industry as a whole. On the other hand, Uber’s growth is slowing down in comparison to its solid performance in 2023, in which it became the first ever company in the US to achieve an annual profit after taking over both the ride-share and delivery sectors.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/us-prosecutors-probe-teslas-autopilot-claims-for-potential-fraudulent-misrepresentation-719633">US prosecutors probe Tesla's autopilot claims for potential fraudulent misrepresentation</a>

Uber underperformed Wall Street's gross booking views for the first quarter, it is base on the important metric which is the total transaction value on its platform. CFO Prashanth Mahendra-Rajah identified the cause of this miss as: soft demand from ride share in Latin America and the impact of certain holidays being shifted into the first quarter.

Spanning close to 70 countries worldwide and providing a range of services such as meal deliveries and freight booking, Uber as of the March quarter held the leads with a commanding market share of nearly 72%, based on the data from YipitData. On the other hand, Lyft mainly operating in the US and parts of Canada has a different competitive landscape to deal with.

Uber reported a net loss of USD 654 million largely due to legal charges, provisions and fair value adjustments for some of its investments. While analysts had expected a net income to be USD 503.1 million, the opposite occurred.

Indeed, Lyft is currently hard on the accelerator to book market share from its competitor, Uber, led by CEO David Risher, who took over in April. These efforts can be seen in terms of better user experiences with shorter waiting times and competitive pricing.

Uber surprised its investors with a quarterly loss and a projection that gross bookings fell short of analysts’ expectation that caused its shares to plunge by 9% and also suggesting that the ride-hailing and food delivery giant might be losing more than USD 10 billion in market value.

Uber surprised its investors with a quarterly loss and a projection that gross bookings fell short of analysts’ expectation that caused its shares to plunge by 9% and also suggesting that the ride-hailing and food delivery giant might be losing more than USD 10 billion in market value. The dramatic contrast between Uber’s bleak outlook and Lyft's optimistic declaration, after their shares sky rocketed by 8%, showed some of the competition within the space. Lyft was able to increase its revenues significantly during the quarter, thanks to an increase in demand across the industry as a whole. On the other hand, Uber’s growth is slowing down in comparison to its solid performance in 2023, in which it became the first ever company in the US to achieve an annual profit after taking over both the ride-share and delivery sectors. Also Read: US prosecutors probe Tesla's autopilot claims for potential fraudulent misrepresentation Uber underperformed Wall Street's gross booking views for the first quarter, it is base on the important metric which is the total transaction value on its platform. CFO Prashanth Mahendra-Rajah identified the cause of this miss as: soft demand from ride share in Latin America and the impact of certain holidays being shifted into the first quarter. Spanning close to 70 countries worldwide and providing a range of services such as meal deliveries and freight booking, Uber as of the March quarter held the leads with a commanding market share of nearly 72%, based on the data from YipitData. On the other hand, Lyft mainly operating in the US and parts of Canada has a different competitive landscape to deal with. Uber reported a net loss of USD 654 million largely due to legal charges, provisions and fair value adjustments for some of its investments. While analysts had expected a net income to be USD 503.1 million, the opposite occurred. Indeed, Lyft is currently hard on the accelerator to book market share from its competitor, Uber, led by CEO David Risher, who took over in April. These efforts can be seen in terms of better user experiences with shorter waiting times and competitive pricing.

Uber shares take a dip hurting second quarter forecast

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members.

Based on the papers filed in Los Angeles federal court, Hyundai Capital America allegedly violated the Servicemember Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had started to pay off their loans before active duty.

The Justice Department clarified that it was pre-requisite for the financing arm to obtain court permission before repossessing vehicles. Furthermore, it cited the example of 2017 repossession and sale of Navy Airman Jessica Johnson’s three-year-old Hyundai Elantra. The repossession only took place after the financing department determined that she was on active duty and “not deployed.”

Johnson still had outstanding payments worth USD 13,796 on the car and Hyundai Capital America came to the conclusion in 2020 that it should not have repossessed the Elantra, court papers show.

“Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service," Assistant Attorney General Kristen Clarke said in a statement.

Hyundai Capital America based in Irvine, California, is positioned to pay USD 10,000 plus lost vehicles to each of the 26 service members and also repair their credit. On the top of that, it will also pay USD 74,941 to the U.S. Treasury “to vindicate the public interest.” However, it shall do so without admitting wrongdoing.&nbsp;

In the last several years, the Justice Department has settled several claims under the servicemembers law against several financing companies, including General Motors, Nissan and Wells Fargo financial arms, among others.

To assuage the Justice Department as well as the public, Hyundai Capital America reiterated in a statement that “HCA takes pride in supporting our military families … Additionally, we have already taken steps to further enhance our compliance with all SCRA requirements."

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members.

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members. Based on the papers filed in Los Angeles federal court, Hyundai Capital America allegedly violated the Servicemember Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had started to pay off their loans before active duty. The Justice Department clarified that it was pre-requisite for the financing arm to obtain court permission before repossessing vehicles. Furthermore, it cited the example of 2017 repossession and sale of Navy Airman Jessica Johnson’s three-year-old Hyundai Elantra. The repossession only took place after the financing department determined that she was on active duty and “not deployed.” Johnson still had outstanding payments worth USD 13,796 on the car and Hyundai Capital America came to the conclusion in 2020 that it should not have repossessed the Elantra, court papers show. “Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service," Assistant Attorney General Kristen Clarke said in a statement. Hyundai Capital America based in Irvine, California, is positioned to pay USD 10,000 plus lost vehicles to each of the 26 service members and also repair their credit. On the top of that, it will also pay USD 74,941 to the U.S. Treasury “to vindicate the public interest.” However, it shall do so without admitting wrongdoing. In the last several years, the Justice Department has settled several claims under the servicemembers law against several financing companies, including General Motors, Nissan and Wells Fargo financial arms, among others. To assuage the Justice Department as well as the public, Hyundai Capital America reiterated in a statement that “HCA takes pride in supporting our military families … Additionally, we have already taken steps to further enhance our compliance with all SCRA requirements."

Hyundai, Kia accused of illegally repossessing service members' vehicles

On Wednesday, top executives at BMW and Volkswagen alerted against imposing EU import duties on electric vehicles from Chinese automakers, stating it could tip over the bloc's Green Deal plan and harm automakers that import cars made in China.

 
The European Commission, responsible for overseeing trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs.

 
BMW imports the made in China Mini EVs and the iX3 into Europe.

Europe's biggest carmaker Volkswagen which also heavily relies on China, warned that potential duties generally carried a certain risk.

Like its German rivals Volkswagen and Mercedes-Benz, BMW is also heavily reliant on revenues from its Chinese business. China represents BMW's second-largest market after Europe, accounting for nearly 32% of sales in the first quarter.

In March, the Commission began registering Chinese EV imports for customs, implying that they could face tariffs if the trade investigation concludes they are unfairly subsidised.&nbsp;

 
November will see the end of the investigation although we might have some interim duties imposed by July. Thus, a summary of proposed provisional duties is expected to be published by Brussels on June 5&nbsp;and implementation should take place by July 4.

The President of European Commission Ursula von der Leyen, highlighted in Berlin&nbsp;that it was important to avoid China flooding the region market with subsidised electric vehicles.

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/us-mulls-ban-on-chinese-connected-vehicles-amid-national-security-fears-719579">U.S. mulls ban on Chinese connected vehicles amid national security fears</a>

On Monday, French President Emmanuel Macron and von der Leyen asked Chinese President Xi Jinping to seek for more equal trade relations between his country and Europe.

Imposing tariffs could have unintended consequences especially as new EU CO2 emission standards with an increase in EVs reliant on Chinese battery materials become effective next year. This would jeopardise their industrial strategy for leading in carbon emissions cuts as well as technology development.

This situation highlights the challenges that the policymakers and industry stakeholders are facing while attempting to balance trade interests, sustainability goals, and industrial competitiveness in the global automotive sector.

To reach upon a conclusion that addresses these concerns while also promoting fair competition and bearing in mind the environmental sustainability will be crucial moving forward.

&nbsp;

(With inputs from Reuters)

On Wednesday, top executives at BMW and Volkswagen alerted against imposing EU import duties on electric vehicles from Chinese automakers, stating it could tip over the bloc's Green Deal plan and harm automakers that import cars made in China.

On Wednesday, top executives at BMW and Volkswagen alerted against imposing EU import duties on electric vehicles from Chinese automakers, stating it could tip over the bloc's Green Deal plan and harm automakers that import cars made in China. The European Commission, responsible for overseeing trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs. BMW imports the made in China Mini EVs and the iX3 into Europe. Europe's biggest carmaker Volkswagen which also heavily relies on China, warned that potential duties generally carried a certain risk. Like its German rivals Volkswagen and Mercedes-Benz, BMW is also heavily reliant on revenues from its Chinese business. China represents BMW's second-largest market after Europe, accounting for nearly 32% of sales in the first quarter. In March, the Commission began registering Chinese EV imports for customs, implying that they could face tariffs if the trade investigation concludes they are unfairly subsidised. November will see the end of the investigation although we might have some interim duties imposed by July. Thus, a summary of proposed provisional duties is expected to be published by Brussels on June 5 and implementation should take place by July 4. The President of European Commission Ursula von der Leyen, highlighted in Berlin that it was important to avoid China flooding the region market with subsidised electric vehicles. Read More: U.S. mulls ban on Chinese connected vehicles amid national security fears On Monday, French President Emmanuel Macron and von der Leyen asked Chinese President Xi Jinping to seek for more equal trade relations between his country and Europe. Imposing tariffs could have unintended consequences especially as new EU CO2 emission standards with an increase in EVs reliant on Chinese battery materials become effective next year. This would jeopardise their industrial strategy for leading in carbon emissions cuts as well as technology development. This situation highlights the challenges that the policymakers and industry stakeholders are facing while attempting to balance trade interests, sustainability goals, and industrial competitiveness in the global automotive sector. To reach upon a conclusion that addresses these concerns while also promoting fair competition and bearing in mind the environmental sustainability will be crucial moving forward. (With inputs from Reuters)

German carmakers warn EU tariffs on Chinese EVs may backlash

Crypto exchange FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.

FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/business-economy/sam-bankman-fried-deserves-40-50-years-in-prison-for-ftx-fraud-prosecutors-say-700697" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sam-bankman-fried-deserves-40-50-years-in-prison-for-ftx-fraud-prosecutors-say-700697&amp;sa=U&amp;ved=2ahUKEwiV8dLwqv2FAxUByDgGHUVdB-kQFnoECAUQAg&amp;usg=AOvVaw29_jld8nnQzJO13hFaBOjO&amp;arm=e" dir="ltr" href="https://www.wionews.com/business-economy/sam-bankman-fried-deserves-40-50-years-in-prison-for-ftx-fraud-prosecutors-say-700697" target="_blank">Sam Bankman-Fried deserves 40-50 years in prison for&nbsp;FTX&nbsp;fraud</a>

The amount for distribution includes assets under the control of the chapter 11 debtors, as well as those controlled by liquidators of FTX Bahamas Digital Markets, Bahamas Securities Commission, liquidators of FTX's Australia unit, the United States Department of Justice (DOJ) and several private parties, the statement added.

The company said the amended plan focuses on a series of settlements reached consensually with the key stakeholders including cases that are still subject to court approval.

The plan put forward by FTX creates a "convenience class" for creditors with claims of $50,000 or lower, under which it anticipates that majority of the creditors will receive about 118% of the amount of their claims within 2 months if approved by the court.

"We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors," CEO John Ray said.

In February, the distressed crypto currency trading platform had $6.4 billion in cash.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/business-economy/bankman-fried-trial-crypto-was-not-for-everyone-says-ftx-founders-lawyer-642709" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/bankman-fried-trial-crypto-was-not-for-everyone-says-ftx-founders-lawyer-642709&amp;sa=U&amp;ved=2ahUKEwiV8dLwqv2FAxUByDgGHUVdB-kQFnoECAQQAg&amp;usg=AOvVaw3ivrQTAslXcn0CRFxeW4Ug&amp;arm=e" dir="ltr" href="https://www.wionews.com/business-economy/bankman-fried-trial-crypto-was-not-for-everyone-says-ftx-founders-lawyer-642709" target="_blank">Bankman-Fried trial: Crypto was not for everyone, says&nbsp;FTX</a>

Earlier this year, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers.

FTX, once among the world's top crypto exchanges, shook the sector in November 2022 by filing for bankruptcy, leaving an estimated 9 million customers and investors facing billions of dollars in losses.

Crypto exchange FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.

Crypto exchange FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims. Also read: Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud The amount for distribution includes assets under the control of the chapter 11 debtors, as well as those controlled by liquidators of FTX Bahamas Digital Markets, Bahamas Securities Commission, liquidators of FTX's Australia unit, the United States Department of Justice (DOJ) and several private parties, the statement added. The company said the amended plan focuses on a series of settlements reached consensually with the key stakeholders including cases that are still subject to court approval. The plan put forward by FTX creates a "convenience class" for creditors with claims of $50,000 or lower, under which it anticipates that majority of the creditors will receive about 118% of the amount of their claims within 2 months if approved by the court. "We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors," CEO John Ray said. In February, the distressed crypto currency trading platform had $6.4 billion in cash. Also read: Bankman-Fried trial: Crypto was not for everyone, says FTX Earlier this year, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers. FTX, once among the world's top crypto exchanges, shook the sector in November 2022 by filing for bankruptcy, leaving an estimated 9 million customers and investors facing billions of dollars in losses.

FTX files amended reorganisation plan, expects $14.5 billion-$16.3 billion for distribution

Amazon revealed plans to deploy a fleet of Volvo electric big rigs at the Los Angeles/Long Beach port complex. The initiative signifies a major milestone on the road to achieving net-zero carbon emissions by 2040.

Transition to zero-emission trucks

The online retail giant plans to phase out the diesel trucks by using electric vehicles as the company seeks to become sustainable. With eight electric semi trucks already operational, Amazon plans to expand its fleet to meet the zero-emission requirement set for 2035.

Extending vehicle electrification

Amazon's initiative of improving port operations is the core component of a chain of actions, starting with last-mile delivery. This holistic approach highlights the organization’s commitment to achieving net zero emissions through turning to ecosystem preservation and eco-friendly practices.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/wayve-secures-usd-105-bn-in-series-c-funding-for-advancing-embodied-ai-718913">Wayve secures USD 1.05 bn in Series C funding for advancing embodied AI</a>

Addressing challenges in heavy-duty trucking

Udit Madan, Amazon's vice president of worldwide operations, recognizes the obstacles in decarbonizing heavy-duty trucking. Despite the complexities, Amazon remains committed to driving innovation in sustainable transportation.

Electrification efforts at the ports

At the moment, only a few trucks operating in the Los Angeles/Long Beach port complex are zero-emission vehicles. However, through cooperation with Volvo Trucks North America Amazon targets to speed up e-truck penetration in the area.

The need for charging infrastructure

Adam Baker, VP of global logistics at Amazon, points out the critical nature of building reliable charging technology along the way to the greener, cleaner, and faster alternative of electrifying their big trucks. Collecting battery performance data will inform deployment options for future applications.

Partnership with Volvo and J.B. Hunt

Volvo Trucks North America, the main manufacturer of electric drayage trucks that Amazon is utilizing in partnership with Amazon and J.B. Hunt, closely collaborates with both parties to ensure the rollout is successful. Keith Brandis, vice president of partnerships and system solutions at Volvo Trucks North America, shares the view that charging infrastructure is by all means a key point in the case.

Investing in charging infrastructure

To facilitate the transition to electric trucks, various stakeholders, including ports and private companies, are investing in heavy-duty charging infrastructure. Forum Mobility, an early investor in Amazon's Climate Pledge fund, is spearheading the development of high-speed charging depots at the Port of Long Beach.

Amazon's commitment to deploying electric trucks underscores its dedication to sustainability and environmental stewardship. By leveraging partnerships and investing in charging infrastructure, Amazon aims to lead the transition to zero-emission transportation in the logistics industry.

(Inputs from Reuters)

Amazon revealed plans to deploy a fleet of Volvo electric big rigs at the Los Angeles/Long Beach port complex. The initiative signifies a major milestone on the road to achieving net-zero carbon emissions by 2040.

Amazon revealed plans to deploy a fleet of Volvo electric big rigs at the Los Angeles/Long Beach port complex. The initiative signifies a major milestone on the road to achieving net-zero carbon emissions by 2040. Transition to zero-emission trucks The online retail giant plans to phase out the diesel trucks by using electric vehicles as the company seeks to become sustainable. With eight electric semi trucks already operational, Amazon plans to expand its fleet to meet the zero-emission requirement set for 2035. Extending vehicle electrification Amazon's initiative of improving port operations is the core component of a chain of actions, starting with last-mile delivery. This holistic approach highlights the organization’s commitment to achieving net zero emissions through turning to ecosystem preservation and eco-friendly practices. Also Read: Wayve secures USD 1.05 bn in Series C funding for advancing embodied AI Addressing challenges in heavy-duty trucking Udit Madan, Amazon's vice president of worldwide operations, recognizes the obstacles in decarbonizing heavy-duty trucking. Despite the complexities, Amazon remains committed to driving innovation in sustainable transportation. Electrification efforts at the ports At the moment, only a few trucks operating in the Los Angeles/Long Beach port complex are zero-emission vehicles. However, through cooperation with Volvo Trucks North America Amazon targets to speed up e-truck penetration in the area. The need for charging infrastructure Adam Baker, VP of global logistics at Amazon, points out the critical nature of building reliable charging technology along the way to the greener, cleaner, and faster alternative of electrifying their big trucks. Collecting battery performance data will inform deployment options for future applications. Partnership with Volvo and J.B. Hunt Volvo Trucks North America, the main manufacturer of electric drayage trucks that Amazon is utilizing in partnership with Amazon and J.B. Hunt, closely collaborates with both parties to ensure the rollout is successful. Keith Brandis, vice president of partnerships and system solutions at Volvo Trucks North America, shares the view that charging infrastructure is by all means a key point in the case. Investing in charging infrastructure To facilitate the transition to electric trucks, various stakeholders, including ports and private companies, are investing in heavy-duty charging infrastructure. Forum Mobility, an early investor in Amazon's Climate Pledge fund, is spearheading the development of high-speed charging depots at the Port of Long Beach. Amazon's commitment to deploying electric trucks underscores its dedication to sustainability and environmental stewardship. By leveraging partnerships and investing in charging infrastructure, Amazon aims to lead the transition to zero-emission transportation in the logistics industry. (Inputs from Reuters)

Amazon unveils Volvo electric trucks for port operations in Southern California

Rekha Jhunjhunwala, the wife of late investor Rakesh Jhunjhunwala, has lost over INR 2,300 crore ($275.4 million) in net worth in just the last one month. Earlier on Monday (May 6), she lost over INR 800 crore ($95 million) in one day. According to media reports, the massive slump in&nbsp;Jhunjhunwala's&nbsp;net worth is due to the record decline in the value of Titan Company shares.

Titan Company shares have witnessed a slump of INR 424 ($5) in just one&nbsp;month.&nbsp;This&nbsp; resulted&nbsp;in&nbsp;the massive erosion of Rekha&nbsp;Jhunjhunwala's&nbsp;net worth. Not just that, Life Insurance Corporation of India (LIC), an Indian multinational public sector life insurance company, also witnessed a drop of INR 772 ($92 million) crore in its net worth because of Titan shares.

Also read:&nbsp;<a data-ved="2ahUKEwid1MHCkv6FAxW7slYBHVL6Di4QxfQBKAB6BAgQEAE" href="https://www.wionews.com/business-economy/elections-could-negatively-impact-indian-auto-sales-in-may-719373" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/elections-could-negatively-impact-indian-auto-sales-in-may-719373&amp;ved=2ahUKEwid1MHCkv6FAxW7slYBHVL6Di4QxfQBKAB6BAgQEAE">Elections could negatively impact Indian auto sales in May</a>

Rekha is one of the key shareholders in the company, having over 5.35 per cent stake as of March 31, 2024.&nbsp;

According to analysts, the share of Titan fell after the company recorded a 7 per cent rise in standalone net profit at INR 786 crore in Q4 from INR 734 crore in the same quarter last year.

However, major broking companies are hopeful of positive performance in the long run.&nbsp;“We remain optimistic about&nbsp;Titan's&nbsp;long term performance driven by the market share gain in the jewellery business on account of strong brand name and execution, scaling up, and improving&nbsp;profitability&nbsp;of other brands,”&nbsp;said Antique Stock Broking.

Also read:&nbsp;<a data-ved="2ahUKEwid1MHCkv6FAxW7slYBHVL6Di4QxfQBKAB6BAgIEAE" href="https://www.wionews.com/business-economy/lyft-estimates-positive-earnings-as-ride-hailing-demand-rises-719274" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/lyft-estimates-positive-earnings-as-ride-hailing-demand-rises-719274&amp;ved=2ahUKEwid1MHCkv6FAxW7slYBHVL6Di4QxfQBKAB6BAgIEAE">Lyft estimates positive earnings as ride-hailing demand rises</a>

The share price fell from INR 3,679 a month ago to INR 3,255 on Wednesday (May 8), marking a decline of INR 424 in the last 30 days.&nbsp;

<h2>Total net worth of Rekha Jhunjhunwala</h2>

According to Forbes, Rekha&nbsp;Jhunjhunwala's&nbsp;net worth is about $8.7 billion (As of March 25, 2024). She inherited most of it from her late husband&nbsp;Rakesh. Her portfolio includes shares of prominent companies like Titan, Metro Brands, Star Health, and Allied Insurance Company.

Rakesh Jhunjhunwala breathed his last on August 14, 2022, at Breach Candy Hospital in Mumbai. He reportedly suffered from kidney-related problems and acute multiple organ failure.

(With inputs from agencies)

Rekha Jhunjhunwala, the wife of late investor Rakesh Jhunjhunwala, has lost over INR 2,300 crore ($275.4 million) in net worth in just the last one month. Earlier on Monday (May 6), she lost over INR 800 crore ($95 million) in one day.

Rekha Jhunjhunwala, the wife of late investor Rakesh Jhunjhunwala, has lost over INR 2,300 crore ($275.4 million) in net worth in just the last one month. Earlier on Monday (May 6), she lost over INR 800 crore ($95 million) in one day. According to media reports, the massive slump in Jhunjhunwala's net worth is due to the record decline in the value of Titan Company shares. Titan Company shares have witnessed a slump of INR 424 ($5) in just one month. This resulted in the massive erosion of Rekha Jhunjhunwala's net worth. Not just that, Life Insurance Corporation of India (LIC), an Indian multinational public sector life insurance company, also witnessed a drop of INR 772 ($92 million) crore in its net worth because of Titan shares. Also read: Elections could negatively impact Indian auto sales in May Rekha is one of the key shareholders in the company, having over 5.35 per cent stake as of March 31, 2024. According to analysts, the share of Titan fell after the company recorded a 7 per cent rise in standalone net profit at INR 786 crore in Q4 from INR 734 crore in the same quarter last year. However, major broking companies are hopeful of positive performance in the long run. “We remain optimistic about Titan's long term performance driven by the market share gain in the jewellery business on account of strong brand name and execution, scaling up, and improving profitability of other brands,” said Antique Stock Broking. Also read: Lyft estimates positive earnings as ride-hailing demand rises The share price fell from INR 3,679 a month ago to INR 3,255 on Wednesday (May 8), marking a decline of INR 424 in the last 30 days. Total net worth of Rekha Jhunjhunwala According to Forbes, Rekha Jhunjhunwala's net worth is about $8.7 billion (As of March 25, 2024). She inherited most of it from her late husband Rakesh. Her portfolio includes shares of prominent companies like Titan, Metro Brands, Star Health, and Allied Insurance Company. Rakesh Jhunjhunwala breathed his last on August 14, 2022, at Breach Candy Hospital in Mumbai. He reportedly suffered from kidney-related problems and acute multiple organ failure. (With inputs from agencies)

Bloodbath in one stock erodes net worth of Rekha Jhunjhunwala by $275 million

Elections in India have given rise to a lot of uncertainty which could negatively impact automakers’ sales in May despite the rising consumer interest in new model launches, a dealer’s body said on Wednesday.

Voting in India began on April 19 in a massive general election where Prime Minister Narendra Modi is contesting for a rare third straight term.

"Election uncertainty continues to affect market sentiment, delaying customer conversions and stalling purchasing decisions," the Federation of Automobile Dealers Association (FADA) said in a statement.

The turnout being lower than anticipated ruffled PM Modi’s campaign managers, raising concerns about the odds of the Bharatiya Janata Party and its allies achieving the landmark victory forecasted by opinion polls last month. 
&nbsp;&nbsp; 
Analysts have expressed concerns about the new government’s financial policies and how they will affect the livelihood of people. The restriction on moving large sums of money during the election would also dissuade consumers from buying vehicles at least during May when the election will be in full swing in most constituencies.

Despite that, sales increased 27% year-on-year in April. According to FADA, which tracks sales of vehicles by dealers to consumers, this sales figure could be attributed to the increasing consumer inclination towards launches of new models in India. It added that the interest would not decline in May. &nbsp;

"The auto industry remains cautiously optimistic about its near-term outlook," it said. Since the auto sector contributes approximately 7% to India’s economy, auto sales are keenly being monitored as a key indicator of private consumption in India.&nbsp;

After dropping more than 6% in March, retail car sales increased nearly 16% in April, FADA said. On the other hand, two-wheelers continued to witness heavy demand, facilitated by festive buying in parts of North India and many new launches.

Interestingly, the sales of two-wheelers grew more than 33% in April, its largest growth recorded so far during this calendar year.

FADA President Manish Raj Singhania attributed this rise to stable fuel prices, a favourable monsoon outlook, festive demand and the ongoing marriage season. "New model launches also helped drive growth, despite some delays in supply," he said. 
&nbsp;

Elections in India have given rise to a lot of uncertainty which could negatively impact automakers’ sales in May despite the rising consumer interest in new model launches, a dealer’s body said on Wednesday.

Elections in India have given rise to a lot of uncertainty which could negatively impact automakers’ sales in May despite the rising consumer interest in new model launches, a dealer’s body said on Wednesday. Voting in India began on April 19 in a massive general election where Prime Minister Narendra Modi is contesting for a rare third straight term. "Election uncertainty continues to affect market sentiment, delaying customer conversions and stalling purchasing decisions," the Federation of Automobile Dealers Association (FADA) said in a statement. The turnout being lower than anticipated ruffled PM Modi’s campaign managers, raising concerns about the odds of the Bharatiya Janata Party and its allies achieving the landmark victory forecasted by opinion polls last month. Analysts have expressed concerns about the new government’s financial policies and how they will affect the livelihood of people. The restriction on moving large sums of money during the election would also dissuade consumers from buying vehicles at least during May when the election will be in full swing in most constituencies. Despite that, sales increased 27% year-on-year in April. According to FADA, which tracks sales of vehicles by dealers to consumers, this sales figure could be attributed to the increasing consumer inclination towards launches of new models in India. It added that the interest would not decline in May. "The auto industry remains cautiously optimistic about its near-term outlook," it said. Since the auto sector contributes approximately 7% to India’s economy, auto sales are keenly being monitored as a key indicator of private consumption in India. After dropping more than 6% in March, retail car sales increased nearly 16% in April, FADA said. On the other hand, two-wheelers continued to witness heavy demand, facilitated by festive buying in parts of North India and many new launches. Interestingly, the sales of two-wheelers grew more than 33% in April, its largest growth recorded so far during this calendar year. FADA President Manish Raj Singhania attributed this rise to stable fuel prices, a favourable monsoon outlook, festive demand and the ongoing marriage season. "New model launches also helped drive growth, despite some delays in supply," he said.

Elections could negatively impact Indian auto sales in May

India’s state-owned Bharat Sanchar Nigam Limited (BSNL) is preparing to launch its highly anticipated 4G services across India starting in August, leveraging entirely indigenous technology as part of the government's "Atmanirbhar" (self-reliant) initiative, PTI reported citing sources.<o:p></o:p>

The telecom company during the pilot phase, recorded peak speeds of 40-45 megabits per second on the 4G network, deployed in the premium spectrum bands of 700 megahertz (MHz) and 2,100 MHz.<o:p></o:p>

BSNL successfully rolled out 4G services in Punjab using indigenously developed technology by a consortium led by IT company TCS and telecom research organisation C-DoT. <o:p></o:p>

With around 8 lahk&nbsp;(just below 1 million) subscribers onboarded, the 4G core developed by C-DoT has performed well, stabilising within a shorter timeframe than anticipated.<o:p></o:p>

An unnamed senior government official shared insights into the progress, stating, "BSNL will launch Atmanirbhar 4G technology across the country in August." <o:p></o:p>

The core network, a critical component of the telecommunications infrastructure, plays a major role in delivering fundamental services. <o:p></o:p>

BSNL has awarded contracts worth approximately Rs 19,000 crore (around $2 billion) to tech companies such as TCS, Tejas Networks, and ITI for the deployment of 4G networks, with provisions for future upgradation to 5G capabilities. <o:p></o:p>

With a vision to enhance connectivity nationwide, BSNL is planning to deploy 1.12 lakh towers (over 100,000) for 4G and 5G services across India. <o:p></o:p>

According to PTI, BSNL has already installed over 9,000 towers for 4G services, with a major portion operational in regions such as Punjab, Himachal Pradesh, UP West, and Haryana. <o:p></o:p>

Customers equipped with 4G-capable SIM cards will seamlessly transition to the enhanced services, while those with older SIM cards will need to upgrade to experience the full spectrum of benefits.<o:p></o:p>

(With inputs from PTI) <o:p></o:p>

India’s state-owned Bharat Sanchar Nigam Limited (BSNL) is preparing to launch its highly anticipated 4G services across India starting in August, leveraging entirely indigenous technology as part of the government's "Atmanirbhar" (self-reliant) initiative, PTI reported citing sources.

India’s state-owned Bharat Sanchar Nigam Limited (BSNL) is preparing to launch its highly anticipated 4G services across India starting in August, leveraging entirely indigenous technology as part of the government's "Atmanirbhar" (self-reliant) initiative, PTI reported citing sources. The telecom company during the pilot phase, recorded peak speeds of 40-45 megabits per second on the 4G network, deployed in the premium spectrum bands of 700 megahertz (MHz) and 2,100 MHz. BSNL successfully rolled out 4G services in Punjab using indigenously developed technology by a consortium led by IT company TCS and telecom research organisation C-DoT. With around 8 lahk (just below 1 million) subscribers onboarded, the 4G core developed by C-DoT has performed well, stabilising within a shorter timeframe than anticipated. An unnamed senior government official shared insights into the progress, stating, "BSNL will launch Atmanirbhar 4G technology across the country in August." The core network, a critical component of the telecommunications infrastructure, plays a major role in delivering fundamental services. BSNL has awarded contracts worth approximately Rs 19,000 crore (around $2 billion) to tech companies such as TCS, Tejas Networks, and ITI for the deployment of 4G networks, with provisions for future upgradation to 5G capabilities. With a vision to enhance connectivity nationwide, BSNL is planning to deploy 1.12 lakh towers (over 100,000) for 4G and 5G services across India. According to PTI, BSNL has already installed over 9,000 towers for 4G services, with a major portion operational in regions such as Punjab, Himachal Pradesh, UP West, and Haryana. Customers equipped with 4G-capable SIM cards will seamlessly transition to the enhanced services, while those with older SIM cards will need to upgrade to experience the full spectrum of benefits. (With inputs from PTI)

India's BSNL set to roll out 4G services in August using indigenous technology: Report

Harley-Davidson has announced its fresh lineup of motorcycles, which will be brought to India via the CBU route along with its alliance Hero Motocorp. The ten motorcycles that are slated to go on sale consist of existing models as well as a few updated ones.&nbsp;

 
The new model range starts with the Sportster series and includes three models — Nighster, Nighster Special and Sportster S. The Sportster series comes with a liquid-cooled V-twin engine in varied states of tunes. Prices of the Nighster, Nighster Special and Sportster S models are INR 13.40, INR 14.10 and INR 16.50 lakh ex-showroom.

 
Coming to the quintessential Harley-Davidson body type — the cruiser range. The Harley-Davidson traditional cruiser range consists of the Fatbob 114, Fatboy 117, Heritage 117 and Breakout 117 models. The Breakout model is making a comeback to the Indian market after a hiatus of close to a decade. Speaking of their prices, Fatbob 114, Fatboy 117, Heritage 117 and the Breakout 117 are priced at INR 21.50 lakh, INR 25.70 lakh, INR 27.20 lakh and INR 31 lakh, ex-showroom.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/us-mandates-new-cars-to-come-with-emergency-braking-systems-by-2029-716623">US mandates new cars to come with emergency braking systems by 2029</a>

 
Moving to adventure touring, which is represented by the Pan America. Unlike before, the new Pan America is now introduced in the more premium Special series. Priced at INR 24.64 lakh, the Pan America offers a 150PS 1252cc engine V-twin engine, adaptive suspension, riding modes, tyre pressure monitoring system and a TFT display with mobile phone connectivity.

 
Lastly, both the Street Glide and Road Glide models have been updated with small enhancements, claiming to elevate the riding experience. Both the motorcycles now make use of a larger 117 motor that is said to have better thermal comfort. Furthermore, both bikes are also said to boast improved aerodynamics, a new 12.3-inch TFT instrument cluster with connectivity and increased rear suspension travel, which should aid in better comfort for the rider over the outgoing models.&nbsp; 
&nbsp;

Harley-Davidson has announced its fresh lineup of motorcycles, which will be brought to India via the CBU route along with its alliance Hero Motocorp. The ten motorcycles that are slated to go on sale consist of existing models as well as a few updated ones.

Harley-Davidson has announced its fresh lineup of motorcycles, which will be brought to India via the CBU route along with its alliance Hero Motocorp. The ten motorcycles that are slated to go on sale consist of existing models as well as a few updated ones. The new model range starts with the Sportster series and includes three models — Nighster, Nighster Special and Sportster S. The Sportster series comes with a liquid-cooled V-twin engine in varied states of tunes. Prices of the Nighster, Nighster Special and Sportster S models are INR 13.40, INR 14.10 and INR 16.50 lakh ex-showroom. Coming to the quintessential Harley-Davidson body type — the cruiser range. The Harley-Davidson traditional cruiser range consists of the Fatbob 114, Fatboy 117, Heritage 117 and Breakout 117 models. The Breakout model is making a comeback to the Indian market after a hiatus of close to a decade. Speaking of their prices, Fatbob 114, Fatboy 117, Heritage 117 and the Breakout 117 are priced at INR 21.50 lakh, INR 25.70 lakh, INR 27.20 lakh and INR 31 lakh, ex-showroom. Also Read: US mandates new cars to come with emergency braking systems by 2029 Moving to adventure touring, which is represented by the Pan America. Unlike before, the new Pan America is now introduced in the more premium Special series. Priced at INR 24.64 lakh, the Pan America offers a 150PS 1252cc engine V-twin engine, adaptive suspension, riding modes, tyre pressure monitoring system and a TFT display with mobile phone connectivity. Lastly, both the Street Glide and Road Glide models have been updated with small enhancements, claiming to elevate the riding experience. Both the motorcycles now make use of a larger 117 motor that is said to have better thermal comfort. Furthermore, both bikes are also said to boast improved aerodynamics, a new 12.3-inch TFT instrument cluster with connectivity and increased rear suspension travel, which should aid in better comfort for the rider over the outgoing models.

2024 Harley-Davidson motorcycles' prices announced

During his recent visit to China, Tesla CEO Elon Musk proposed testing the company's advanced driver-assistance package in the country by deploying it in robotaxis, state-backed China Daily newspaper reported on Wednesday. Chinese officials welcomed the robotaxi tests in the country and hoped it would "set a good example", the newspaper quoted the sources as saying.

However, the authorities in China did not immediately approve the widespread use of its Full Self-Driving (FSD) functions. Before the complete rollout of its FSD functions, Tesla still needs to get approval to collect and transfer data overseas to train Tesla cars for driver-assistance features. The newspaper added that this issue wasn't discussed in detail during Musk's visit.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/amazon-unveils-volvo-electric-trucks-for-port-operations-in-southern-california-719184">Amazon unveils Volvo electric trucks for port operations in Southern California</a>

A person briefed on the matter told Reuters that Tesla is seeking to launch the robotaxi tests in Shanghai, where the company's largest factory globally is located.

Musk's trip to Beijing last month was to discuss the rollout of FSD in the country and whether Tesla could secure government approvals to transfer data overseas that could prove pivotal in its development of autonomous vehicles.&nbsp;

What is FSD? It is the most autonomous version of Autopilot software and was rolled out by Tesla in 2020. Its features include self-parking, auto lane changes and traffic navigation. Among the wins during this trip was a key endorsement from a top Chinese auto association that said Tesla's Model 3 and Y cars were compliant with data-security regulations.&nbsp;

This development would enable local governments to allow Tesla cars into parts of China they were previously barred from, Chinese media reported. Separately, Tesla had also reached an agreement with Baidu to use the Chinese tech giant's mapping license for data collection on China's public roads, in a step towards FSD rollout in China.

However, the China Daily Newspaper said citing sources that the deal only meant that the accuracy of Baidu's maps provided to Tesla would be improved and that it had no direct relation with FSD. Also, for now, Musk has abandoned a longstanding goal for Tesla to make affordable electric cars for the masses. 
 
(with inputs from Reuters) 
&nbsp;

During his recent visit to China, Tesla CEO Elon Musk proposed testing the company's advanced driver-assistance package in the country by deploying it in robotaxis, state-backed China Daily newspaper reported on Wednesday.

During his recent visit to China, Tesla CEO Elon Musk proposed testing the company's advanced driver-assistance package in the country by deploying it in robotaxis, state-backed China Daily newspaper reported on Wednesday. Chinese officials welcomed the robotaxi tests in the country and hoped it would "set a good example", the newspaper quoted the sources as saying. However, the authorities in China did not immediately approve the widespread use of its Full Self-Driving (FSD) functions. Before the complete rollout of its FSD functions, Tesla still needs to get approval to collect and transfer data overseas to train Tesla cars for driver-assistance features. The newspaper added that this issue wasn't discussed in detail during Musk's visit. Also Read: Amazon unveils Volvo electric trucks for port operations in Southern California A person briefed on the matter told Reuters that Tesla is seeking to launch the robotaxi tests in Shanghai, where the company's largest factory globally is located. Musk's trip to Beijing last month was to discuss the rollout of FSD in the country and whether Tesla could secure government approvals to transfer data overseas that could prove pivotal in its development of autonomous vehicles. What is FSD? It is the most autonomous version of Autopilot software and was rolled out by Tesla in 2020. Its features include self-parking, auto lane changes and traffic navigation. Among the wins during this trip was a key endorsement from a top Chinese auto association that said Tesla's Model 3 and Y cars were compliant with data-security regulations. This development would enable local governments to allow Tesla cars into parts of China they were previously barred from, Chinese media reported. Separately, Tesla had also reached an agreement with Baidu to use the Chinese tech giant's mapping license for data collection on China's public roads, in a step towards FSD rollout in China. However, the China Daily Newspaper said citing sources that the deal only meant that the accuracy of Baidu's maps provided to Tesla would be improved and that it had no direct relation with FSD. Also, for now, Musk has abandoned a longstanding goal for Tesla to make affordable electric cars for the masses. (with inputs from Reuters)

Tesla CEO Elon Musk proposed to launch robotaxis in China during April visit

Ride-hailing company Lyft estimated higher-than-expected gross bookings and core profit for the current quarter on Tuesday, driven by robust demand for its services and benefits from new user and driver features.

 
It also reported first-quarter revenue and profit above expectations, sending its share up 5 percent in extended trading.

Since CEO David Risher took charge last April, the company has cut hundreds of jobs, reduced the firm's losses, and managed to keep fare increases in check.

 
Lyft has been winning over consumers with shortened wait times for a few pre-scheduled rides, and drivers with minimum wage guarantees while trimming costs in order to boost profitability.

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/amazon-unveils-volvo-electric-trucks-for-port-operations-in-southern-california-719184">Amazon unveils Volvo electric trucks for port operations in Southern California</a>

Lyft reduced&nbsp;costs by 13 per cent and narrowed its net loss by 78 percent in 2023. The company's shares rose 36 percent over the last year. The company estimated gross bookings, representing the total value of transactions on its platform, to range from $4.0 billion to $4.1 billion in the current quarter ending June, compared to estimates of $3.96 billion, per LSEG data.

 
Lyft forecast adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) between $95 million and $100 million, surpassing analysts' average expectations of $81.1 million. 
The company’s primary competitor, Uber Technologies, is scheduled to release its quarterly earnings before the market opens on Wednesday.

 
For the quarter ending March 31, Lyft's revenue increased 28 percent to $1.28 billion, outperforming analysts' expectations of $1.16 billion. It earned 15 cents per share on an adjusted basis, higher than a 3 cent per share estimate.

Lyft will host its first-ever investor day event on June 6.

 
The San Francisco, California-based firm said it had benefited from increased&nbsp;demand during morning work commutes and weekend evening trips. It also gained from further expanding its service in Canada and growth in its advertising business.

 
In March, Uber and Lyft announced that they would discontinue their services in Minneapolis, U.S. effective from May 1 as the city council voted to enforce a minimum wage of $15.57 per hour for rideshare drivers. The council's 10-3 vote created controversy, with the companies claiming that it will lead to several job losses and leave people stranded.&nbsp;

The new law came into effect on May 1, and it requires rideshare companies to pay drivers a minimum of $1.40 per mile and 51 cents per minute while transporting a rider or $5 per ride, whichever is greater, excluding tips.

 
The decision was taken after a state-commissioned study by the Minnesota Department of Labor and Industry, which found that drivers could earn the equivalent of minimum wage with lower rates, even after accounting for benefits such as health insurance and paid time off.&nbsp;

(With inputs from Reuters)

Ride-hailing company Lyft estimated higher-than-expected gross bookings and core profit for the current quarter on Tuesday, driven by robust demand for its services and benefits from new user and driver features.

Ride-hailing company Lyft estimated higher-than-expected gross bookings and core profit for the current quarter on Tuesday, driven by robust demand for its services and benefits from new user and driver features. It also reported first-quarter revenue and profit above expectations, sending its share up 5 percent in extended trading. Since CEO David Risher took charge last April, the company has cut hundreds of jobs, reduced the firm's losses, and managed to keep fare increases in check. Lyft has been winning over consumers with shortened wait times for a few pre-scheduled rides, and drivers with minimum wage guarantees while trimming costs in order to boost profitability. Read More: Amazon unveils Volvo electric trucks for port operations in Southern California Lyft reduced costs by 13 per cent and narrowed its net loss by 78 percent in 2023. The company's shares rose 36 percent over the last year. The company estimated gross bookings, representing the total value of transactions on its platform, to range from $4.0 billion to $4.1 billion in the current quarter ending June, compared to estimates of $3.96 billion, per LSEG data. Lyft forecast adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) between $95 million and $100 million, surpassing analysts' average expectations of $81.1 million. The company’s primary competitor, Uber Technologies, is scheduled to release its quarterly earnings before the market opens on Wednesday. For the quarter ending March 31, Lyft's revenue increased 28 percent to $1.28 billion, outperforming analysts' expectations of $1.16 billion. It earned 15 cents per share on an adjusted basis, higher than a 3 cent per share estimate. Lyft will host its first-ever investor day event on June 6. The San Francisco, California-based firm said it had benefited from increased demand during morning work commutes and weekend evening trips. It also gained from further expanding its service in Canada and growth in its advertising business. In March, Uber and Lyft announced that they would discontinue their services in Minneapolis, U.S. effective from May 1 as the city council voted to enforce a minimum wage of $15.57 per hour for rideshare drivers. The council's 10-3 vote created controversy, with the companies claiming that it will lead to several job losses and leave people stranded. The new law came into effect on May 1, and it requires rideshare companies to pay drivers a minimum of $1.40 per mile and 51 cents per minute while transporting a rider or $5 per ride, whichever is greater, excluding tips. The decision was taken after a state-commissioned study by the Minnesota Department of Labor and Industry, which found that drivers could earn the equivalent of minimum wage with lower rates, even after accounting for benefits such as health insurance and paid time off. (With inputs from Reuters)

Lyft estimates positive earnings as ride-hailing demand rises

Starting with the cosmetic updates to the M4 CS, it features the same updated LED headlights with new LED DRL pattern we saw in the new M4. Since it is the CS, it continues to feature a more aggressive interpretation of the M4’s kidney grille along with red surrounds and M4 CS badging. Exterior elements finished in carbon-fibre reinforced plastics (CFRP) such as the bonnet, roof, front splitter, rear spoiler, front air intakes and side mirror caps further boost the exterior appeal while also reducing weight.

 
With the help of CFRP materials inside and out and a new lightweight titanium silencer, the M4 CS is about 20 kilograms lighter than the M4 Competition xDrive. Its interior also features carbon-fibre steering wheel, trim elements and lightweight M bucket seats which are all-electric as well as heated. Also part of the package is the updated BMW iDrive OS with M-specific theme.&nbsp;

 
Like before, the 2024 BMW M4 CS continues to pack a 3.0L twin-turbocharged straight-six petrol engine. Its unit dishes out 550PS of power and 650Nm of torque, which is 20PS more than the M4 Competition xDrive. As a result, the M4 CS catapults itself from standstill to 100kmph in under 3.4 seconds. The engine is mounted to the structure of the M4 CS rigidly, sporting increased spring rates. BMW has also put focus on engine sound and added a twin-branch exhaust system with variable valves. Its acoustics change as per the driving modes and sounds the best in Sport and Sport+ modes.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/rolls-royce-cullinan-series-ii-suv-breaks-cover-719032">Rolls-Royce Cullinan Series II SUV breaks cover</a>

 
The BMW M4 CS underpins a sophisticated rear-biased xDrive all-wheel-drive system. In the regular modes, the rear-biased system ensures superior handling while the driver can go complete hooligan with the 2WD only mode, which is only available without the Dynamic Stability Control (DSC). Its torque converter automatic transmission also features Drivelogic, which enables the driver to choose the intensity of gear shifts among three levels — ranging from comfort to track use.&nbsp;

 
Speaking of Track Use, BMW now offers track tyres as well as lightweight forged alloy wheels as standard with the new M4 CS. Its M Compound brakes also come standard with either red or black colour for the callipers. Buyers can update the brakes to carbon ceramics with red or matte gold brake callipers. The track-grade tyres, which are 19-inch at the front and 20-inch at the rear, are said to offer superior lateral control and directional stability.&nbsp; 
&nbsp;

Starting with the cosmetic updates to the M4 CS, it features the same updated LED headlights with new LED DRL pattern we saw in the new M4. Since it is the CS, it continues to feature a more aggressive interpretation of the M4’s kidney grille along with red surrounds and M4 CS badging.

Starting with the cosmetic updates to the M4 CS, it features the same updated LED headlights with new LED DRL pattern we saw in the new M4. Since it is the CS, it continues to feature a more aggressive interpretation of the M4’s kidney grille along with red surrounds and M4 CS badging. Exterior elements finished in carbon-fibre reinforced plastics (CFRP) such as the bonnet, roof, front splitter, rear spoiler, front air intakes and side mirror caps further boost the exterior appeal while also reducing weight. With the help of CFRP materials inside and out and a new lightweight titanium silencer, the M4 CS is about 20 kilograms lighter than the M4 Competition xDrive. Its interior also features carbon-fibre steering wheel, trim elements and lightweight M bucket seats which are all-electric as well as heated. Also part of the package is the updated BMW iDrive OS with M-specific theme. Like before, the 2024 BMW M4 CS continues to pack a 3.0L twin-turbocharged straight-six petrol engine. Its unit dishes out 550PS of power and 650Nm of torque, which is 20PS more than the M4 Competition xDrive. As a result, the M4 CS catapults itself from standstill to 100kmph in under 3.4 seconds. The engine is mounted to the structure of the M4 CS rigidly, sporting increased spring rates. BMW has also put focus on engine sound and added a twin-branch exhaust system with variable valves. Its acoustics change as per the driving modes and sounds the best in Sport and Sport+ modes. Also Read: Rolls-Royce Cullinan Series II SUV breaks cover The BMW M4 CS underpins a sophisticated rear-biased xDrive all-wheel-drive system. In the regular modes, the rear-biased system ensures superior handling while the driver can go complete hooligan with the 2WD only mode, which is only available without the Dynamic Stability Control (DSC). Its torque converter automatic transmission also features Drivelogic, which enables the driver to choose the intensity of gear shifts among three levels — ranging from comfort to track use. Speaking of Track Use, BMW now offers track tyres as well as lightweight forged alloy wheels as standard with the new M4 CS. Its M Compound brakes also come standard with either red or black colour for the callipers. Buyers can update the brakes to carbon ceramics with red or matte gold brake callipers. The track-grade tyres, which are 19-inch at the front and 20-inch at the rear, are said to offer superior lateral control and directional stability.

2024 BMW M4 CS brings serious updates

A senior executive revealed that Nio is gearing up to unveil a new model under a mass-market brand by the end of this month. Additionally, plans are underway to introduce a smaller electric vehicle in Europe next year, priced at less than USD 30,000.

Sub-brand creation

Nio has established the sub-brand Onvo, aiming to compete directly with the Tesla Model Y. The new EV under the Onvo brand, named the L60, is poised to make waves in the EV market.

Targeting European market

Nicolas Vincelot, the general manager for France, confirmed that Nio's new brands are specifically tailored to meet the needs of the European market. These brands will offer electric vehicles that are less premium but still fully electric.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/uaw-members-ratify-new-labour-contract-with-daimler-truck-718327">UAW members ratify new labour contract with Daimler Truck</a>

Expansion plans

The Onvo brand's website has already gone live in China, teasing the imminent launch of the L60 model. More details about the brand are expected to be revealed by the end of the month. Additionally, another sub-brand, codenamed Firefly, is in development, with plans to unveil smaller EVs targeting city driving.

Innovative battery swapping technology

Both the Onvo and Firefly brands will utilise Nio's innovative battery swapping stations, allowing for quick and convenient battery replacement. This technology enhances the practicality and versatility of Nio's electric vehicles.

Rivalry with Xpeng

Nio faces competition from Xpeng, which is also planning to introduce a mass-market brand called Mona. Xpeng's brand will feature self-driving capabilities on vehicles priced below $21,000, intensifying competition in the affordable EV segment.

Shift in business model

Nio is transitioning from its initial subscription-based model to a broader distribution approach. This new strategy involves selling and leasing cars online and through showrooms located in major cities, catering to diverse consumer preferences.

Global expansion strategy

Nio has commenced sales in several European countries, including Norway, Denmark, Sweden, Germany, and the Netherlands. The company's expansion into these markets underscores its ambition to establish a strong global presence beyond China.

Response to market challenges

In response to a slowdown in EV sales and increased pricing competition in China, Nio has implemented cost-cutting measures, including staff reductions and potential spin-offs of its battery manufacturing division. These strategic adjustments aim to enhance the company's competitiveness in the evolving EV landscape.

Regulatory scrutiny and global implications

The expansion of Chinese EV makers into Europe coincides with regulatory scrutiny from the European Union regarding potential competition breaches. As Chinese President Xi Jinping visits France, discussions around EU investigations are expected to feature prominently, reflecting the broader implications of China's EV industry expansion.

(Inputs from Reuters)

A senior executive revealed that Nio is gearing up to unveil a new model under a mass-market brand by the end of this month. Additionally, plans are underway to introduce a smaller electric vehicle in Europe next year, priced at less than USD 30,000.

A senior executive revealed that Nio is gearing up to unveil a new model under a mass-market brand by the end of this month. Additionally, plans are underway to introduce a smaller electric vehicle in Europe next year, priced at less than USD 30,000. Sub-brand creation Nio has established the sub-brand Onvo, aiming to compete directly with the Tesla Model Y. The new EV under the Onvo brand, named the L60, is poised to make waves in the EV market. Targeting European market Nicolas Vincelot, the general manager for France, confirmed that Nio's new brands are specifically tailored to meet the needs of the European market. These brands will offer electric vehicles that are less premium but still fully electric. Also Read: UAW members ratify new labour contract with Daimler Truck Expansion plans The Onvo brand's website has already gone live in China, teasing the imminent launch of the L60 model. More details about the brand are expected to be revealed by the end of the month. Additionally, another sub-brand, codenamed Firefly, is in development, with plans to unveil smaller EVs targeting city driving. Innovative battery swapping technology Both the Onvo and Firefly brands will utilise Nio's innovative battery swapping stations, allowing for quick and convenient battery replacement. This technology enhances the practicality and versatility of Nio's electric vehicles. Rivalry with Xpeng Nio faces competition from Xpeng, which is also planning to introduce a mass-market brand called Mona. Xpeng's brand will feature self-driving capabilities on vehicles priced below $21,000, intensifying competition in the affordable EV segment. Shift in business model Nio is transitioning from its initial subscription-based model to a broader distribution approach. This new strategy involves selling and leasing cars online and through showrooms located in major cities, catering to diverse consumer preferences. Global expansion strategy Nio has commenced sales in several European countries, including Norway, Denmark, Sweden, Germany, and the Netherlands. The company's expansion into these markets underscores its ambition to establish a strong global presence beyond China. Response to market challenges In response to a slowdown in EV sales and increased pricing competition in China, Nio has implemented cost-cutting measures, including staff reductions and potential spin-offs of its battery manufacturing division. These strategic adjustments aim to enhance the company's competitiveness in the evolving EV landscape. Regulatory scrutiny and global implications The expansion of Chinese EV makers into Europe coincides with regulatory scrutiny from the European Union regarding potential competition breaches. As Chinese President Xi Jinping visits France, discussions around EU investigations are expected to feature prominently, reflecting the broader implications of China's EV industry expansion. (Inputs from Reuters)

Nio plans to expand global presence with new EV models

The European Union (EU) has granted approval for Japan's Nippon Steel to acquire US Steel in a deal worth $14.9 billion. <o:p></o:p>

According to Reuters, the decision by the European Commission comes amid political opposition in the US, with concerns raised about national security and possible job losses. <o:p></o:p>

While the approval was anticipated in the EU, the deal faces resistance in the US, with lawmakers expressing apprehension and US Steel's union voicing concerns about employment.<o:p></o:p>

The acquisition, which was finalised by Nippon in December, marks a major moment in the steel industry, with Nippon prevailing over other bidders such as Cleveland-Cliffs, ArcelorMittal, and Nucor. <o:p></o:p>

This development positions Nippon as the world's fourth-largest steelmaker, to expand its global crude steel capacity, aiming for 100 million metric tons.<o:p></o:p>

Despite the ongoing scrutiny, the majority of US Steel shareholders voted in favour of the deal in April.<o:p></o:p>

While opposition continued, Nippon attempted to address the concerns by making plans to relocate its US headquarters to Pittsburgh, where US Steel is headquartered. <o:p></o:p>

Additionally, Nippon has assured to uphold all existing agreements between US Steel and the United Steelworkers. <o:p></o:p>

Despite these efforts, the deal faces resistance from various quarters, including US President Joe Biden, who advocates for US Steel to remain domestically owned. <o:p></o:p>

Conversely, Donald Trump, a leading contender for the presidential race, has said that he will block the deal if elected.<o:p></o:p>

While the Department of Justice has sought additional details on the proposed merger as part of an antitrust review, US Steel remains optimistic about the deal's prospects. <o:p></o:p>

The company expects the acquisition to be finalised in the second half of 2024, compared to the initial timeline of the second to third quarter. <o:p></o:p>

Although there have been challenges, shares of US Steel saw a 2 per cent rise in morning trade following the EU's approval. <o:p></o:p>

However, the company's shares have experienced a decline of 25 per cent since the beginning of the year.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The European Union (EU) has granted approval for Japan's Nippon Steel to acquire US Steel in a deal worth $14.9 billion. According to Reuters, the decision by the European Commission comes amid political opposition in the US, with concerns raised about national security and possible job losses.

The European Union (EU) has granted approval for Japan's Nippon Steel to acquire US Steel in a deal worth $14.9 billion. According to Reuters, the decision by the European Commission comes amid political opposition in the US, with concerns raised about national security and possible job losses. While the approval was anticipated in the EU, the deal faces resistance in the US, with lawmakers expressing apprehension and US Steel's union voicing concerns about employment. The acquisition, which was finalised by Nippon in December, marks a major moment in the steel industry, with Nippon prevailing over other bidders such as Cleveland-Cliffs, ArcelorMittal, and Nucor. This development positions Nippon as the world's fourth-largest steelmaker, to expand its global crude steel capacity, aiming for 100 million metric tons. Despite the ongoing scrutiny, the majority of US Steel shareholders voted in favour of the deal in April. While opposition continued, Nippon attempted to address the concerns by making plans to relocate its US headquarters to Pittsburgh, where US Steel is headquartered. Additionally, Nippon has assured to uphold all existing agreements between US Steel and the United Steelworkers. Despite these efforts, the deal faces resistance from various quarters, including US President Joe Biden, who advocates for US Steel to remain domestically owned. Conversely, Donald Trump, a leading contender for the presidential race, has said that he will block the deal if elected. While the Department of Justice has sought additional details on the proposed merger as part of an antitrust review, US Steel remains optimistic about the deal's prospects. The company expects the acquisition to be finalised in the second half of 2024, compared to the initial timeline of the second to third quarter. Although there have been challenges, shares of US Steel saw a 2 per cent rise in morning trade following the EU's approval. However, the company's shares have experienced a decline of 25 per cent since the beginning of the year. (With inputs from Reuters)

EU approves Nippon Steel’s $14.9 bn acquisition of US Steel despite opposition

The container shipping industry remains confronted with disruptions in the Red Sea, with Maersk projecting a potential 20 per cent reduction in capacity between Asia and Europe in the second quarter. <o:p></o:p>

According to Reuters, Maersk and other shipping firms have rerouted vessels around Africa's Cape of Good Hope to evade attacks by Iran-aligned Houthi militants in the Red Sea since December.<o:p></o:p>

This has led to increased cruise times and heightened freight rates.<o:p></o:p>

According to Maersk, the risk zone for attacks has expanded, compelling vessels to extend their voyages, resulting in increased time and costs for cargo transportation. <o:p></o:p>

Maersk's fuel expenses on affected routes between Asia and Europe have increased by 40 per cent per journey due to the longer detours. <o:p></o:p>

Hapag-Lloyd, another major shipping company, confirms these challenges, opting to avoid the Red Sea at present.<o:p></o:p>

By redirecting traffic away from the Suez Canal, Maersk estimates a major reduction in container industry capacity between Asia and Northern Europe and the Mediterranean, ranging between 15-20 per cent in the second quarter.<o:p></o:p>

This disruption has ripple effects across various container freight routes, particularly those connecting Asia to the east and west coasts of South America, leading to complexities in global supply chain logistics.<o:p></o:p>

Maersk, renowned as a key indicator of global trade, anticipates that these disruptions will persist at least until the end of 2024. <o:p></o:p>

Meanwhile, France's CMA CGM continues to navigate some vessels through the Red Sea under a naval escort, although the majority of its ships are being rerouted around Africa to mitigate risks. <o:p></o:p>

CEO Rodolphe Saade highlighted challenges related to port congestion and the need for alternative destinations such as Algeciras or Valencia in Spain.<o:p></o:p>

The repercussions of voyages around Africa include operational bottlenecks, vessel congestion at ports, and shortages of equipment and capacity. <o:p></o:p>

To address reliability concerns, Maersk has adopted measures such as increased sailing speeds and leasing over 125,000 additional containers.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The container shipping industry remains confronted with disruptions in the Red Sea, with Maersk projecting a potential 20 per cent reduction in capacity between Asia and Europe in the second quarter.

The container shipping industry remains confronted with disruptions in the Red Sea, with Maersk projecting a potential 20 per cent reduction in capacity between Asia and Europe in the second quarter. According to Reuters, Maersk and other shipping firms have rerouted vessels around Africa's Cape of Good Hope to evade attacks by Iran-aligned Houthi militants in the Red Sea since December. This has led to increased cruise times and heightened freight rates. According to Maersk, the risk zone for attacks has expanded, compelling vessels to extend their voyages, resulting in increased time and costs for cargo transportation. Maersk's fuel expenses on affected routes between Asia and Europe have increased by 40 per cent per journey due to the longer detours. Hapag-Lloyd, another major shipping company, confirms these challenges, opting to avoid the Red Sea at present. By redirecting traffic away from the Suez Canal, Maersk estimates a major reduction in container industry capacity between Asia and Northern Europe and the Mediterranean, ranging between 15-20 per cent in the second quarter. This disruption has ripple effects across various container freight routes, particularly those connecting Asia to the east and west coasts of South America, leading to complexities in global supply chain logistics. Maersk, renowned as a key indicator of global trade, anticipates that these disruptions will persist at least until the end of 2024. Meanwhile, France's CMA CGM continues to navigate some vessels through the Red Sea under a naval escort, although the majority of its ships are being rerouted around Africa to mitigate risks. CEO Rodolphe Saade highlighted challenges related to port congestion and the need for alternative destinations such as Algeciras or Valencia in Spain. The repercussions of voyages around Africa include operational bottlenecks, vessel congestion at ports, and shortages of equipment and capacity. To address reliability concerns, Maersk has adopted measures such as increased sailing speeds and leasing over 125,000 additional containers. (With inputs from Reuters)

Maersk warns of Red Sea disruption impacting Asia-Europe shipping routes, cutting capacity by 20pc

The Federal Aviation Administration (FAA) has initiated an investigation into Boeing’s 787 Dreamliner aircraft after concerns of potential misconduct within the company’s operations surfaced.<o:p></o:p>

According to Reuters, the inquiry follows Boeing's disclosure of employee misconduct related to the completion of crucial tests on certain 787 Dreamliner aeroplanes.<o:p></o:p>

The FAA's investigation centres on whether Boeing conducted thorough inspections to ensure proper bonding and grounding at the junction of wings and fuselage in specific 787 Dreamliner aircraft. <o:p></o:p>

Additionally, authorities are examining claims of fabrication of aircraft records by company personnel. <o:p></o:p>

Boeing has taken immediate action in response to the allegations, with plans underway to reinspect all 787 aeroplanes within the production system and devise a strategy for addressing the fleet currently in service.<o:p></o:p>

After the news broke out, Boeing's shares experienced a decline of 1.5 per cent, closing at $177.03 on Monday afternoon. <o:p></o:p>

Scott Stocker, head of Boeing's 787 program, addressed the issue in an internal email to employees in South Carolina, where the 787 Dreamliner is assembled. <o:p></o:p>

Stocker acknowledged instances of policy violations by employees who failed to perform required tests but recorded them as completed.<o:p></o:p>

Boeing immediately reported the matter to the FAA and is taking corrective measures against the implicated personnel.<o:p></o:p>

While Boeing stated that the identified misconduct does not pose an immediate safety threat, the company faces additional challenges in its production and delivery schedules for the 787 Dreamliner. <o:p></o:p>

Supplier shortages in critical components have compelled Boeing to anticipate a slower rate of production and deliveries for its widebody jets. <o:p></o:p>

This setback comes while Boeing is already under investigation regarding its manufacturing practices, with recent criticism from a Boeing quality engineer and a criminal investigation by the Justice Department into a mid-air emergency involving a Boeing 737 MAX 9.<o:p></o:p>

The National Transportation Safety Board's findings revealed missing bolts in a plane delivered by Boeing months before a mid-air emergency, raising questions about compliance and documentation procedures within the company.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Federal Aviation Administration (FAA) has initiated an investigation into Boeing’s 787 Dreamliner aircraft after concerns of potential misconduct within the company’s operations surfaced.

The Federal Aviation Administration (FAA) has initiated an investigation into Boeing’s 787 Dreamliner aircraft after concerns of potential misconduct within the company’s operations surfaced. According to Reuters, the inquiry follows Boeing's disclosure of employee misconduct related to the completion of crucial tests on certain 787 Dreamliner aeroplanes. The FAA's investigation centres on whether Boeing conducted thorough inspections to ensure proper bonding and grounding at the junction of wings and fuselage in specific 787 Dreamliner aircraft. Additionally, authorities are examining claims of fabrication of aircraft records by company personnel. Boeing has taken immediate action in response to the allegations, with plans underway to reinspect all 787 aeroplanes within the production system and devise a strategy for addressing the fleet currently in service. After the news broke out, Boeing's shares experienced a decline of 1.5 per cent, closing at $177.03 on Monday afternoon. Scott Stocker, head of Boeing's 787 program, addressed the issue in an internal email to employees in South Carolina, where the 787 Dreamliner is assembled. Stocker acknowledged instances of policy violations by employees who failed to perform required tests but recorded them as completed. Boeing immediately reported the matter to the FAA and is taking corrective measures against the implicated personnel. While Boeing stated that the identified misconduct does not pose an immediate safety threat, the company faces additional challenges in its production and delivery schedules for the 787 Dreamliner. Supplier shortages in critical components have compelled Boeing to anticipate a slower rate of production and deliveries for its widebody jets. This setback comes while Boeing is already under investigation regarding its manufacturing practices, with recent criticism from a Boeing quality engineer and a criminal investigation by the Justice Department into a mid-air emergency involving a Boeing 737 MAX 9. The National Transportation Safety Board's findings revealed missing bolts in a plane delivered by Boeing months before a mid-air emergency, raising questions about compliance and documentation procedures within the company. (With inputs from Reuters)

FAA launches investigation into Boeing 787 inspections over alleged misconduct

The average daily home sales in China plummeted by 47 per cent during the May Day public holiday compared to the previous year.<o:p></o:p>

According to data cited by Reuters from the China Index Academy, it was revealed that home sales in 19 out of 22 surveyed cities witnessed a sharp decline during the five-day holiday period.<o:p></o:p>

Mega-cities like Guangzhou and Shanghai experienced a steep decline of over 60 per cent.<o:p></o:p>

The slump in home sales is a reflection of bigger challenges in China's real estate sector, worsened by ongoing policy adjustments and economic uncertainties. <o:p></o:p>

Although there have been efforts by Chinese authorities to strengthen the housing market, analysts argue that many policies lack long-term effectiveness and fail to address fundamental issues.<o:p></o:p>

At a recent politburo meeting, policymakers highlighted the need for improved policies to address housing inventory, noting persistent pressures within the housing market.<o:p></o:p>

Recognising the need for decisive action, analysts and industry experts have advocated for a comprehensive approach to stimulate home sales and stabilise the real estate sector. <o:p></o:p>

Suggestions include reducing the down payment ratio, lowering mortgage interest rates, and revising transaction taxes and fees to incentivise home buyers.<o:p></o:p>

Additionally, local governments have implemented measures such as easing home purchase restrictions and optimising regulations to facilitate home transactions.<o:p></o:p>

Responding to the downturn, cities like Chengdu and Beijing have implemented localised measures to alleviate pressure on the housing market. <o:p></o:p>

Chengdu recently relaxed home purchase limits, while Beijing announced "optimised measures" to facilitate new home purchases in outer districts, aimed at revitalising home sales.<o:p></o:p>

Analysts anticipate further policy easing measures and increased intervention by local governments to stimulate housing demand and absorb excess housing inventory.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The average daily home sales in China plummeted by 47 per cent during the May Day public holiday compared to the previous year. According to data cited by Reuters from the China Index Academy, it was revealed that home sales in 19 out of 22 surveyed cities witnessed a sharp decline during the five-day holiday period.

The average daily home sales in China plummeted by 47 per cent during the May Day public holiday compared to the previous year. According to data cited by Reuters from the China Index Academy, it was revealed that home sales in 19 out of 22 surveyed cities witnessed a sharp decline during the five-day holiday period. Mega-cities like Guangzhou and Shanghai experienced a steep decline of over 60 per cent. The slump in home sales is a reflection of bigger challenges in China's real estate sector, worsened by ongoing policy adjustments and economic uncertainties. Although there have been efforts by Chinese authorities to strengthen the housing market, analysts argue that many policies lack long-term effectiveness and fail to address fundamental issues. At a recent politburo meeting, policymakers highlighted the need for improved policies to address housing inventory, noting persistent pressures within the housing market. Recognising the need for decisive action, analysts and industry experts have advocated for a comprehensive approach to stimulate home sales and stabilise the real estate sector. Suggestions include reducing the down payment ratio, lowering mortgage interest rates, and revising transaction taxes and fees to incentivise home buyers. Additionally, local governments have implemented measures such as easing home purchase restrictions and optimising regulations to facilitate home transactions. Responding to the downturn, cities like Chengdu and Beijing have implemented localised measures to alleviate pressure on the housing market. Chengdu recently relaxed home purchase limits, while Beijing announced "optimised measures" to facilitate new home purchases in outer districts, aimed at revitalising home sales. Analysts anticipate further policy easing measures and increased intervention by local governments to stimulate housing demand and absorb excess housing inventory. (With inputs from Reuters)

China home sales fall during May Day holiday, urging calls for policy adjustments