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2 Killed in Driverless Tesla Automotive Crash, Officers Say

2 Killed in Driverless Tesla Car Crash, Officials Say

Mitchell Weston, chief investigator at the Harris County Fire Marshal’s Office, said that while the batteries are “generally safe”, high-speed shock can cause “thermal runaway,” which is “uncontrolled contact” between various materials in the batteries Batteries caused.

Thermal runaway can lead to fires and “battery reignition” even after an initial fire is extinguished, the security agency warned in its report. Mitsubishi Electric warns that “thermal runaway can lead to catastrophic consequences, including fire, explosion, sudden system failure, costly damage to equipment and possible personal injury.”

The firefighter’s office investigated the fire in the crash, a spokeswoman said. Constable Herman said his department was working with federal agencies to investigate.

He said police officers contacted Tesla on Saturday to “advise on some matters” but refused to discuss the nature of the talks.

Tesla, which has disbanded its PR team, didn’t respond to a request for comment.

Elon Musk, Tesla’s managing director, had published a recently released safety report from the company on Saturday and wrote on Twitter that “Tesla is busy with autopilot and is now approaching a ten times lower chance of an accident than the average vehicle”.

Tesla, which describes autopilot as the “future of driving” on its website, says the feature enables its vehicles to “automatically steer, accelerate and brake in their lane”. However, it is warned that “current autopilot functions require active driver monitoring and do not make the vehicle autonomous”.

In 2016, a driver in Florida was killed in a Tesla Model S who was in autopilot mode and unable to brake for a tractor-trailer that turned left in front of him.

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Daimler expects intense competitors if Apple, Alibaba enter automobile market

Daimler expects intense competition if Apple, Alibaba enter car market

LONDON – The CEO of Daimler in Germany believes the automaker will face stiff resistance from tech giants like Google, Apple and Alibaba if it decides to launch its own electric vehicles.

While the tech giants haven’t started selling their own cars just yet, reports suggest they could soon launch products that combine hardware and software if the electric vehicle race gets hot.

“There will be intense competition,” Daimler boss Ola Kallenius told CNBC’s Annette Weisbach on Thursday when he was asked if he was concerned about the entry of digital companies into the electric vehicle market.

“When an industry changes, I think it is natural for new players to look at the industry,” he said.

Kallenius said Daimler will “look at what the brand stands for and carry that into the next technological age,” adding that the company will be able to build on its position if it does well.

His comments come when Mercedes Benz, owned by Daimler, launches an electric version of its flagship S-class luxury sedan.

“It’s kind of the beginning of a new era,” said Kallenius, before adding that the new vehicle was very “curious”.

Prices for the luxury sedan will be announced this summer, but Kallenius said Daimler expects to make money on the vehicle from the time it is sold.

He added that the variable cost of vehicles with a large electric battery is higher than that of vehicles with a traditional internal combustion engine.

“Our task in this decade of transformation is on the one hand to reduce variable costs and restore margin parity in all of our segments,” said Kallenius.

Electric vehicle technology is “still in its infancy” and there is “a lot to be done,” he continued. “It will be scaled and we will have technological developments. I am optimistic that we can restore the margins to which we are accustomed.”

Daimler versus Tesla

Daimler’s shares have risen by more than 173% year-on-year in the past 12 months and were quoted on Thursday at 75 euros per share.

“We have positive momentum in our stock,” said Kallenius, adding that this was due to improved financial performance and the company’s “technology strategy for the future.”

However, Daimler’s market capitalization has fallen from around 185 billion euros today in 1998 to just 80 billion euros. Meanwhile, Tesla’s market capitalization has risen to $ 694 billion.

“Now if we look at the total market capitalization of every single auto player in the world, you get an impressive number,” said Kallenius.

He added, “We need to make sure that the distribution of that total market cap is moving more in our favor. We are working on that.”

Like other automobile manufacturers, Daimler’s business was negatively impacted by the global shortage of chips.

“We can currently sell more than we produce,” said Kallenius

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World News

Xpeng Motors launches P5 Lidar electrical automotive to rival Tesla in China

Xpeng Motors launches P5 Lidar electric car to rival Tesla in China

GUANGZHOU, China – Chinese electric vehicle maker Xpeng Motors on Wednesday unveiled the P5, a sedan with new self-driving features that is set to lead the way in the highly competitive Chinese auto market.

The P5, Xpeng’s third production model and second sedan after the P7, adds another competitor to Tesla’s Model 3 in China’s increasingly crowded field of electric car manufacturers.

The Chinese company, a rival of local players Nio and Li Auto, announced that it will release its prices at the Shanghai Auto Show on April 19th.

In an interview with CNBC on Wednesday, Xinzhou Wu, vice president of autonomous driving at Xpeng, said the price of the P5 will be lower than the P7.

“In this price range with the functions that we have built into the car, it will be very convincing for our customers,” he said.

Xpeng Motors will unveil the P5 sedan on April 14, 2021 at an event in Guangzhou, China. The P5 is the third series model from Xpeng and has what is known as Lidar technology.

Arjun Kharpal | CNBC

The P7 starts at 229,900 yuan ($ 35,192) after subsidies. By comparison, Tesla’s Model 3 starts at 249,900 yuan in China.

Wu said the P5 will be rolled out to customers in China in the third or fourth quarter of this year. Xpeng has also expanded into Norway, its first international market. Wu said the company would expand its presence in Northern Europe and eventually the P5 would be rolled out there. He didn’t give any schedules when this might happen.

Driverless technology

Xpeng has tried to drive the advancement of its self-driving features to differentiate itself from its competitors.

The P5 is equipped with what is known as lidar or light detection and ranging technology. Lidar systems send out lasers that can bounce back and measure distances. These returning rays are processed by an algorithm to create a three-dimensional representation of the surrounding objects – a key technology for autonomous vehicles to understand their surroundings.

Xpeng claims that lidar can help the P5 differentiate between pedestrians, cyclists and scooters, as well as road works – even at night and in low light.

On Wednesday, the Chinese automaker also released a new version of XPILOT, its so-called advanced driver assistance System (ADAS). This refers to a system with some autonomous functions, but for which a driver is still required.

XPILOT 3.5 has an updated version of a feature called Navigation Guided Pilot or NGP that allows users to autonomously perform tasks such as changing lanes or overtaking cars. Some of these functions are working for the first time on city streets. Previously, NGP was designed for highways only.

Xpeng’s XPILOT is an attempt to compete with Tesla’s own ADAS system called Autopilot, as well as other competitors like Nio with its Nio Pilot.

“In P7 we introduced NGP … only on freeways. However, freeway driving is only about 10% of people’s driving time. Getting the technology and ability to cities to do the function is very important Chinese people to make more user-friendly and more convincing customers, “said Wu.

In the city, Wu said the situation is getting “exponentially” and cited challenges to ensure the car can accurately and reliably detect objects in its path. “We believe with Lidar … it will help us achieve our goal much faster and give us an edge over our competitors.”

The competition is heating up

China’s electric car market is expected to pick up this year. According to research firm Canalys, 1.9 million units are expected to be sold, an increase of 51% over the previous year.

Various government incentives such as subsidies have made China the largest electric car market in the world. With that, some startups like Xpeng, Nio and Li Auto have grown quickly.

However, these players are competing against traditional automakers who are honing their electric vehicle capabilities, as well as other tech companies entering the fray.

We’re definitely one step ahead, you know, compared to most of our competitors. So we’re pretty confident that we can win this race with more newbies in this area.

Xinzhou Wu

Vice President for Autonomous Driving, Xpeng

Chinese search giant Baidu has teamed up with Geely to create a standalone electric car company, while smartphone giant Xiaomi announced plans to start an electric car business.

Last year, Xpeng delivered 27,041 vehicles, more than double that in 2019. In comparison, the Tesla Model 3 alone sold more than 137,000 units in China in 2020.

Wu said Xpeng developed a lot of technology that he believes will give the company an edge.

“We’re definitely one step ahead, a few steps ahead, you know compared to most of our competitors. So we’re pretty confident that we can win this race with more newbies in the field,” Wu told CNBC.

“We believe that with this kind of focus on the Chinese market, the Chinese customers, the Chinese road conditions and also the various technologies that we are bringing together to better adapt the technology to the Chinese market, we have an advantage over Tesla the Chinese market. “

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Business

Automobile Upkeep In the course of the Pandemic

Car Maintenance During the Pandemic

For an older car, following the mileage recommendation in the owner’s manual in difficult conditions will help keep the lubricant and its mix of protective additives fresh (often online and from the automaker if you run out of the manual). The systems built into many new cars that remind you of the service you need, such as: B. Oil changes, take into account the length of trips and recommend changes based on actual driving.

Changing the oil is also an ideal time to do other maintenance, including checking all belts and hoses. While both of them suffer from engine heat under the hood, they can also develop cracks while the car is sitting upright.

Add car batteries to the time list. They have a limited lifespan that is not based on the kilometers traveled. They often begin to lose weight after three years and give up after five to seven altogether.

Jill Trotta, Certified Technician and Vice President of Marketing at RepairPal, a website that provides estimates and connects car owners with skilled mechanics, knows how to properly care for a car. Yet even she let a battery run past the point where it could be revived on one charge. That’s exactly what happened to her 2014 Hyundai Sonata Hybrid when it stood in the driveway for months without being driven during the pandemic.

The solution: a low-power battery maintenance device that replenishes the charge between drives. Basic start at around $ 25. Also, keep in mind that while changing the battery is a straightforward process on most cars, it is more painful on some electronics-intensive models. BMWs dating back almost two decades require a registration and programming process, which means additional costs and a possible visit to a dealer. First of all, it’s worth preventing a dead battery.

Another maintenance task that should not be postponed is replacing the timing belt on motors that use them. The belt turns the camshafts that open the engine’s valves and can cause serious engine damage if it fails. The belt is typically good for 80,000 to 100,000 miles of service and may even degrade while seated. So stick to the automaker’s recommendation for years between renewals.

An indication that a car is not being driven is a layer of rust on the brake discs. A light coating is not a problem, although it can be noisy for a few blocks. It is sanded off by the first press of the brake pedal while carefully driving through the neighborhood.

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World News

One Capitol Police officer, suspect useless after automotive rammed into two officers

One Capitol Police officer, suspect dead after car rammed into two officers

The U.S. Capitol was attacked Friday, killing a police officer after a person rammed his car into two police officers at a checkpoint.

The attacker and a US Capitol police officer both died, a law enforcement representative said at a press conference.

The US Capitol Police later identified the officer who died as William ‘Billy’ Evans, a member of the USCP for 18 years.

Sources identified the suspect to NBC News as 25-year-old Noah Green from Indiana. His Facebook page says he is a follower of Islam and that he recently lost his job and expressed his despair, NBC reported.

A Capitol Police official said the incident was currently “not terrorist related” but noted that further investigation was needed.

The Capitol Police said in a statement shortly after 2:40 pm that the threat had been “neutralized” and lifted the lockdown on the US Capitol shortly after 3:00 pm

Capitol Police confirmed that the driver jumped out of the car with a knife after ramming the vehicle into the barricade. The driver then pounced on the officers, whereupon the officers shot the suspect.

The second officer was also injured in the incident, according to the Capitol Police.

The incident occurred shortly after 1:00 p.m. ET at the North Barricade vehicle access point along Constitution Avenue, Capitol Police said. Congress was not in session at the time of the incident, but the Capitol security presence has increased since the January 6 riot.

President Joe Biden ordered the flag of the White House to be hoisted at half mast in honor of the late Capitol Police officer. He and First Lady Jill Biden were “broken” to learn of the event.

“We offer our deepest condolences to the family of Officer Evans and all who mourn his loss,” he said in a statement. “We know how difficult this has been for the Capitol, for everyone who works there, and for those who protect it. I have received ongoing information from my Homeland Security advisor and I will have more information as the investigation progresses. I want to the Capitol Police, the National Guard Immediate Response Force, and others who responded quickly to this attack to express the nation’s gratitude. “

House spokeswoman Nancy Pelosi ordered flags to be hoisted on half poles in the Capitol in light of the death of the Capitol police officer, a spokeswoman for her office said in a statement.

In another statement, Pelosi called the late officer Evans “a martyr for our democracy”.

“Members of Congress, staff and Capitol workers, and all Americans, agree that they appreciate the courage of the US Capitol police force,” she said. “Today these heroes risked their lives again to protect our Capitol and our lands with the same extraordinary selflessness and service as they did on January 6th. On behalf of the entire House, we are deeply grateful.”

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Business

Chinese language electrical automobile start-up Li Auto expects to promote fewer than Nio

Chinese electric car start-up Li Auto expects to sell fewer than Nio

A Li Xiang One Hybrid SUV is on display during the 18th Guangzhou International Auto Show in Guangzhou, China on Nov 23, 2020.

Li Zhihao | Visual China Group | Getty Images

BEIJING – Chinese automaker Li Auto, listed on the Nasdaq, is forecasting deliveries in the first quarter that will be below those of its competitors.

Li Auto announced late Thursday that it is expected to deliver between 10,500 and 11,500 cars, or fewer than 4,000 vehicles per month, for the first quarter of the year. Shares fell 9.8% in the New York trading session on a wider market sell-off. The stock lost another 3.75% in over-the-counter trading.

Nio, which competes directly with Li Auto in the high-end SUV market, shipped more than 7,000 units in both December and January. The company will release its latest financial report on Monday.

Xpeng shipped 5,700 cars in December and more than 6,000 in January.

Although the numbers of startups suggest rapid growth, they still pale in comparison to Tesla. Elon Musk’s electric car company shipped nearly half a million vehicles worldwide last year, which is an average of more than 41,000 cars per month.

Despite the New Year holiday in mid-February this year, Li Auto’s poor forecast is worrying, said Tu Le, founder of Beijing-based consulting firm Sino Auto Insights.

He pointed out that the company only has one product compared to the other startups and that it should deliver at least 5,000 to 7,000 vehicles a month to keep up.

Li Auto’s only vehicle, the Li One, is a hybrid electric vehicle equipped with a fuel tank to charge the battery.

Analysts have said the feature makes the Li One attractive to Chinese consumers who are concerned about running out of power without access to a charging station.

Last year, the Li One was one of the top 10 high-end SUVs sold in China, regardless of the fuel type, according to the passenger car association. However, the company announced that January shipments fell from 6,126 the previous month to 5,379 units.

The company reported total revenue of 4.15 billion yuan ($ 635.5 million) for the fourth quarter, compared with 2.51 billion yuan in the previous quarter.

Li Auto expects total sales for the first three months of this year to be in line with the last two quarters, with an expected range of 2.94 to 3.22 billion yuan.

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Tiger Woods crashes automotive, golf star recovering after emergency surgical procedure

Tiger Woods crashes car, golf star recovering after emergency surgery

A luxury SUV driven by Tiger Woods crashed and rolled over in Southern California on Tuesday morning. The golf superstar was seriously injured, the authorities and his agent said.

According to a statement posted on his Twitter account, Woods is “awake, reacting and recovering in his hospital room” after an emergency operation.

Dr. Anish Mahajan, chief medical officer and interim CEO of Harbor-UCLA Medical Center, said Woods sustained “significant orthopedic injuries” to his right lower leg.

A rod was introduced to stabilize his tibia and femoral bones, while a “combination of screws and pins” was used to stabilize injuries to the bones of his foot and ankle, the statement said on Woods’ Twitter account.

Woods, who was the only person in the Genesis GV80 SUV, was trapped in the wreckage that occurred after hitting a mean mean on the road and then crashed into a paintbrush just before 7:12 a.m. PT. A neighbor of the crash scene named 911.

Los Angeles County Sheriff Alex Villanueva said Woods was “traveling at a relatively higher speed than normal”.

Woods was freed from the vehicle by firefighters and then taken to Harbor UCLA, a major trauma center.

Villanueva said at a press conference that MPs responding to the scene saw “no sign of impairment” on Woods.

Since there was no sign of impairment, Villaneuva said, “There was no effort to draw blood in the hospital.”

Woods was conscious and able to communicate with MPs.

“I spoke to him. I asked his name. He told me his name was Tiger and that was when I recognized him straight away,” deputy Carlos Gonzalez told reporters.

“It is very lucky that Mr. Woods got out alive,” said Gonzalez.

The scene of the accident on the border between Rolling Hills Estates and Rancho Palos Verdes is known to the police due to the frequency of the accidents and the tendency of drivers to exceed the speed limit.

The front end of the SUV was destroyed. Woods likely survived the single car accident because the interior of the SUV was left intact, an official said. The Genesis has 10 airbags.

Woods was wearing a seat belt during the crash, officials said.

They also said there were no skid marks on the scene and “no signs of braking”.

LA County Sheriff’s officers are investigating an accident involving golfer Tiger Woods on Hawthorne Blvd. in Rancho Palos Verdes, February 23, 2021.

Wally Skalij | Los Angeles Times | Getty Images

Woods, 45, was at Rolling Hills Resort last week after hosting the Genesis Invitational tournament. He shot under a contract with Golf Digest and the Discovery Channel.

His agent, Mark Steinberg, said in a statement, “Tiger Woods was in a car accident in California this morning in which he sustained multiple leg injuries.”

“He is currently in surgery and we thank you for your privacy and assistance,” Steinberg said.

Last month Woods announced that he had “recently” had a fifth microdisectomy on his back to remove a pressurized disc fragment that caused him pain during the PNC championship in Orlando, Florida in December, the last competition prepared.

He played in this tournament with his 11 year old son Charlie. The duo came in seventh.

“I’m looking forward to starting training and focusing on getting back on tour,” Woods said in a January statement.

Tiger Woods watches from the 18th hole during the final round of the Genesis Invitational golf tournament at the Riviera Country Club in Pacific Palisades, California on February 21, 2021.

Brian Rothmüller | Icon Sportswire | Getty Images

The resident of Jupiter, Florida has won 82 PGA titles, most of which were related to Sam Snead. He has won 15 major championships, including five Masters tournaments.

PGA Commissioner Jay Monahan said in a statement: “”We were made aware of the Tiger Woods car accident today. We are waiting for more information when he comes out of the operation. “

“On behalf of the PGA TOUR and our players, Tiger is in our prayers and will have our full support when he recovers,” said Monahan.

Sportswear giant Nike, which sponsors Woods, said in a statement: “We follow the news all around Tiger and our thoughts and hearts are with him and his family at this time.”

Woods Equipment and Club Sponsor TaylorMade Gold said: “We are shocked at the news of Tiger Woods’ accident this morning and send our thoughts and prayers to him, his family and his team as they assist him through his operation recovery . “

Wood’s stellar career was shaken in November 2009 when he crashed an SUV into a fire hydrant one morning outside his then home in Windermere, Florida.

Woods was knocked unconscious for more than five minutes in that accident, and his then-wife, Elin Nordegren, reportedly used a golf club to smash a window in the vehicle and pull it out.

After this mysterious crash, Woods is said to have had numerous extramarital affairs. Soon after, he entered a Mississippi clinic for treatment.

In May 2017, Woods was accused of driving under the Florida influence after police discovered him sleeping in a damaged car. He later apologized and issued a statement to several reporters saying that he assumed full responsibility for the arrest, which he attributed to “an unexpected reaction” to a mixture of prescribed drugs.

“I want the public to know it’s not alcohol,” Woods said at the time.

“I would like to wholeheartedly apologize to my family, friends and fans. I also expect more from myself,” said Woods. “I will do everything in my power to make sure this never happens again.”

A month after this arrest, Woods entered a clinic for treatment for problems with prescription pain medication and a sleep disorder.

Steinberg said at the time that Woods used pain medication to get up and move around while he was recovering from four back surgeries.

Senior golfer Justin Thomas choked on Tuesday speaking about Woods at a press conference.

“I have a stomach problem. It hurts to see that one of my closest friends is in an accident and I just hope he’s okay,” Thomas told reporters. “I’m just worried about his children. I’m sure they are fighting.”

Woods was spotted on social media on a golf course with former Miami Heat basketball star Dwyane Wade on Monday.

Actor David Spade also tweeted a photo of himself with Woods on the course on Monday.

On Sunday, during an interview with CBS Sports, Woods was asked if he would play at the Georgia Masters tournament in August.

“God I hope so,” said Woods.

“I have to get there first. Much of it is based on my surgeons, my doctors and my therapists, and getting it right because this is the only back I have, so I don’t have much wiggle room here.”

– CNBC’s Jessica Golden, Amanda Macias and Christine Wang contributed to this report.

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Business

How To Purchase an Electrical Automobile

How To Buy an Electric Car

Art Small station wagon

Base price $ 36,500

Range 259 miles

Charging time 9.3 hours

The intelligent, functional shape of the Chevrolet Bolt follows the tried and tested formula of small runabouts: high with lots of glass to make the interior airy, but relatively short and narrow to create an easy-to-maneuver package. The Bolt made its debut in 2016 because of these features and an attractive price point, but the competition is catching up quickly. Even so, its 200 horsepower makes it effortless to drive around town.

Art Small crossover

Base price $ 42,895

Range 211 to 305 miles

Charging time 8.5 to 11.4 hours

Ford Motor’s bold entry into the mass appeal of electric vehicles is based on the popularity of its popular Mustang. The Mach-E, a four-door crossover, deals heavily with the legacy of that venerable Ford to the galloping horse logos and design. It’s available with either rear-wheel or all-wheel drive, and Ford is offering a version with a larger battery to give it a range of 305 miles.

Art Small SUV

Base price $ 37,390 (not available in all states)

Range 258 miles

Charging time 9.6 hours

Hyundai’s approach differs from previous entries in that the Kona and Ioniq electric vehicles are also available on gasoline. Typically, automakers build a unique all-electric structure, but Hyundai has been successful using this method. The Kona Electric’s regenerative braking system, which charges the battery when you slow down, is calibrated to allow one-pedal driving. Unlike some models, the driver can also let go of the accelerator pedal to slow the car instead of using the brakes.

Art Medium sized car (not available in all states)

Base price $ 33,245

Range 170 miles

Charging time 6.1 hours

Like the Kona, the Ioniq shares its body with siblings who have gasoline engines. The Ionic Electric can therefore hardly be distinguished from these cars, apart from its hidden grille area. One of the advantages of the shared architecture is an attractive price.

Art Small car

Base price $ 29,900

Range 110 miles

Charging time 4 hours

BMW’s Mini brand has been dealing with electrical energy in recent years. Recent efforts reflect both the brand’s responsive driving dynamics and the constraints resulting from the vehicle’s small size. With its range, the Mini is not ideal for drivers who regularly take long trips. But with 181 horsepower and weighing around 3,100 pounds, it’s lively on the road.

Art Medium sized car

Base price $ 31,620

Range 149 to 226 miles

Charging time 8 to 11 hours

As a global bestseller, the Leaf has done a lot to expose drivers to electric vehicles. Its conservative specs and shy design pushed it out of the spotlight, but a 2018 redesign brought it back into the mainstream.

Art Medium sized car

Base price $ 59,900

Range 233 miles

Charging time 8 hours

Polestar is the brand that answers the question, “Why didn’t Volvo make an electric car until recently?” Polestar and Volvo belong to the Chinese automaker Geely, and Polestar’s first fully electric model, the Polestar 2, is a four-door competitor to the Tesla Model 3. With 402 hp on a sporty chassis, it lives up to the Polestar claim as a performance brand.

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Hyundai, Kia shares fall; say not in talks to develop Apple automobile

Hyundai, Kia shares fall; say not in talks to develop Apple car

A Hyundai Motor logo can be seen on a glass door in a corporate branch in Seoul on July 23, 2015

Jung Yeon-Je | AFP | Getty Images

South Korean automakers Hyundai Motor and Kia Motors said Monday they were not in talks with Apple to develop an autonomous vehicle.

Hyundai Motor stock fell 6.41% on Monday morning in South Korea, while Kia Motors stock fell 13.2%. Other subsidiaries such as Hyundai Wia, Hyundai Mobis and Hyundai Glovis also fell sharply.

“Hyundai Motor is receiving requests from several companies to collaborate on the joint development of autonomous electric vehicles, but nothing has been decided as it is in the early stages,” the company said, according to a CNBC translation of a regulatory filing.

“Hyundai Motor is not in talks with Apple about autonomous vehicle development,” he added.

Subsidiary Kia Motors, the second largest automobile manufacturer in South Korea after Hyundai, submitted a similar report. The company is currently evaluating the prospect of working with “multiple companies overseas” on autonomous electric vehicles, but nothing has been decided yet.

Kia Motors also said it was not in talks with Apple.

Hyundai initially said it was in early talks with Apple last month, but later revised the statement and made no mention of the iPhone maker. This led to a surge in the shares of Hyundai and its affiliates, including Kia Motors, at the time.

This month, CNBC reported that Apple is on the verge of signing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia. Sources told CNBC’s Phil LeBeau that an agreement has not yet been reached and that Apple may ultimately decide to work separately or in addition to Hyundai with another automaker.

Stocks can keep falling

According to Sung Yop Chung, private investors have had Hyundai Motor and Kia shares valued at approximately 915.7 billion won (817 million US dollars) and 798.8 billion, respectively, since January 8th speculation about a possible collaboration with Apple Won (around $ 713 million). Regional Head of Automobiles and Components at Daiwa Capital Markets.

“After the negative sentiment from both (Hyundai Motor) and Kia’s filing this morning highlighting that there is currently no EV collaboration with Apple, worst case scenario suggests Kia’s shares could correct up to 31%” he told CNBC’s Chery Kang.

Speculation about Apple’s entry into the auto business has been rife for several years, but nothing specific has occurred.

Some Wall Street analysts see the automotive industry as a new market for Apple to grow into, but others caution against the reality of making an Apple-branded car as it could potentially mean high investments for low margins.

– CNBC’s Chery Kang contributed to this report.

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Business

Vroom guarantees torture-free automotive shopping for

Vroom promises torture-free car buying

Used car dealer Vroom buys and sells vehicles online without consumers having to go to a physical dealer.

Screenshot

Online used car dealer Vroom is buying its first Super Bowl airtime Sunday to introduce the company to the 100 million or so fans who watch the game every year – and to poke fun at its competition.

Vroom buys and sells vehicles online without customers having to go to a dealer. The 30-second Super Bowl ad, titled “Dealership Pain,” focuses on pressure to buy a vehicle through a traditional auto dealer.

“We felt that the Super Bowl would be such an opportunity for us to get that message across about our brand promise. That means you never have to go to a dealer again,” said Peter Scherr, Vroom’s chief marketing officer CNBC. “We felt this was a way of creating a new normal for Vroom for buying and selling cars. And we will continue that dynamic into 21”.

Vroom’s business is similar to Carvana, a larger e-commerce platform for buying and selling used cars. Rather than reaching out to such a competitor, Vroom focused on physical dealerships in general – a much larger market than Carvana’s customers, who are already knowledgeable about buying a car online.

“The way we see it, our traditional competitors are traditional dealers,” said Scherr. “There is plenty of room for us to be successful in the Super Bowl and Carvana is continuing on its road to success.”

Paul Hennessy, CEO of Vroom added, “It just didn’t make sense to pick one of the smallest players in the room and then compete with them. We are competing with the goal of our customers, which are basically traditional traders.”

In the Vroom ad, a car buyer is pressured almost so much by a used car dealer that he is tortured with jumper cables. While the customer asks to leave, the seller leans over to attach the jumper cables to him. The chair and scene turn to the man sitting in his front yard and a woman who is picking up a vehicle from Vroom. “Well, that was painless,” says the actor when the vehicle is delivered.

The Super Bowl ad is part of an advertising campaign for Vroom with similar spots, including one titled “Dealership Deceit,” which aired during Sunday’s AFC championship game for the NFL.

Both Hennessy and Scherr expect the Super Bowl ad to further increase awareness and business for Vroom, which went public in June.

“We’re thinking long term and building a business long term,” said Hennessy. “We expect Vroom to be a household name.”

Vroom’s sales rose 86% to 10,860 vehicles in the first three quarters of last year, which resulted in the company’s revenue increasing 62% to $ 630.5 million in that period compared to 2019. Compared to Carvana, which had sales of nearly 172,000 vehicles and sales of $ 3.8 billion in the first nine months of last year. Both companies are unprofitable.

Vroom’s shares are up about XX% from their initial public offering price of $ 22 per share. The stock closed Tuesday at $ X.XX per share, down XX percent and XX this year.

– CNBC’s Megan Graham contributed to this report.

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