Self-Driving Cars Take Wheel, Almost, At Auto Show

[email protected] (News Network)
November 21, 2014

Apple iPad Mini1

Nov 21: The L.A. Auto Show kicked off Tuesday with press days focused on the technology of the "connected car," which will eventually help lead to self-driving cars, like those that Google (NASDAQ:GOOGL) and recent auto-tech IPO Mobileye (NYSE:MBLY) have been working on.

Volvo, for one, showcased in a news conference Tuesday that, like Google, its cars can drive themselves now — following lanes, adapting speeds and merging into traffic.

"The first prototypes are out and running," Volvo Technical Specialist Erik Coelingh told IBD at the auto show, beside a Volvo outfitted as a "Drive Me" autonomous vehicle. "We've selected a number of commuter roads in Gothenburg on which we'll allow for self-driving in 2017 — and already we are driving around with prototypes like these."

On Swedish public roads, engineers accompany the autonomous cars for testing now. As a luxury car maker, Volvo sees providing autonomous driving capability for when a driver doesn't want to drive, for instance on a boring commute. But Coelingh said that there's a significant opportunity to improve safety via autonomous driving too.

The technology for self-driving, robotic or autonomous cars — whatever catchphrase eventually sticks — is largely here today and incorporates things like cameras and sensor systems.

Volkswagen's (OTCPK:VLKAY) Audi showcased its automated auto developments at the car show too. Its partnership with chipmaker Nvidia (NASDAQ:NVDA) underlies a significant part of the effort.

Assisted, Not Autonomous

"There are many different ways in which drivers are assisted today already," Anupam Malhotra, Audi of America's manager of connected vehicles, told IBD at the auto show. "You have side-warning lane-change management, you have adaptive cruise control systems, all these systems are already present in the cars. Piloted driving requires one additional step beyond that, a lateral-dimension sensor we add onto the car, called Lidar."

Lidar measures distance by using a laser for illumination and analyzing the reflection.

"Once that module's added on," Malhotra said, "you take all the input from these sensors and cameras, and you build it into the decision process that's built around how the car handles."

Audi is now testing piloted driving in California. It got a license to do so in Las Vegas a year ago.

"So this is something that is real, these cars are capable of driving themselves," Malhotra said. "Of course, in order for it to be street legal, there are a number of regulatory and social hurdles that still need to be leaped. But Audi is working on a process to actually bring this into production within the decade."

Besides Nevada and California, Florida and Michigan also allow testing of driverless vehicles on public roads.

Tesla, Mobileye Team Up

Luxury electric car maker Tesla Motors (NASDAQ:TSLA) said last month that it was adding lane-change and speed warning capabilities to new Model S sedans. The "autopilot" feature, with 360-degree ultrasonic sonar and long-range radar, means that the car will eventually be able to recognize traffic lights and people, and do self-parking and active emergency braking.

Tesla is working directly with advanced driver-assistance system (ADAS) developer Mobileye, whose stock leapt 48% in its Aug. 1 trading debut. Mobileye is also working with a number of big-name carmakers such as General Motors (NYSE:GM) and Honda (NYSE:HMC), though mostly through relationships with their suppliers.

Mobileye reports earnings on Thursday.

Morgan Stanley analyst Ravi Shanker has said he expects roughly half of new cars sold globally to have an advanced driver-assistance system or autonomous system by 2022.

One Step At A Time

But "what we need to do is get semi-autonomous right first," said Renee Stephens, vice president of automotive quality at consulting firm J.D. Power, speaking at the auto show. Then she showed a funny video of people trying to get their voice-interactive navigation systems to understand what they really said.

J.D. Power's research shows that some technologies are making sense to consumers. All-around car camera systems are favored by 72% of drivers polled. But other technologies were less popular, such as eye-tracking controls, which only 22% saw as adding value. (They can be an integral part of active-safety technologies that recognize when a driver is distracted.)

For now, the term "connected cars" refers to a whole array of enhanced communications, entertainment and safety features — from voice-interactive control of the car's music and maps to how a vehicle interacts with smartphones, to how cars may one day use Wi-Fi communications between themselves to help detect traffic.

Are customers asking for connected cars now?

Yes, says Jason Schulz, manager of strategic partnerships at Toyota Motor (NYSE:TM) Sales, though they want a simple experience and some have price constraints.

"As you start to look at the segment going from nonluxury to luxury, demand increases," he said at the auto show. "Nonluxury buyers see themselves going from maybe analog to digital, making that shift. And our luxury buyers see connected services really as a natural part of the premium experience — so demand is definitely increasing."

However, he said, what's really interesting is that "those with a connected car today cannot imagine a world without a connected car as their next vehicle purchase."

The idea of an autonomous car is "at an interesting point where it has acquired momentum far ahead of what many people anticipated," said Jeremy Acevedo, an analyst at car-shopping site Edmunds.com. "A lot of the components needed to make cars autonomous are right here at our fingertips, and it seems like a lot closer than a little while ago."

So when they're finally available to the public, how much will autonomous capabilities add to the cost of a car?

Too early to say, according to Audi's Malhotra, though he notes that the technology continues to improve and Audi has, with Nvidia, been able to reduce the size of the control unit — and things like that can end up reducing costs. It looks roughly the size of an Apple iPad Mini.

Apple iPad Mini

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
June 12,2020

New Delhi, Jun 12: The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks.

A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months.

"Then how can interest of these 3 months be added?" the apex bench asked. Mehta replied: "I need to sit down with the RBI officials and have a meeting."

SBI's counsel, senior advocate Mukul Rohatgi, intervened during the proceedings and said "all banks are of the view that interest cannot be waived for a six month EMI moratorium period".

"We need to discuss it with the RBI," insisted Rohatgi.

Justice Bhushan then asked Mehta to convene a meeting of the RBI and Finance Ministry officials over the weekend, and listed the matter for further hearing on June 17.

The top court, during the hearing, indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn't accrue further interest on it.

After the RBI said the waiver of interest charges on EMIs during moratorium will lead to loss of 1 per cent of the nation's GDP, the top court had earlier asked the Finance Ministry to reply, whether the interest could be waived or it would continue during the moratorium period.

The top court said these are not normal times, and it is a serious issue, as on one hand moratorium is granted and then, the interest is charged on loans during this period.

"There are two issues in this (matter). No interest during the moratorium period and no interest on interest," said Justice Bhushan. The observation from the bench came on a petition by Gajendra Sharma, in which he sought a direction to declare portion of the RBI's March 27 notification as ultra vires to the extent it charged interest on the loan amount during the moratorium period.

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Agencies
March 15,2020

Cybercriminals continue to exploit public fear of rising coronavirus cases through malware and phishing emails in the guise of content coming from the Centers for Disease Control and Prevention (CDC) in the US and World Health Organisation (WHO), says cybersecurity firm Kaspersky.

In the APAC region, Kaspersky has detected 93 coronavirus-related malware in Bangladesh, 53 in the Philippines, 40 in China, 23 in Vietnam, 22 in India and 20 in Malaysia. 

Single-digit detections were monitored in Singapore, Japan, Indonesia, Hong Kong, Myanmar, and Thailand. 

Along with the consistent increase of 2019 coronavirus cases comes the incessant techniques cybercriminals are using to prey on public panic amidst the global epidemic, the company said in a statement. 

Kaspersky also detected emails offering products such as masks, and then the topic became more commonly used in Nigerian spam emails. Researchers also found scam emails with phishing links and malicious attachments.

One of the latest spam campaigns mimics the World Health Organisation (WHO), showing how cybercriminals recognise and are capitalising on the important role WHO has in providing trustworthy information about the coronavirus.

"We would encourage companies to be particularly vigilant at this time, and ensure employees who are working at home exercise caution. 

"Businesses should communicate clearly with workers to ensure they are aware of the risks, and do everything they can to secure remote access for those self-isolating or working from home," commented David Emm, principal security researcher.

Some malicious files are spread via email. 

For example, an Excel file distributed via email under the guise of a list of coronavirus victims allegedly sent from the World Health Organisation (WHO) was, in fact, a Trojan-Downloader, which secretly downloads and installs another malicious file. 

This second file was a Trojan-Spy designed to gather various data, including passwords, from the infected device and send it to the attacker.

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