BMW and Daimler partner on autonomous driving, first results of team-up in market by 2024 - TechCrunch

Global automakers BMW and Daimler will join forces in a new long-term partnership to co-develop automated driving technologies, including levels of automation all the way up to SAE Level 4, which is defined as full self-driving, no human intervention required, but only under exactly defined conditions or domains – steering wheel and brakes not necessarily even present I the car.

This BMW/Daimler partnership includes developing automated driving technologies that precede Level 4, too, including advanced driver assistance features like smart cruise control and automated parking. And while it isn’t in scope of this specific arrangement, the two car makers also say that talks continue about expanding their cooperation to cover highly-automated driving within denser urban areas and in city driving conditions.

It’s a non-exclusive arrangement, which is the new normal in autonomous vehicle technology development, where cross-manufacturer partnerships have been increasingly common, and where we’ve also seen legacy automakers turn with fair frequency to startups and younger technology companies to supplement their in-house development efforts.

Daimler and BMW aim to develop a “scalable platform for automated driving” through their combined efforts, which the companies say is open for participation form both other automakers and tech providers. The resulting platform will also be made available to other OEMs under license.

Independently, Daimler is currently working on deploying its first Level 4/Level 5 self-driving vehicle pilot program in an urban environment in partnership with Bosch, and aims to have that operational this year. BMW’s next big automated driving push will be alongside its iNEXT lines of vehicles, with Level 3 technologies targeted release along with the first of those models in 2021. Both partners expect to implement the results of this partnership specifically in their own respective model series vehicles beginning in 2024, however.

Let's block ads! (Why?)

https://techcrunch.com/2019/07/04/bmw-and-daimler-partner-on-autonomous-driving-first-results-of-team-up-in-market-by-2024/

2019-07-04 11:43:22Z
CAIiEMJOSr4wxVYIDgcnAiAIveMqFAgEKg0IACoGCAowlIEBMLEXMOc_

BMW and Daimler to team up in push toward self-driving cars - CNBC

Andrzej Wojcicki | Science Photo Library | Getty Images

BMW and Mercedes-manufacturer Daimler announced a new partnership on Thursday to develop autonomous driving.

Some 1,200 technicians from the two German auto giants will team up in a bid to develop self-driving technology. The engineers will work toward driver-assistance systems, automated driving on highways as well as parking. The firms say the technology will be specified to what industry insiders call SAE level 4.

"Further talks are planned to extend the cooperation to higher levels of automation in urban areas and city centers," BMW said in a joint statement.

SAE (Society of Automotive Engineers) levels determine the automation capabilities of vehicles, ranking from zero to five.

Level 4 vehicles can intervene if things go wrong or if there is a system failure. The car can perform all functions itself, although a manual override is available to a driver.

Daimler and BMW said they are targeting 2024 as a key date for installing the technology in cars available to the general public.

The automakers said the cooperation is "non-exclusive" and partner manufacturers and technology firms will take part in the work.

They added that the results won't be kept secret and other firms can see the conclusions "under license."

Safer than a human?

On Tuesday, the two German companies joined with nine other firms to publish a white paper on driverless technology, entitled "Safety First for Automated Driving."

The report aims to draft worldwide industry standards for tackling the risks of self-driving cars and trucks.

Authors and experts from the firms involved say they aim to present the paper's principles and findings at auto industry and technology conferences over the next few months.

BMW said the main goal of the paper is to create a situation where an autonomously-driven vehicle is proven to be safer than one involving full human control.

Other participants in the document included Audi, Baidu, Continental, Fiat Chrysler, Here Technologies, Infineon, Intel, Volkswagen and Aptiv.

Now watch: Uber unveils its autonomous car

Let's block ads! (Why?)

https://www.cnbc.com/2019/07/04/self-driving-car-push-by-bmw-and-daimler-joint-venture.html

2019-07-04 10:46:23Z
CAIiEFWslau4V0vBNhxPBkleGBcqGQgEKhAIACoHCAow2Nb3CjDivdcCMP3ungY

Samsung charged with misleading Galaxy phone owners over water resistance - The Verge

The Australian Competition and Consumer Commission (ACCC) is taking Samsung to court over allegations it misled customers over the nature of various phones’ water resistance. Samsung has been depicting phones in or near to unsuitable environments such as swimming pools and oceans since 2016, the ACCC alleges, when it didn’t have a basis to make this representation.

“The ACCC alleges Samsung’s advertisements falsely and misleadingly represented Galaxy phones would be suitable for use in, or for exposure to, all types of water, including in ocean water and swimming pools, and would not be affected by such exposure to water for the life of the phone, when this was not the case,” ACCC Chair Rod Sims said in a statement. The lawsuit is based on a review of more than 300 advertisements.

Various Galaxy phones are advertised as having IP68 water resistance, meaning that they can last in waters 1.5 meters deep for 30 minutes. But as the ACCC points out, that doesn’t cover all types of water, and Samsung itself says that the Galaxy S10 isn’t advised for beach use. “Samsung showed the Galaxy phones used in situations they shouldn’t be to attract customers,” Mr Sims says, arguing that consumers value water resistance as a feature and were denied an informed choice.

Samsung tells Reuters that it’s standing by its marketing and plans to fight the case.

Let's block ads! (Why?)

https://www.theverge.com/2019/7/4/20682059/samsung-australia-lawsuit-accc-water-resistance

2019-07-04 07:28:24Z
52780326100937

Lee Iacocca's funeral arrangements set for next week in Oakland County - Detroit Free Press

Ann Zaniewski Detroit Free Press

Published 9:51 PM EDT Jul 3, 2019

Funeral services have been scheduled for next week for Lee Iacocca, the legendary auto executive who died Tuesday at age 94. 

Visitation will be from 2-8 p.m. Tuesday at Lynch & Sons Funeral Home, 1368 N. Crooks Road in Clawson. 

A funeral mass will be held at 11 a.m. Wednesday at St. Hugo of the Hills, 2215 Opdyke Road in Bloomfield Hills. Burial will follow at White Chapel Cemetery in Troy. 

During the height of his career in the 1980s, Iacocca was arguably the most popular business figure in the world. Pictures of him, often with his trademark cigar, were on magazine covers and TV screens.

Fiat Chrysler Automobiles released a statement Tuesday praising his leadership. 

"He was one of the great leaders of our company and the auto industry as a whole," the company said. "He also played a profound and tireless role on the national stage as a business statesman and philanthropist. Lee gave us a mindset that still drives us today — one that is characterized by hard work, dedication and grit."

More on Freep.com:

Detroit police seek hit-and-run suspect from candlelight vigil

'We on the Lodge wit it' T-shirts are latest spin on viral Detroit video

Contact Ann Zaniewski: 313-222-6594 or azaniewski@freepress.com. Follow her on Twitter: @AnnZaniewski. 

Let's block ads! (Why?)

https://www.freep.com/story/news/local/michigan/2019/07/03/lee-iacocca-funeral-arrangements/1645492001/

2019-07-04 01:51:00Z
52780325474949

Dow, S&P 500, Nasdaq hit new records ahead of July 4th - Fox Business

U.S. stocks traded higher on Wednesday lifting the Dow Jones Industrials, the S&P 500 and the Nasdaq to new records as financial markets closed early for the July 4th holiday.

Continue Reading Below

Ticker	Security	Last	Change	%Chg
I:DJI	DOW JONES AVERAGES	26966	+179.32	+0.67%
SP500	S&P 500	2995.82	+22.81	+0.77%
I:COMP	NASDAQ COMPOSITE INDEX	8170.231057	+61.14	+0.75%

President Trump celebrated the milestone tweeting a "congratulations!" noting the 19 percent annual gain for the broadest measure of stocks.

Stock Records Under Trump 

Dow: 87th Record Close

S&P 500: 88th Record Close

Nasdaq Composite: 100th Record Close

Investors are now betting on a rate cut by the Federal Reserve is looking more likely. Private employers added just 102,000 jobs to their payrolls in June, according to the latest ADP National Employment Report -- missing analyst expectations of 140,000. A potential sign the U.S. economy is losing some momentum. Initial claims for state unemployment benefits dropped by 8,000 to a seasonally adjusted 221,000 for the week.

Advertisement

As a result bond yields tumbled on fears of a global recession and expectations of interest rate cuts by central banks.

Even with the shortened trading session, deal-making is still on the table. Shares of Symantec Corp surged after sources told Reuters that chipmaker Broadcom is in advanced talks to buy the cybersecurity firm.

Ticker	Security	Last	Change	%Chg
AVGO	BROADCOM LIMITED	284.89	-10.44	-3.54%
SYMC	SYMANTEC CORPORATION	25.10	+3.00	+13.57%

And in auto news, Tesla set new production and delivery records in the second quarter, a major achievement for the electric carmaker that has struggled to scale manufacturing operations. Overall, the firm delivered 95,200 cars, a 51 percent increase over the prior three months. Tesla shares jumped nearly 5 percent.

Ticker	Security	Last	Change	%Chg
TSLA	TESLA INC.	234.90	+10.35	+4.61%

July is building on what was a strong June for U.S. investors with the Dow Jones Industrial Average registering the best performance since 1938, the S&P 500 the best since 1955 and the Nasdaq Composite the best since 2000.

MORE FROM FOXBUSINESS.COM

The trade deficit in goods and services jumped 8.4 percent in May from a month earlier to a seasonally adjusted $55.52 billion in May, the Commerce Department said Wednesday.

CLICK HERE TO GET THE FOX BUSINESS APP

U.S. financial markets are closed Thursday for the July 4th holiday.

FOX Business' Ken Martin contributed to this report. 

Let's block ads! (Why?)

https://www.foxbusiness.com/markets/us-stocks-rise-ahead-of-july-4th-holiday

2019-07-03 17:52:01Z
52780324795582

Tesla proved it can hit production targets. Now investors want to see profits - CNBC

Workers assemble cars on the line at Tesla's factory in Fremont.

David Butow | Corbis News | Getty Images

Tesla CEO Elon Musk proved to analysts Tuesday he can hit his lofty production and delivery targets, but now investors want to know if he can do the same with profits.

The company's second-quarter production and delivery numbers, released late Tuesday, eased investors' concerns about demand for its electric cars and SUVs with the company delivering a record 95,200 vehicles in the last quarter. Tesla's stock shot up by as much as 8% in after-markets trading Tuesday and was up by about 5% Wednesday afternoon.

"While there were a good amount of 'leaked' emails and reports prophesizing a potential 'record quarter' for deliveries, we had not spoken to any investors that expected deliveries to be this high," Morgan Stanley analysts Adam Jonas said in a research note.

The results mark "a turning point for the Tesla story," Gene Munster, an analyst Loup Ventures, said in an interview on CNBC. "The key takeaway here is there is an undeniable truth that is starting to happen, and that is that demand of EV's is starting to go up."

Investors want to know whether the quarter's performance is repeatable, especially after losing several key production executives ahead of the announcement. They also want to see whether Tesla sacrificed profit margins in its efforts to ramp up production.

"Tesla may/is likely to overproduce in a quarter or two this year, and investors will have no sense if the excess production ended up entirely in inventory, or is legitimately destined for customers," analysts at Bernstein research wrote in a note to investors Wednesday.

The company delivered 77,750 of its best-selling Model 3 sedan, beating analysts' estimates by 3,650, according to data compiled by FactSet.

Dan Ives an analyst at Wedbush Securities, called the Model 3 results the "linchpin of the Tesla growth story for the coming years."

To be sure, Tesla's buyers lost part of a key tax credit that subsidized the cost of the electric cars and the company cut prices on several models throughout the quarter to boost demand. The federal tax credit for Tesla's cars was cut from $7,750 last year to just $1,875 on Monday. Musk even took to Twitter to remind people to take advantage before the credit shrank. That's something that could "weigh on profitability" when the company reports its earnings in a few weeks, analysts said.

"The Q2 delivery beat does not change our cautious view on Q2 earnings," UBS analysts Colin Langan said in a note to investors. "Price reductions, the wider availability of cheaper versions of the Model 3, and the phase out of the US EV tax credit ($1,875) helped Q2 deliveries. The price cuts will likely result in margin pressure."

The company is also facing increased competition for the high-end electric sports car market as automakers from Ford to Jaguar invest billions of dollars to develop their own electric lineups. It's something analysts at Goldman Sachs pointed to as they saw Tesla's competitive lead beginning to wane in the face of other EV launches. Volkswagen and Mercedes-Benz began taking orders in May for new battery-electric vehicles with plans to roll out more models in the coming years. Jaguar's I-Pace all-electric SUV swept industry awards at the New York Auto Show in April.

The reporter, however, gave some analysts reason for optimism.

"After what's been, in my opinion, the darkest chapter in the company's history, finally some good news for Tesla going into a holiday weekend," Ives said.

Let's block ads! (Why?)

https://www.cnbc.com/2019/07/03/tesla-proved-it-can-hit-production-targets-now-investors-want-profits.html

2019-07-03 17:06:52Z
52780323009737

Walmart's e-commerce biz is reportedly racking up $1 billion in losses and that's only one problem it has - CNBC

Marc Lore, head of Walmart's U.S. e-commerce business, and Doug McMillon, CEO of Walmart.

Getty Images

Walmart's attempt to catch up with Amazon comes at a huge cost — and it's stirring up hard feelings within the company.

While Walmart has been making investments — like buying Jet.com for $3.3 billion — to try to compete with Jeff Bezos' behemoth, it's been a drag on the big-box business' profitability. So much so that Walmart is now projecting losses of over $1 billion for its U.S. e-commerce division, helmed by Marc Lore, this year, on sales of between $21 billion and $22 billion, according to a report by Vox, citing discussions with multiple sources familiar with those financials.

Walmart didn't immediately respond to CNBC's request for comment on this story.

Frustration has been growing within Walmart as these losses on Lore's team mount, the report said. And now the company is reportedly pressuring Lore's team to sell off some of the digitally native brands it's acquired in an attempt to amass more inventory and gain the expertise of younger, e-commerce leaders. Citing discussions with people familiar, Vox said Walmart has discussed in recent months selling menswear brand Bonobos and women's clothing retailer Modcloth.

Walmart will reportedly likely sell ModCloth this year, for less than its purchase price. It reportedly still plans to hang onto Bonobos.

Vox reported Bonobos, Modcloth and plus-sized fashion brand Eloquii — which it bought last year — are still unprofitable.

And the report said Walmart won't make any more acquisitions of digitally native brands for at least the next year, citing three sources, "barring an incredible acquisition opportunity that is just too good to pass up." Instead, it said the retailer will lean more into incubating its own brands, like it did in creating mattress brand Allswell.

Walmart had previously said it anticipated losses stemming from its e-commerce operations would increase in 2019.

The company also recently announced a major overhaul at Jet, taking steps to more fully integrate the e-commerce platform into its own business. As part of the changes, Jet president Simon Belsham is expected to leave the company in August, with that role dissolving entirely.

Meanwhile, tensions have reportedly been rising between Lore and the CEO of Walmart U.S., Greg Foran, who runs the retailer's bricks-and-mortar stores.

Foran would like for Walmart to put more resources toward cutting prices of items, not building digital brands, Vox reported. The report said Foran is also increasingly frustrated that Lore is getting credit for growing Walmart's online grocery business, which is really more reliant on stores.

This all calls into question just how much longer Lore will be at Walmart.

The e-commerce chief told CNBC in February 2018 he was "absolutely not" leaving the company and that things were "just getting started." That was after rumors started to swirl that he was considering departing. When Lore joined Walmart from the Jet acquisition, he agreed to stay on for five years, through the fall of 2021.

Walmart shares were down less than 1% Wednesday morning. The stock has rallied 19.4% this year, while Amazon shares are up 29%.

Read the full piece from Vox here.

Let's block ads! (Why?)

https://www.cnbc.com/2019/07/03/walmarts-e-commerce-business-on-track-to-lose-over-1-billion.html

2019-07-03 14:32:42Z
52780325754502