Tesla CEO Elon Musk Says Criticism of Self-Driving Cars Can Kill People

October 21, 2016

Oct 21: Self-driving cars hold the promise of saving thousands of lives each year on US roads. But does pointing out flaws with the technology effectively put people in danger?

ElonThat claim was put forth Wednesday by Tesla Motors CEOElon Musk, who criticised the media for harping on the relatively few crashes involving Tesla's semi-autonomous driving system called Autopilot, while saying little about the about the 1.2 million people who die worldwide each year in human-driven vehicles.

"If, in writing some article that's negative, you effectively dissuade people from using autonomous vehicles, you're killing people," said Musk, who expects his self-driving technology to be at least twice as safe as cars driven by humans.

The comments came as Musk announced that all new Tesla vehicles - including the lower-cost Model 3 - will have the hardware needed to drive themselves. The talk is bold but experts say it's premature until self-driving cars prove they're better drivers than humans under any circumstances.

"Over time, after the technology has established itself, one would expect there would be a decrease in fatalities," says Raj Rajkumar, a computer engineering professor at Carnegie Mellon University who leads its autonomous vehicle research. "But this is too premature to make this claim. Tesla's technology is known to be imperfect."

In May, an Ohio man using Autopilot died when his Tesla Model S failed to spot a tractor-trailer crossing a divided highway. Neither the car nor the driver braked, and the Model S crashed into the side of the trailer. Federal investigators are looking into Autopilot's role in the crash.

There is evidence, however, that one day Musk could be proven to be right. While currently there is little data showing that fully autonomous cars would reduce deaths, there are studies that show computer controls can cut fatalities. The Insurance Institute for Highway Safety said it determined from 2016 police data that forward collision warning alone reduced front-into-rear crashes by 27 percent. Automatic braking cut the rear crashes in half and reduced injuries by almost 60 percent.

Tesla's Autopilot, introduced last year, can maintain a set speed and distance and keep the car in its lane. But the technology works mainly on highways and must be monitored by the driver. Autopilot will turn itself off if drivers have their hands off the wheel for too long.

Musk says Autopilot has already shown itself to be safer than humans. He tweeted earlier this month that Tesla vehicles have been driven 222 million miles in Autopilot mode, with one confirmed driver death. By comparison, the US fatality rate in 2014 was 2.16 deaths per 200 million miles traveled, according to government data.

The new autonomous system has been in testing for more than a year, and Musk said Wednesday it could cut worldwide deaths in half if all cars used it.

Rajkumar was skeptical and called the Tesla announcement "marketing hype." He said people should be skeptical of Tesla's claims because of the Florida crash. Self-driving technology "still needs to prove itself," he said, adding that it has trouble operating in dense urban traffic and inclement weather.

Consumer Reports magazine also is concerned about semi-autonomous systems such as those that allow a car to steer itself. The magazine believes automakers like Tesla "should take stronger steps to ensure that vehicles with these systems are designed, deployed, and marketed safely," it said in a statement.

One criticism of Autopilot is that the system gives drivers a false sense of security, causing them to be distracted and unprepared to take control in an emergency. The German government has told Tesla to stop using the Autopilot name because it implies that cars can drive themselves.

Musk disagrees, saying the term has been used in aviation to describe a system that assists pilots.

The new Tesla vehicles will use Tesla-developed software and have more sensors. They'll have eight cameras - compared to one in previous models - as well as advanced sonar and greater computing capacity. Tesla says the system is fully autonomous and can work on city streets as well as highways. Buyers can pay $3,000 for Autopilot or $8,000 for the full self-driving system.

Tesla owners, though, won't be able to give up control of their cars just yet. The company will gradually roll out autonomous capability in software updates every few months, once there's enough data to prove it's safe, Musk said. The updates also would have to meet safety regulations in the U.S. and elsewhere.

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Agencies
March 14,2020

New Delhi, Mar 14: Excise duty on petrol and diesel was on Saturday hiked by ₹3 per litre as the government looked to mop up gains arising from fall in international oil prices.

Special excise duty on petrol was hiked by ₹2 to ₹8 per litre incase of petrol and to Rs 4 incase of diesel, an official notification said.

Additionally, road cess on petrol was raised by ₹1 per litre each on petrol and diesel to ₹10.

The increase in excise duty would in normal course result in a hike in petrol and diesel prices but most of it would be adjusted against the fall in rates that would have necessitated because of slump in international oil prices.

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Agencies
July 10,2020

In a first, the Supreme Court on Friday allowed the service of summons and notices, a necessity in almost all legal proceedings, through instant messenger like WhatsApp as well as by e-mail and fax.

A bench headed by Chief Justice SA Bobde observed that it has been brought to the notice of the court that it is not feasible to visit post offices for service of notices, summons, and pleadings. The bench also comprising Justices AS Bopanna and R Subhash Reddy observed that notice and summons should be sent through e-mail on the same day along with instant message through WhatsApp and other phone messenger services.

The bench clarified that all methods should be deployed for a valid service on the party. "Two blue ticks would convey that the receiver has seen the notice," noted the bench.

The bench declined the request of the Attorney General for specifically naming WhatsApp as a mode of effectuating service. The top court noted that it would not be practical to specify only WhatsApp. The apex court also permitted RBI to extend the validity of cheques in the backdrop of lockdown to contain the coronavirus outbreak.

Senior advocate V Giri representing RBI informed the bench that he had circulated the note regarding validity of a cheque as directions issued on the previous hearing.

The bench noted that it will be in discretion of the RBI to issue orders which are suitable to alter the validity of the period of a cheque.

During an earlier hearing on the matter on July 7, the Attorney General contended before the top court that the Centre had some reservations in connection with the utilization of mobile applications like WhatsApp and other apps for service of summons. The Centre's top law officer informed the apex court that these apps claimed to be encrypted, and they were not trustworthy.

The RBI counsel had contended before the top court that it was considering clarifying the validity of a cheque which has been reduced to 3 months from 6 months.

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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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