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
March 10,2020

New Delhi, Mar 10: Crisis-hit Yes Bank on Tuesday said that it has enabled inward IMPS and NEFT services.

The move allows people to send money from other bank accounts to their Yes Bank account through IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) mode.

In a tweet, the bank also said that Yes Bank customers can pay their credit card dues and loan obligations from other bank accounts.

"Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation. @RBIA @FinMinIndia," said tweet.

Last week Yes Bank was placed under moratorium and a withdrawal cap of Rs 50,000 was imposed till April 3.

The administrator of Yes Bank, Prashant Kumar and Rajnish Kumar, the Chairman of the State Bank of India are hopeful that moratorium would be lifted within a week.

As per the Reserve Bank of India (RBI) draft reconstruction scheme for the crisis-hit private lender, the SBI will take up 49 per cent in the bank by investing Rs 2,450 crore.

The new board of directors will stand constituted from the appointed date. It will comprise a CEO and MD, non-executive chairman and non-executive directors. The SBI will have nominee directors appointed on the board of the reconstructed bank.

The RBI may appoint additional directors to the board, who shall continue in office for one year, or until an alternate board is constituted by Yes Bank.

The SBI will not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital.

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Agencies
June 5,2020

With the scrapping of Mitron and Remove China Apps from its Play Store gaining a lot of attention in India, Google on Thursday said that it removed a video app "for a number of technical policy violations", while adding that it also does not allow an app that "encourages or incentivizes users into removing or disabling third-party apps".

Both the apps became immensely popular in India within a short span of time due to the prevailing anti-China sentiment amid border tensions between India and China in Ladakh and calls by Indian activists to boycott Chinese products.

Reports suggested that the Mitron app is a repackaged version of TicTic, which is a TikTok clone.

The Remove China Apps was designed to help users identify applications of Chinese origin.

Without naming the apps, Google hinted that the Mitron app may make a comeback on the Play Store once it fixes some technical issues, but the chances of the Remove China Apps are thin.

"We have an established process of working with developers to help them fix issues and resubmit their apps. We've given this developer (of the video app) some guidance and once they've addressed the issue the app can go back up on Play," Sameer Samat, Vice President, Android and Google Play, said in a statement.

Google said that its Android app store was designed to provide a safe and secure experience for the consumers while also giving developers the platform and tools they need to build sustainable businesses.

Samat said that Google Play recently suspended a number of apps for violating the policy that it does not allow an app that "encourages or incentivizes users into removing or disabling third-party apps or modifying device settings or features unless it is part of a verifiable security service".

"This is a longstanding rule designed to ensure a healthy, competitive environment where developers can succeed based upon design and innovation. When apps are allowed to specifically target other apps, it can lead to behaviour that we believe is not in the best interest of our community of developers and consumers," Samat said.

"We've enforced this policy against other apps in many countries consistently in the past - just as we did here," he added.

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