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Tag: product management

  • This is one of the worst times to buy a car in decades. 3 charts explain why | CNN Business

    This is one of the worst times to buy a car in decades. 3 charts explain why | CNN Business

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    CNN
     — 

    It has almost never been as hard to buy a new or used car in the United States as it is today, despite improving supply issues and inflation beginning to steady.

    Vehicle transaction prices — the price you actually end up paying after any dealer discounts or markups — have been climbing higher and faster since 2020 than any other point in more than 35 years, according to recent data from the Bureau of Labor Statistics.

    The consumer price indexes for both new and used cars — the average changes in vehicle transaction price over time — are much higher than they were four years ago in 2019.

    There is a silver lining. BLS data shows inflation for used cars has been cooling down just as dramatically since December 2022 as it increased in the months before that. But used cars have a long way to go before approaching 2019 sales prices and new car prices have yet to slow down.

    The average transaction price of a new car has jumped nearly $12,000 in the past five years, according to data from auto website Edmunds.com. For used cars, the average transaction price is still nearly $9,000 higher than it was in February 2018.

    “[Prices are] coming down a bit, but not coming down nearly as fast as one would hope,” said Ivan Drury, the director of insights at Edmunds.com. “If you look back, or if you’ve ever done a transaction before in your life, all of these numbers are bad.”

    Car buyers haven’t seen price hikes like these since the 1970s and 80s. What makes the 2020s unique is how much car prices rose in a short period of time. Over the used car market’s worst 12 months of the pandemic, the index rose 45%. There’s never been a 12-month period since the BLS began keeping records in 1947 when used car prices have inflated more.

    Recent trends in prices have been similar across regions of the United States, though in some areas, the starting prices may be higher than others. Preferences for more expensive vehicles in some areas drive these regional differences, Drury said.

    There’s a large market for pickup trucks and SUVs in the south, he said, where BLS data shows new car transaction prices have risen the most since 1987.

    The average price of a large pickup truck nationwide was $62,430 in 2022, according to Edmunds.com. The average midsize car price was only $31,381.

    The road to more reasonable prices for new and used cars remains littered with potholes.

    Consumer tastes have shifted towards larger and more expensive pickup trucks and SUVs. New car buyers are loading up on options, compared to more stripped-down models available a few years ago. Both of these trends drive up prices and also create incentive for automakers to produce pricier rides. The used market is still affected by the decline in leasing trade-ins and rental car companies competing with consumers for the same limited supply of three to five-year-old vehicles.

    “We’ve got a few things that are really hindering the US market,” Drury said. “I don’t see those going away anytime soon.”

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  • Silicon Valley Bank left a void that won’t easily be filled | CNN Business

    Silicon Valley Bank left a void that won’t easily be filled | CNN Business

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    A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.


    New York
    CNN
     — 

    It’s difficult to overstate the influence that Silicon Valley Bank had over the startup world and the ripple effect its collapse this month had on the global tech sector and banking system.

    While SVB was largely known as a regional bank to those outside of the tight-knit venture capital sphere, within certain circles it had become an integral part of the community – a bank that managed the idiosyncrasies of the tech world and helped pave the way for the Silicon Valley-based boom that has consumed much of the economy over the past three decades.

    SVB’s collapse was the largest bank failure since the 2008 financial crisis: It was the 16th largest bank in the country, holding about $342 billion in client funds and $74 billion in loans.

    At the time of its collapse, about half of all US venture-backed technology and life science firms were banking with SVB. In total, it was the bank for about 2,500 venture firms including Andreessen Horowitz, Sequoia Capital, Bain Capital and Insight Partners.

    But the influence of SVB went beyond lending and banking – former CEO Gregory Becker sat on the boards of numerous tech advocacy groups in the Bay Area. He chaired the TechNet trade association and the Silicon Valley Leadership Group, was a director of the Federal Reserve Bank of San Francisco and served on the United States Department of Commerce’s Digital Economy Board of Advisors.

    There’s no doubt that the failure of Silicon Valley Bank left a large void in tech. The question is how that gap will be filled.

    To find out, Before the Bell spoke with Ahmad Thomas, president and CEO of the Silicon Valley Leadership Group. The influential advocacy group is working to convene its hundreds of member companies – including Amazon, Bank of America, BlackRock, Google, Microsoft and Meta – to discuss what happens next.

    This interview has been edited for length and clarity.

    Before the Bell: What’s the feeling on the ground with tech and VC leadership in Silicon Valley?

    Ahmad Thomas: Silicon Valley Bank has been a key part of our fabric here for four decades. SVB was truly a pillar of the community and the innovation economy. The absence of SVB – that void – and coalescing leaders to fill that void is where my energy is focused and that is not a small task.

    I would say there was a fairly high level of unease a few days ago, and I believe the swift steps taken by leaders in Washington have helped quell a fair amount of that unease, but looking at Credit Suisse and First Republic just over the last couple of days, clearly we are in a situation that is going to continue to develop in the weeks and months ahead.

    So how do you fill it?

    We’re working to be a voice around stability, particularly about the fundamentals of the innovation economy. We can acknowledge the void given the absence of Silicon Valley Bank, but I do think we need voices out there to be very clear in highlighting that the fundamentals and the innovation infrastructure remains robust here in Silicon Valley.

    This is a moment where I think people need to take a step back, let cooler heads prevail, and understand that there are opportunities both from an investment standpoint, a community engagement standpoint and corporate citizenship standpoint for new leaders in Silicon Valley to step up.

    Are you working to advocate for more permanent regulation in DC?

    It’s far too early for that. But if there are opportunities to enhance access to capital to entrepreneurs to founders of color or in marginalized communities and if there are opportunities to try and drive innovation and economic growth, we will always be at the table for those conversations.

    Do you have any ideas about how long this crisis will continue for? What’s your outlook?

    The problem is twofold: A crisis of confidence and the set of economic conditions on the ground. The economic conditions remain volatile for a variety of reasons: The softening economy, inflationary pressures and the interest rate environment. But I think right now we need to focus on stabilizing confidence in the investor community, in our business executive community and in the broader set of stakeholders around the strength of the innovation economy. That is something we need to shore up near term.

    From CNN’s Mark Thompson

    Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse (CS) in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.

    “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement. It said the rescue would “secure financial stability and protect the Swiss economy.”

    UBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse, about 60% less than the bank was worth when markets closed on Friday. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares for stock that was worth 1.86 Swiss francs on Friday.

    Extraordinarily, the deal will not need the approval of shareholders after the Swiss government agreed to change the law to remove any uncertainty about the deal.

    Credit Suisse had been losing the trust of investors and customers for years. In 2022, it recorded its worst loss since the global financial crisis. But confidence collapsed last week after it acknowledged “material weakness” in its bookkeeping and as the demise of Silicon Valley Bank and Signature Bank spread fear about weaker institutions at a time when soaring interest rates have undermined the value of some financial assets.

    Read more here.

    From CNN’s David Goldman

    A week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank.

    On Monday, Signature Bank’s 40 branches will begin operating as Flagstar Bank. Signature customers won’t need to make any changes to do their banking Monday.

    New York Community Bank bought substantially all of Signature’s deposits and a total of $38.4 billion worth of the company’s assets. That includes $12.9 billion of Signature’s loans, which New York Community Bank purchased at a steep discount -— it paid just $2.7 billion for them. New York Community Bank also paid the FDIC stock that could be worth up to $300 million.

    At the end of last year, Signature had more than $110 billion worth of assets, including $88.6 billion of deposits, showing how the run against the bank two weeks ago led to a massive decline in deposits.

    Not included in the transaction is about $60 billion in other assets, which will remain in the FDIC’s receivership. It also doesn’t include $4 billion in deposits from Signature’s digital bank business.

    Read more here.

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  • The tech industry avoided an ‘extinction-level event,’ but it’s not unscathed | CNN Business

    The tech industry avoided an ‘extinction-level event,’ but it’s not unscathed | CNN Business

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    CNN
     — 

    For much of the weekend, Silicon Valley scrambled to find a way through what one prominent tech investor described as an “extinction-level event for startups” after the collapse of a top lender in the industry.

    Startups raced to line up loans from venture funds and fintech firms to make payroll. Venture-backed retailers hosted last-minute sales to boost their cash reserves. And at least one prominent startup accelerator convinced thousands of CEOs and founders to sign an “urgent” petition calling for Treasury Secretary Janet Yellen and others to offer “relief.”

    Then, late Sunday, federal officials stepped in to guarantee that all customers of the failed Silicon Valley Bank would have access to their full deposits on Monday. The sense of relief was palpable throughout the tech sector.

    “Obviously, I’m quite relieved,” said Stefan Kalb, co-founder and CEO of Seattle-based startup Shelf Engine, who told CNN that his company would have had to shut down by the end of the week without the government intervention. “It was a very stressful weekend and I’m quite relieved with the news.”

    Parker Conrad, the CEO of HR platform Rippling, who had previously said some customers’ payrolls were being delayed by the bank failure, tweeted Sunday: “Anyone else breathing a sigh of relief and looking forward to a good night’s sleep tonight?”

    And Garry Tan, the CEO of tech startup accelerator Y Combinator who authored the petition to Yellen, praised the federal government for “decisive action.” Tan, the investor who had previously warned of “an *extinction level event* for startups” that would “set startups and innovation back by 10 years or more,” added his appreciation on Sunday for “everyone who helped us through a very very intense time.”

    But even as the tech industry enjoys a respite from a fearful weekend, unknowns remain. “You can feel the collective *sigh*,” Ryan Hoover, a tech founder and investor wrote on Twitter Sunday. “I’m still nervous,” he added. “Hard to predict the collateral effects.”

    It’s unclear how the aftershocks of the bank’s collapse will add to the startup industry’s growing challenges accessing capital. SVB’s collapse also risks changing how the world, and prospective recruits, think of Silicon Valley.

    For years, the term itself conjured an image of an enclave of bright, contrarian, libertarian engineers and thinkers who could see around corners and make big bets on the future. Now, that same industry is relying on the federal government to survive after failing to see the risk, or worse, contributing to it through a shared hysteria.

    In the chaotic days leading up to the bank’s collapse on Friday, some venture firms reportedly urged their portfolio companies to withdraw their money, which may have contributed to the bank failing.

    Then, over the weekend, many venture capitalists and tech founders banded together to try and lobby government and public goodwill towards saving the companies impacted by Silicon Valley Bank’s sudden collapse.

    While some VCs appeared to embrace fear-mongering on Twitter, much of the public messaging focused on the small businesses with exposure to Silicon Valley Bank that might be not be able to continue operating after losing access to the money in their bank account.

    “We are not asking for a bailout for the bank equity holders or its management; we are asking you to save innovation in the American economy,” the Y Combinator petition stated. “We ask for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.”

    A separate coalition of more than a dozen venture capital firms, including Lightspeed Venture Partners and Upfront Ventures, released a joint statement late Friday supporting Silicon Valley Bank, given its unique and vital role in the startup economy. The bank worked with nearly half of all venture-backed tech and healthcare companies in the United States.

    “For forty years, it has been an important platform that played a pivotal role in serving the startup community and supporting the innovation economy in the US,” the statement read. “In the event that SVB were to be purchased and appropriately capitalized, we would be strongly supportive and encourage our portfolio companies to resume their banking relationship with them.”

    Even before the bank’s collapse, the startup industry was in a tough moment. Venture capital funding had dwindled amid rising interest rates and broader macroeconomic uncertainty; tech companies were cutting staff and ambitious projects; and some of the biggest private companies were reportedly slashing their valuations.

    The instability at a top tech lender, and the lingering questions about its impact on other regional banks and the broader financial system, risk making it even harder for money-losing startups to access the capital they need to survive.

    President Joe Biden emphasized in remarks Monday that “no losses will be borne by the taxpayers” related to the government’s intervention for Silicon Valley Bank. But some are already skeptical of that statement, including Democratic Sen. Elizabeth Warren of Massachusetts, who wrote in an op-ed Monday morning, “We’ll see if that’s true.”

    More immediately, there’s uncertainty around how long it will take for companies to get their money out of the bank.

    As of Monday, Kalb said the money in his Silicon Valley Bank account has not been transferred yet to the new JPMorgan Chase account he set up for Shelf Engine on Thursday. “I’ve been obsessively checking my email,” he said. “Hopefully the money will be able to be transferred shortly.”

    Ben Kaufman, the co-founder of venture-backed toy store and online retailer Camp, told CNN’s Poppy Harlow in an interview Monday morning that he and his team spent the weekend trying to “fight for survival,” including holding a last-minute 40% off sale, using the code “BANKRUN,” to raise capital over the weekend.

    “We did not know how long it was going to take for us to get our cash out … we still kind of don’t, they say today, we’ll see what happens,” he said, noting the bank held 85% of his company’s assets. “We hope we can, and we’re so grateful that the Fed stepped in, and the way they did.”

    When asked if the past week’s events would change how and where he stores his money, Kaufman said that is “going to have to be a consideration moving forward.”

    “I don’t want to do this again,” he said.

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  • US safety regulators to investigate Tesla for steering wheels that can fall off | CNN Business

    US safety regulators to investigate Tesla for steering wheels that can fall off | CNN Business

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    New York
    CNN
     — 

    Federal safety regulators are investigating Tesla’s Model Y SUV after at least two instances in which owners said their steering wheels became detached while the vehicle was being driven.

    The National Highway Traffic Safety Administration is looking at the 2023 model year. It said in the two instances in which the steering wheel came off, the cars were delivered to buyers without the retaining bolt that attaches the steering wheel to the steering column.

    The report from the agency did not say if there were accidents or injuries as a result of the problem.

    NHTSA said around 120,000 vehicles on US roads could be affected by the problem. This is an investigation, a step the agency takes before ordering a recall.

    Tesla is not the only company facing safety questions about its steering wheel. Nissan also just disclosed to NHTSA that it is recalling about 1,100 Nissan Ariyas, its electric SUV, because it may be missing a bolt required on its steering wheel.

    There were three vehicles found in dealer inventories in which there was too much play in the steering wheels, and upon inspection it was discovered the bolts were missing in each. But in none of those cases did the steering wheel come off while the cars were being driven, and there were no reports of accidents or injuries caused by the missing bolts.

    In February, Tesla was required to issue a recall of nearly 363,000 vehicles equipped with what it calls its “Full Self Driving” software after NHTSA determined it “led to an unreasonable risk to motor vehicle safety based on insufficient adherence to traffic safety laws.”

    Among the traffic rules the cars violated in FSD mode was “traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution.”

    Tesla CEO Elon Musk objected to calling that a “recall,” saying it entailed only an over-the-air software update that did not require the owner to bring the cars to service centers to be fixed.

    But Tesla did order a recall last month of 3,470 2022-2023 Model Y cars due to bolts in the second-row seat back frames not being secured correctly, which could cause the seat belts in those seats to not work properly in a crash.

    Tesla has not had a public relations staff for several years and email inquiries to its press office are no longer accepted.

    CNN’s Ramishah Maruf contributed to this report.

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  • Tesla recalls almost 3,500 Model Y cars for loose bolts | CNN Business

    Tesla recalls almost 3,500 Model Y cars for loose bolts | CNN Business

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    New York
    CNN
     — 

    Tesla is recalling 3,470 2022-2023 Model Y cars due to bolts in the second-row seat back frames not being secured properly.

    An estimated 4% of cars are affected, a recall report submitted in late February said.

    The loose bolts could cause the seat belts to not work properly in a crash, “which may increase the risk of an injury for occupants seated in affected second-row seating positions,” the National Highway Traffic Administration said.

    On Model Y vehicles, the second-row driver- and passenger-side seat back frames are secured with four bolts per seat back. But during production for certain Model Y cars, one or more of the bolts securing the seat back frames to the lower seat frame “may not have been torqued to specifications.”

    Owners can tell if their car is affected by seeing if their second-row seat back frame folds improperly or if it’s loose and rattles when driving.

    Tesla found five warranty claims regarding the bolts since last December, but is not aware of any injuries or deaths due to it.

    A driver in Fremont, California, found a faulty seat back bolt last December, triggering a Tesla investigation and risk assessment which ended February 17. A recall determination was made on the same day.

    Tesla will inspect the bolts and tighten them if necessary for free of charge, and owner notification letters will be mailed.

    The recall was filed the same month Tesla recalled all 363,000 US vehicles with the “Full Self Driving” driver assist software due to safety risks, a significantly larger recall, which was a blow to the automaker’s business model.

    The NHTSA said, based on its analysis, Tesla’s “Full Self Driving” feature “led to an unreasonable risk to motor vehicle safety based on insufficient adherence to traffic safety laws.” And it warned the feature could violate traffic laws at some intersections “before some drivers may intervene.”

    “The FSD Beta system may allow the vehicle to act unsafe around intersections, such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution,” said the recall notice, posted on NHTSA’s website.

    Tesla will attempt to fix the feature, which costs $15,000, through an over-the-air software update, the notice added.

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  • Tesla, Musk sued by shareholders over self-driving safety claims | CNN Business

    Tesla, Musk sued by shareholders over self-driving safety claims | CNN Business

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    Reuters
     — 

    Tesla

    (TSLA)
    and its Chief Executive Elon Musk were sued on Monday by shareholders who accused them of overstating the effectiveness and safety of their electric vehicles’ Autopilot and Full Self-Driving technologies.

    In a proposed class action filed in San Francisco federal court, shareholders said Tesla defrauded them over four years with false and misleading statements that concealed how its technologies, suspected as a possible cause of multiple fatal crashes, “created a serious risk of accident and injury.”

    They said Tesla’s share price fell several times as the truth became known, including after the National Highway Traffic Safety Administration began investigating the technologies, and reports that the Securities and Exchange Commission was investigating Musk’s Autopilot claims.

    The share price also fell 5.7% on Feb. 16 after NHTSA forced a recall of more than 362,000 Tesla vehicles equipped with Full Self-Driving beta software because they could be unsafe around intersections.

    Tesla has said it acquiesced to the recall, though it disagreed with NHTSA’s analysis.

    “As a result of defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common stock, plaintiff and other class members have suffered significant losses and damages,” the complaint said.

    Tesla, which does not have a media relations department, did not immediately respond to requests for comment.

    Monday’s lawsuit led by shareholder Thomas Lamontagne seeks unspecified damages for Tesla shareholders from Feb. 19, 2019 to Feb. 17, 2023. Chief Financial Officer Zachary Kirkhorn and his predecessor Deepak Ahuja are also defendants.

    Tesla’s share price closed Monday up $10.75, or 5.5%, at $207.63, but the stock has lost about half its value since peaking in Nov. 2021.

    Musk is expected at Tesla’s March 1 investor day to promote the company’s artificial intelligence capability and plans to expand its vehicle lineup.

    The case is Lamontagne v Tesla Inc et al, U.S. District Court, Northern District of California, No. 23-00869.

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  • Alphabet’s self-driving car unit has cut 8% of its staff this year | CNN Business

    Alphabet’s self-driving car unit has cut 8% of its staff this year | CNN Business

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    CNN
     — 

    Waymo, the self-driving car division of Google

    (GOOGL)
    ’s parent company Alphabet, said on Wednesday that it has cut approximately 8% of its staff across two rounds of layoffs this year.

    Some 209 jobs were eliminated in total, after cuts in late January and another more recent round, the company confirmed on Wednesday.

    “We took a thoughtful approach and feel confident that we’re providing for each of these former teammates through this transition,” the company said in a statement to CNN Wednesday. “We’re confident that we have the right teams in place to achieve success for Waymo.”

    The Waymo job cuts come amid a spate of layoffs in the tech sector, as the industry adjusts to waning demand for digital services years into the pandemic and confronts broader uncertainty in the global economy. Rising interest rates have also dried up the easy access to funding tech companies used to fuel ambitious projects and bets on the future.

    Alphabet said in January that it was cutting 12,000 jobs, or 6% of its workforce, after having grown by more than 50,000 employees over the prior two years. The cuts to Waymo highlight how even Alphabet’s most ambitious and high-profile long-term bets are not immune to its renewed focus on reining in costs.

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  • Nissan recalling more than 700,000 SUVs that can accidentally shut off while driving | CNN Business

    Nissan recalling more than 700,000 SUVs that can accidentally shut off while driving | CNN Business

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    New York
    CNN
     — 

    Nissan is recalling more than 700,000 Rogue and Rogue Sport compact SUVs because they can be shut off accidentally while driving.

    Some model year 2016 through 2020 Nissan Rogue and 2017 through 2022 Rogue Sports, have jackknife-style keys – the type in which the metal blade of the key flips out from within a plastic key fob. An internal joint in the key can weaken over time, allowing the key to accidentally fold while in use. If this happens while the key is in the ignition, then the vehicle can be accidentally turned off if they is key is touched or bumped.

    The recall only involves the base Rogue S and smaller Rogue Sport S models. Nissan hasn’t yet worked out a solution to the problem, according to documents the automaker filed with the National Highway Traffic Safety Administration. Once a solution is available, according to NHTSA, it will be provided by Nissan dealers free of charge.

    In the meantime, owners of vehicles involved in the recall are advised not to attach anything to the keys that might pull it down and, also, to insert the key into the ignition in a direction that allows the key to fold fold only upward, not down.

    Nissan will begin alerting owners about the recall later in March. Owners with questions about recall can also call NHTSA’s Vehicle Safety Hotline at 888-327-4236.

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  • With a little ‘tickle,’ a new technology gives hope to stroke patients with paralysis | CNN

    With a little ‘tickle,’ a new technology gives hope to stroke patients with paralysis | CNN

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    CNN
     — 

    For nearly a decade, Heather Rendulic hasn’t been able to use her left hand to feed herself or pick up something as light as a soup can – but that changed when she became part of a clinical trial that could radically improve the lives of people who’ve been paralyzed after a stroke.

    The results of that trial were published Monday in the journal Nature Medicine.

    Rendulic has a rare brain disease called cavernous angioma, a blood vessel abnormality that can cause stroke. She had series of them – five total – over a period of 11 months when she was just 22 years old that left her paralyzed on her left side.

    “The most challenging part of my condition is living one-handed in a two-handed world,” the Pittsburgh resident said.

    A stroke cuts off the blood supply to the brain, and cells start to die within minutes. A person can have paralysis if the stroke damages the part of the brain that sends messages to trigger muscles to move.

    Rendulic eventually regained some function on her left side, but she was still unable to use a fork or make a fist with that hand.

    In 2021, as a part of a joint project between the University of Pittsburgh and Carnegie Mellon University, researchers implanted a pair of thin metal electrodes along her neck.

    Doctors already use spinal cord stimulation technology to treat persistent pain. Research has shown that the technology could be used to restore leg movement after a spinal cord injury, but hand movements are a little trickier. A hand that functions properly has a unique kind of dexterity and a wide range of motion.

    For the trial, scientists implanted electrodes along the surface of the spinal cord that look like strands of spaghetti. The electrodes give tiny impulses that stimulate specific regions and activate nerve cells inside the spinal cord.

    “The sensory nerves from the arm and hand send signals to motor neurons in the spinal cord that control the muscles of the limb,” said study co-author Dr. Douglas Weber, a professor of mechanical engineering at the Neuroscience Institute at Carnegie Mellon University. “By stimulating these sensory nerves, we can amplify the activity of muscles that have been weakened by stroke. Importantly, the patient retains full control of their movements: The stimulation is assistive and strengthens muscle activation only when patients are trying to move.”

    This technology could work with a wide range of patients, the researchers said.

    Rendulic said the stimulation feels “kind of like a tickle.” It’s never painful, but it takes a little getting used to.

    As tiny black plastic boxes light up and flashing green lights travel up and down her arm, the device allows motion that would have been unthinkable years ago.

    Even on the first day, she had a new range of movement. She didn’t have to be shown how to open the hand or reach the arm, the researchers said. For more complex tasks, a little training was needed.

    “When the stimulation is on, I feel like I now have control of my arm and my hand again that I haven’t had in over nine years,” she said.

    Rendulic can lift her arm above her head, use a fork to bring food to her mouth, and fully open and close her fist. The other person participating in the trial had similarly promising results.

    At one point during the trial, Rendulic picked up a soup can and released it on a marked spot on a board. The lab around her erupted in cheers, and she pumped her other arm in the air in triumph.

    “It’s just awesome,” she said.

    The researchers got another pleasant surprise, too: “We found that after a few weeks of use, some of these improvements endure when the stimulation is switched off, indicating exciting avenues for the future of stroke therapies,” said study co-author Dr. Marco Capogrosso, an assistant professor of neurological surgery at Pitt.

    This means even after the device is removed, with some intense physical training, subjects may have long-term improvements, the researchers said.

    No treatments are considered effective for treating paralysis six months or more after a stroke, in what doctors call the chronic stage.

    The stimulation technology needs to be tested further, but it has great potential, the researchers said.

    And it may fill a growing need. Doctors predict that 1 in every 4 people over the age of 25 will have a stroke in their lifetime, and many will develop some kind of paralysis, according to the World Stroke Organization.

    “Creating effective neurorehabilitation solutions for people affected by movement impairment after stroke is becoming ever more urgent,” said study co-author Dr. Elvira Pirondini, an assistant professor of physical medicine and rehabilitation at Pitt.

    “Even mild deficits resulting from a stroke can isolate people from social and professional lives and become very debilitating, with motor impairments in the arm and hand being especially taxing and impeding simple daily activities, such as writing, eating and getting dressed.”

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  • After a steep fall, used car prices poised to rise again | CNN Business

    After a steep fall, used car prices poised to rise again | CNN Business

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    New York
    CNN
     — 

    The price of used cars has been falling steadily, and steeply, for much of the last year. Unfortunately for car buyers, that could be about to change.

    Wholesale prices for used cars being sold at auction have risen sharply in the last few weeks, according to industry data. Higher retail prices on used car dealer lots are likely to be close behind.

    According to data from Manheim, the largest wholesale automotive marketplace, prices jumped 4% in just the last two weeks, an unusually large increase in such a short time period. While many in the industry expected the drop in prices wouldn’t last, the sudden increase caught many by surprise.

    “We did not anticipate that prices would jump as much as they have,” said Chris Frey, senior industry insights manager at Cox Automotive, which owns Manheim. “It made my eyes jump out.”

    Dealers started pulling back on their inventory of used cars as prices were declining late last year and into January. Much of the decline began late last year as a larger supply of new cars became available for purchase.

    A shortage of parts, particularly computer chips, caused automakers to scale their production back far below the demand for new vehicles, and push potential new car buyers, even rental car companies, into the used car market. That shortage of new car inventory helped drive both new and use car prices to record levels earlier last year.

    But part supplies and computer chip inventory improved in the last half of 2022, and with that used car prices started to decline. In January used car prices were down 11.6% from the year earlier, according to the Consumer Price Index, the government’s key inflation reading – the biggest 12-month decline since the depths of the Great Recession in early 2009.

    The busy selling season for used cars is only months away — it’s tied to when potential buyers get their tax refunds. Now dealers are scrambling to rebuild inventories, and that is driving up prices.

    The strong labor market, with employers unexpectedly adding more than 500,000 jobs in January, is also driving demand for used cars.

    “If you want to point at one factor that drives demand for cars, it’s jobs,” said Ivan Drury, director of insights at Edmunds. “If you’ve got a job, you’ve got a car.”

    Part of the problem in the months ahead can be traced to the early days of the pandemic three years ago. The disruptions to the new car market at that time are about to be felt by today’s used car market.

    In March and April of 2020, auto plants across the nation were shut by stay-at-home orders, and many dealerships were closed. Demand for cars also fell off a cliff amid record job losses and millions of additional workers shifted to working from home rather than commuting.

    So the 2020 plunge in car sales meant that few people were signing up for three-year leases on new vehicles, contracts that would normally be coming to an end now and in turn feed those vehicles into the supply of used cars on the markets.

    “The repercussions of the pandemic are coming through,” Drury said. “The supply is definitely not going to be there.” The disruptions in the car markets in 2020 and early 2021 could affect used car prices much of the year.

    “We are entering a period of tight supply on 3- and 4-year-old vehicles, which make up the majority of [used] car sales,” said Michael Manley, CEO of AutoNation

    (AN)
    , the nation’s largest car dealership, in a call with investors Friday. “And that’s going to impact wholesale prices and ultimately, retail prices.”

    It’s tough to know how long the rise in used car prices will last.

    The labor market and consumer spending is strong at the moment, but there are still worries about a possible recession. The Federal Reserve appears likely to keep raising interest rates, at least in the near term, which in turn will raise the cost of car loans, and for the financing that car dealers use when purchasing their own inventories.

    The drop in used car prices has been a major factor in the slowing of inflation, but a sustained rise in used car prices could make it more difficult for the Fed to pull back on rate hikes.

    Overall prices are up 6.4% over the last 12 months, according to CPI, but that reading has fallen for seven straight months. And prices would have risen 6.9% over the same 12 month period if used car prices had posted such a steep decline and instead just stayed unchanged.

    So broader economic conditions in the US economy are certain to have an effect on supply, demand and pricing of used cars, which makes forecasting future prices very difficult, said Frey.

    “I don’t think this latest increase is a blip. But I imagine prices could come down after spring and tax refunds land,” said Frey. But he added that forecasts are tough to make in the current market.

    “We’ve been calling for a 4% decline in prices from December last year to December this year,” Frey said. “We may have to revise that.”

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  • Amazon’s Zoox robotaxi drives on public roads in California for the first time | CNN Business

    Amazon’s Zoox robotaxi drives on public roads in California for the first time | CNN Business

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    London
    CNN
     — 

    Amazon’s Zoox driverless transportation company has started testing its robotaxi on open public roads — with employees on board, for now.

    The company said Monday that it conducted an initial run of its shuttle service for workers at its headquarters in Foster City, California on February 11, a key step in its efforts to make autonomous vehicles widely available.

    “With the announcement of the maiden run of our autonomous employee shuttle, we are adding to the progress this industry has seen over the last year and bringing Zoox one step closer to a commercialized purpose-built robotaxi service for the general public,” Zoox CEO Aicha Evans said in a statement.

    Full-time employees will now be able to travel in the self-driving taxi on the route between Zoox’s two main office buildings. The vehicle can carry as many as four people at a time and drive at speeds of up to 35 miles per hour.

    The startup said its robotaxi — which underwent “rigorous” testing on private roads and has received necessary approvals from the California Department of Motor Vehicles — can handle left- and right-hand turns, traffic lights, pedestrians, vehicles and other potential obstacles on the journey.

    Zoox, which was founded in 2014 and purchased by Amazon in 2020, is unique in its approach to designing electric self-driving vehicles.

    Most autonomous cars under development resemble those currently on the road. But Zoox has ditched the steering wheel and brake pedal, claiming those features are unnecessary when there’s no human driver. Seats are designed to face each other to facilitate conversation between passengers.

    Google, General Motors and other tech and transportation companies have poured billions of dollars into self-driving vehicles for more than a decade with the promise that they would deliver improved safety and convenience for riders. Yet some evangelists have abandoned their efforts in recent months, with high costs and elusive profits becoming harder to stomach as the economy slows.

    In October, Ford and Volkswagen, two of the world’s largest automakers, shut down joint efforts to develop self-driving taxis through a venture called Argo AI.

    Ford CEO Jim Farley said at the time that he’s still “optimistic” about a future for fully self-driving cars, “but profitable, fully autonomous vehicles at scale are a long way off.” The company wouldn’t necessarily have to create the technology itself, he added.

    — Matt McFarland contributed reporting.

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  • Super Bowl ad slams Tesla’s ‘Full Self-Driving’ tech | CNN Business

    Super Bowl ad slams Tesla’s ‘Full Self-Driving’ tech | CNN Business

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    New York
    CNN
     — 

    Electric carmaker Tesla will face a hit on Super Bowl Sunday, when an ad will play showing the alleged dangers of its Full Self-Driving technology.

    The commercial, which will be aired in Washington, DC, Austin, Tallahassee, Albany, Atlanta and Sacramento does not paint Tesla in the best light. The ad is part of a multimillion dollar advertising campaign by The Dawn Project. Its founder, Dan O’Dowd, is a California tech CEO who has dedicated millions of his own money (and a failed US Senate race) to the cause.

    The ad cost $598,000, a Dawn Project spokesperson told CNN.

    It shows a Tesla Model 3, which allegedly has the Full Self-Driving mode turned on, running over a child-sized dummy on a school crosswalk, and then a fake baby in a stroller, in a series of tests by the Dawn Project. In the ad, the car swerves into oncoming traffic, zooms past stopped school buses, and cruises through “do not enter” signs.

    “Tesla’s Full Self-Driving is endangering the public,” the ad said. “With deceptive marketing and woefully inept engineering.”

    The Dawn Project says it wants to make computer-controlled systems safer for humanity, shooting its own videos as tests of Tesla’s alleged design flaws. In August, O’Dowd published a video showing a Tesla plowing into child-sized mannequins. Some Tesla fans posted their own videos in defense, using their own dummies or even their own children – YouTube has taken down several test videos involving actual children, citing safety risks.

    O’Dowd received a cease and desist letter from Tesla over the video, claiming he and the Dawn Project were “disparaging Tesla’s commercial interests and disseminating defamatory information to the public.”

    O’Dowd responded to the cease-and-desist with a 1,736-word post in which he pushed back at the suggestion his posts were defamatory, defended his tests and returned barbs from Musk and some Tesla supporters.

    O’Dowd, who sold software to the military, is undertaking a campaign of millions of dollars to ban Tesla’s Full Self-Driving feature. He is running national ads and posting online videos displaying the possible dangers of Musk’s technology. He also ran an unsuccessful one-issue campaign for the US Senate on the same message.

    Though officially in beta mode, Full Self-Driving is available to any user in North America who wants to purchase the $15,000 feature.

    Tesla did not immediately respond to CNN’s request for comment. Tesla’s “Full Self-Driving” system is intended to someday work on city streets, but despite its wide rollout, is still officially in a developmental “beta” program. No car for sale on the market is yet able to drive itself.

    Autopilot is a suite of driver-assist features, while Full Self-Driving steers the car on city streets, but could also stop for traffic signals and make turns.

    Tesla contends it is not aware of any ongoing government investigation that has concluded any wrongdoing occurred, and said its Autopilot, with its automated steering designed to keep a car within a lane, is safer than normal driving.

    “Tesla’s reckless deployment of Full Self-Driving software on public roads is a major threat to public safety. Elon Musk has released software that will run down children in school crosswalks, swerve into oncoming traffic and hit a baby in a stroller to all Tesla owners in North America,” O’Dowd said in a statement.

    Tesla said it “has received requests from the Department of Justice for documents related to Tesla’s Autopilot and FSD features” in a January 31 public filing.

    Federal investigators are looking into a Musk tweet about disabling driver alerts on Tesla’s “Full Self Driving” driver assist system, joining several other National Highway Traffic Safety Administration probes.

    On December 31, Musk replied to a tweet by @WholeMarsBlog which said “users with more than 10,000 miles on FSD Beta should be given the option to turn off the steering wheel nag.”

    “Agreed, update coming in Jan,” Musk replied.

    The National Highway Traffic Safety Administration announced last summer it was escalating its Tesla probe to an “engineering analysis,” a step toward seeking a recall. NHTSA first investigated Tesla’s driver-assist technology after reports Autopilot-engaged vehicles were crashing into emergency vehicles stopped at the scene of earlier crashes.

    O’Dowd is the founder and CEO of Green Hills Software. Some of Musk’s defenders claim O’Dowd has a conflict of interest as one of its customers is Intel-owned Mobileye, which makes a computer chip to run driver-assisted software, the Washington Post reported.

    O’Dowd told the Washington Post Mobileye is one of his hundreds of customers and that his main motivation is safety.

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  • The week that tech became exciting again | CNN Business

    The week that tech became exciting again | CNN Business

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    CNN Business
     — 

    Let’s be honest: For much of the past decade, tech events have been pretty boring.

    Executives in business casual wear trot up on stage and pretend a few tweaks to the camera and processor make this year’s phone profoundly different than last year’s phone or adding a touchscreen onto yet another product is bleeding edge.

    But that changed radically this week. Some of the world’s biggest companies teased significant upgrades to their services, some of which are central to our everyday lives and how we experience the internet. In each case, the changes were powered by new AI technology that allows for more conversational and complex responses.

    On Tuesday, Microsoft announced a revamped Bing search engine using the capabilities of ChatGPT, the viral AI tool created by OpenAI, a company in which Microsoft recently invested billions of dollars. Bing will not only provide a list of search results, but will also answer questions, chat with users and generate content in response to user queries. And there are already rumors of another event next month for Microsoft to demo similar features in its Office products, including Word, PowerPoint and Outlook.

    On Wednesday, Google held an event to detail how it plans to use similar AI technology to allow its search engine to offer more complex and conversational responses to queries. Chinese tech giants Alibaba and Baidu also said this week that they would be launching their own ChatGPT-style services. And other companies are sure to follow suit soon.

    After years of incremental updates to smartphones, the promise of 5G that still hasn’t taken off and social networks copycatting each others’ features until they all the look the same, the flurry of AI-related announcements this week feels like a breath of fresh air.

    Yes, there are very real concerns about the potential of this technology to spread biases and inaccurate information, as happened in a Google demo this week. And it’s certainly likely numerous companies will introduce AI chatbots that simply do not need one. But these features are fun, have the potential to give us back hours in the day and, perhaps most importantly, some are here right now to try out.

    Need to write a real estate listing or an annual review for an employee? Plug a few keywords into a ChatGPT query bar and your first draft is done in three seconds. Want to come up with a quick meal plan and grocery list based on your dietary sensitivities? Bing, apparently, has you covered.

    If the introduction of smartphones defined the 2000s, much of the 2010s in Silicon Valley was defined by the ambitious technologies that didn’t fully arrive: self-driving cars tested on roads but not quite ready for everyday use; virtual reality products that got better and cheaper but still didn’t find mass adoption; and the promise of 5G to power advanced experiences that didn’t quite come to pass, at least not yet.

    But technological change, like Ernest Hemingway’s idea of bankruptcy, has a way of coming gradually, then suddenly. The iPhone, for example, was in development for years before Steve Jobs wowed people on stage with it in 2007. Likewise, OpenAi, the company behind ChatGPT, was founded seven years ago and launched an earlier version of its AI system called GPT3 back in 2020.

    “ChatGPT exploded onto the market and people’s awareness,” said Bern Elliot, an analyst at Gartner, “but this has been a long time in the making.”

    More than that, artificial intelligence systems have for years underpinned many of the functions people may now take for granted, from content recommendations on social media platforms and auto-complete tools in e-mail to voice assistants and facial recognition tools. But when ChatGPT was released publicly in November, it put the power of AI systems on full display for millions in an entertaining and immediately graspable way. ChatGPT simultaneously made it much easier to see how far the technology has progressed in recent years and to imagine the vast potential for the impact it could have across industries.

    “When new generations of technologies come along, they’re often not particularly visible because they haven’t matured enough to the point where you can do something with them,” Elliott said. “When they are more mature, you start to see them over time — whether it’s in an industrial setting or behind the scenes — but when it’s directly accessible to people, like with ChatGPT, that’s when there is more public interest, fast.”

    Now that ChatGPT has gained traction and prompted larger companies to deploy similar features, there are concerns not just about its accuracy but its impact on real people.

    Some people worry it could disrupt industries, potentially putting artists, tutors, coders, writers and journalists out of work. Others are more optimistic, postulating it will allow employees to tackle to-do lists with greater efficiency or focus on higher-level tasks. Either way, it will likely force industries to evolve and change, but that’s not? necessarily a bad thing.

    “New technologies always come with new risks and we as a society will have to address them, such as implementing acceptable use policies and educating the general public about how to use them properly. Guidelines will be needed,” Elliott said.

    Many experts I’ve spoken with in the past few weeks have likened the AI shift to the early days of the calculator and how educators and scientists once feared how it could inhibit our basic knowledge of math. The same fear existed with spell check and grammar tools.

    While AI tools are still in their infancy, this week may represent the start of a new way of doing tasks, similar to how the iPhone changed computing and communication in June 2007. But this time, it could be in the form of a Bing browser.

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  • Bad news: Consumer prices actually climbed in December | CNN Business

    Bad news: Consumer prices actually climbed in December | CNN Business

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    Minneapolis
    CNN
     — 

    December consumer prices rose from the month before and did not fall as previously thought, according to revised data from the Bureau of Labor Statistics released Friday.

    The newly calibrated Consumer Price Index shows that prices rose 0.1% on a seasonally adjusted basis in December from November versus a previously estimated decline of 0.1%.

    Every year, the BLS recalculates seasonal adjustment factors for CPI going back five years. (However, the year-over-year data, which is not seasonally adjusted, is not revised.)

    The latest annual adjustments show slight shifts in the month-on-month inflation trend for 2022 — with November and October revised up by 0.1 percentage points.

    Core CPI, which excludes the more volatile categories of food and energy, saw upward revisions of 0.1 percentage points in December and November to 0.4% and 0.3%, respectively.

    “Whether you’re talking about inflation, labor markets, GDP, these things all go through seasonal adjustment procedures and do get revised over time,” said Andrew Patterson, senior economist in Vanguard’s investment strategy group.

    “There’s not usually a whole lot of focus on it, but given the magnitude of inflation and the volatility of macro fundamentals these days, it’s probably gotten a little bit more attention than typical,” he added.

    The latest BLS tweaks show the importance of not reading into any one data point but instead reviewing a variety of different metrics over a longer-term period, he said, a point that has been repeatedly stressed by officials such as Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen as they measure the path of inflation.

    But the revisions don’t change the overall storyline, Patterson noted.

    “We continue to believe that inflation is going to grind down over the course of the year,” he said.

    The annual revisions also come just days before the release of the January CPI report, which will debut some modifications of its own: changing its weighting methodology from consumption patterns collected every two years to a single year of spending data.

    “This means that this 2023 CPI report will be based on consumer spending patterns that took place in 2021, as opposed to 2022’s CPI data, which was based on spending data over 2019-2020,” William Blair analyst Richard de Chazal wrote in a note Friday. “From the BLS’s perspective, this makes the data more timely and relevant, and a better reflection of actual spending patterns.”

    The adjustments could help better gauge economic activity during what’s been a very unpredictable time, noted Diane Swonk, KPMG chief economist, in a Twitter thread this week.

    “The U.S. statistical agencies work extremely hard to measure and seasonally adjust the data accurately to reflect what where once considered normal season variations — everything from the surge in extreme weather events we are enduring to the unusual dynamics of an economy that is still emerging from a pandemic have distorted normal seasonal patterns,” she wrote.

    “Those shifts, coupled with the rapid pace at which the economy is currently shifting has made measuring current economic conditions more difficult. It is hard to tell where we are, let alone where the economy is headed,” she said.

    Here’s how the adjusted data looks for 2022:

    Month: Original data vs. Revised

    January: 0.6% vs. 0.6%

    February: 0.8% vs. 0.7%

    March: 1.2% vs. 1%

    April: 0.3% vs. 0.4%

    May: 1% vs. 0.9%

    June: 1.3% vs. 1.2%

    July: 0.1% vs. 0%

    August: 0.1% vs. 0.2%

    September: 0.4% vs. 0.4%

    October: 0.4% vs. 0.5%

    November: 0.1% vs. 0.2%

    December: -0.1% vs. 0.1%

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  • Alibaba is launching a ChatGPT rival too | CNN Business

    Alibaba is launching a ChatGPT rival too | CNN Business

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    Hong Kong
    CNN
     — 

    Alibaba says it will launch its own ChatGPT-style tool, becoming the latest tech giant to jump on the chatbot bandwagon.

    The Chinese behemoth said it was testing an artificial intelligence-powered chatbot internally. It did not share details of when it would launch or what the application would be called.

    “Frontier innovations such as large language models and generative AI have been our [focus] areas since the formation of DAMO in 2017,” an Alibaba

    (BABA)
    spokesperson told CNN in a Thursday statement, referring to an acronym for the company’s research arm that focuses on machine intelligence, data computing and robotics.

    “As a technology leader, we will continue to invest in turning cutting-edge innovations into value-added applications for our customers as well as their end-users.”

    Alibaba’s Hong Kong-listed shares ticked up 1.4% on Thursday morning.

    Companies around the world are racing to develop and release their own versions of ChatGPT, the application that allows users to automatically write essays or pass tests.

    The tool is built on a large language model, which is trained on vast troves of data online in order to generate compelling responses to user prompts. Experts have long warned that these tools have the potential to spread inaccurate information.

    This week, Google

    (GOOGL)
    and Chinese search engine giant Baidu

    (BIDU)
    both unveiled plans to launch similar services of their own.

    Google’s tool, named “Bard,” will roll out to the public in the coming weeks, while Baidu’s bot, called “Wenxin Yiyan” in Chinese or “ERNIE Bot” in English, will launch in March.

    Bard suffered an embarrassing setback this week, however, after producing an incorrect response during a public demonstration.

    Shares in Google’s parent company, Alphabet, fell nearly 8% Wednesday following the news.

    Microsoft

    (MSFT)
    , too, has gotten in the game. The firm announced a makeover for its Bing search engine on Tuesday, saying it would update the platform to answer questions, chat with users and produce content in response to prompts using artificial intelligence.

    The company is also investing billions of dollars in OpenAI, the company behind ChatGPT.

    — CNN’s Catherine Thorbecke contributed to this report.

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  • More than 400 products including breakfast sandwiches and fruit cups recalled due to possible Listeria contamination | CNN

    More than 400 products including breakfast sandwiches and fruit cups recalled due to possible Listeria contamination | CNN

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    CNN
     — 

    More than 400 food products sold under dozens of brand names were recalled due to possible Listeria contamination, the US Food and Drug Administration announced Friday.

    The recall by Fresh Ideation Food Group LLC includes ready-to-eat sandwiches, salads, yogurts, wraps and other products sold in nine states and Washington, DC, from January 24 through January 30.

    The Baltimore company said Friday that no illnesses have been reported so far.

    “The recall was initiated after the company’s environmental samples tested positive for Listeria monocytogenes,” Fresh Ideation Food Group said in its recall announcement.

    Eating Listeria-contaminated food can cause a serious infection that can lead to symptoms including fever, headache, diarrhea and vomiting, according to the US Centers for Disease Control and Prevention.

    It’s most likely to sicken pregnant women and their newborns, adults aged 65 or older, and people with weakened immune systems, according to the CDC. “An estimated 1,600 people get listeriosis each year, and about 260 die,” the agency says.

    The recalled foods were distributed in Connecticut, the District of Columbia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina and Virginia, according to the FDA.

    The products – which included items like bacon, egg and cheddar muffins, breakfast croissants, tuna and chicken sandwiches, and fruit cups – were sold in stores, vending machines and by transportation providers, according to the company.

    “All recalled products have a Fresh Creative Cuisine label and/or identifier on the bottom of the label with the Fresh Creative Cuisine name and a fresh through or sell through date ranging from January 31, 2023 through February 6, 2023,” the company said.

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  • Tesla video promoting self-driving was staged, engineer testifies | CNN Business

    Tesla video promoting self-driving was staged, engineer testifies | CNN Business

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    CNN
     — 

    A 2016 video that Tesla

    (TSLA)
    (TSLA) used to promote its self-driving technology was staged to show capabilities like stopping at a red light and accelerating at a green light that the system did not have, according to testimony by a senior engineer.

    The video, which remains archived on Tesla’s website, was released in October 2016 and promoted on Twitter by Chief Executive Elon Musk as evidence that “Tesla drives itself.”

    But the Model X was not driving itself with technology Tesla had deployed, Ashok Elluswamy, director of Autopilot software at Tesla, said in the transcript of a July deposition taken as evidence in a lawsuit against Tesla for a 2018 fatal crash involving a former Apple

    (AAPL)
    (AAPL) engineer.

    The previously unreported testimony by Elluswamy represents the first time a Tesla employee has confirmed and detailed how the video was produced.

    The video carries a tagline saying: “The person in the driver’s seat is only there for legal reasons. He is not doing anything. The car is driving itself.”

    Elluswamy said Tesla’s Autopilot team set out to engineer and record a “demonstration of the system’s capabilities” at the request of Musk.

    Elluswamy, Musk and Tesla did not respond to a request for comment. However, the company has warned drivers that they must keep their hands on the wheel and maintain control of their vehicles while using Autopilot.

    The Tesla technology is designed to assist with steering, braking, speed and lane changes but its features “do not make the vehicle autonomous,” the company says on its website.

    To create the video, the Tesla used 3D mapping on a predetermined route from a house in Menlo Park, California, to Tesla’s then-headquarters in Palo Alto, he said.

    Drivers intervened to take control in test runs, he said. When trying to show the Model X could park itself with no driver, a test car crashed into a fence in Tesla’s parking lot, he said.

    “The intent of the video was not to accurately portray what was available for customers in 2016. It was to portray what was possible to build into the system,” Elluswamy said, according to a transcript of his testimony seen by Reuters.

    When Tesla released the video, Musk tweeted, “Tesla drives itself (no human input at all) thru urban streets to highway to streets, then finds a parking spot.”

    Tesla faces lawsuits and regulatory scrutiny over its driver assistance systems.

    The U.S. Department of Justice began a criminal investigation into Tesla’s claims that its electric vehicles can drive themselves in 2021, after a number of crashes, some of them fatal, involving Autopilot, Reuters has reported.

    The New York Times reported in 2021 that Tesla engineers had created the 2016 video to promote Autopilot without disclosing that the route had been mapped in advance or that a car had crashed in trying to complete the shoot, citing anonymous sources.

    When asked if the 2016 video showed the performance of the Tesla Autopilot system available in a production car at the time, Elluswamy said, “It does not.”

    Elluswamy was deposed in a lawsuit against Tesla over a 2018 crash in Mountain View, California, that killed Apple engineer Walter Huang.

    Andrew McDevitt, the lawyer who represents Huang’s wife and who questioned Elluswamy’s in July, told Reuters it was “obviously misleading to feature that video without any disclaimer or asterisk.”

    The National Transportation Safety Board concluded in 2020 that Huang’s fatal crash was likely caused by his distraction and the limitations of Autopilot. It said Tesla’s “ineffective monitoring of driver engagement” had contributed to the crash.

    Elluswamy said drivers could “fool the system,” making a Tesla system believe that they were paying attention based on feedback from the steering wheel when they were not. But he said he saw no safety issue with Autopilot if drivers were paying attention.

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  • How Ukraine became a testbed for Western weapons and battlefield innovation | CNN Politics

    How Ukraine became a testbed for Western weapons and battlefield innovation | CNN Politics

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    CNN
     — 

    Last fall, as Ukraine won back large swaths of territory in a series of counterattacks, it pounded Russian forces with American-made artillery and rockets. Guiding some of that artillery was a homemade targeting system that Ukraine developed on the battlefield.

    A piece of Ukrainian-made software has turned readily available tablet computers and smartphones into sophisticated targeting tools that are now used widely across the Ukrainian military.

    The result is a mobile app that feeds satellite and other intelligence imagery into a real-time targeting algorithm that helps units near the front direct fire onto specific targets. And because it’s an app, not a piece of hardware, it’s easy to quickly update and upgrade, and available to a wide range of personnel.

    US officials familiar with the tool say it has been highly effective at directing Ukrainian artillery fire onto Russian targets.

    The targeting app is among dozens of examples of battlefield innovations that Ukraine has come up with over nearly a year of war, often finding cheap fixes to expensive problems.

    Small, plastic drones, buzzing quietly overhead, drop grenades and other ordinance on Russian troops. 3D printers now make spare parts so soldiers can repair heavy equipment in the field. Technicians have converted ordinary pickup trucks into mobile missile launchers. Engineers have figured out how to strap sophisticated US missiles onto older Soviet fighter jets such as the MiG-29, helping keep the Ukrainian air force flying after nine months of war.

    Ukraine has even developed its own anti-ship weapon, the Neptune, based off Soviet rocket designs that can target the Russian fleet from almost 200 miles away.

    This kind of Ukrainian ingenuity has impressed US officials, who have praised Kyiv’s ability to “MacGyver” solutions to its battlefield needs that fill in important tactical gaps left by the larger, more sophisticated Western weaponry.

    While US and other Western officials don’t always have perfect insight into exactly how Ukraine’s custom-made systems work – in large part because they are not on the ground – both officials and open-source analysts say Ukraine has become a veritable battle lab for cheap but effective solutions.

    “Their innovation is just incredibly impressive,” said Seth Jones, director of the international security program at the Center for Strategic and International Studies.

    Meanwhile, the war in Ukraine has also offered the United States and its allies a rare opportunity to study how their own weapons systems perform under intense use – and what munitions both sides are using to score wins in this hotly fought modern war. US operations officers and other military officials have also tracked how successfully Russia has used cheap, expendable drones that explode on impact, provided by Iran, to decimate the Ukrainian power grid.

    Ukraine is “absolutely a weapons lab in every sense because none of this equipment has ever actually been used in a war between two industrially developed nations,” said one source familiar with Western intelligence. “This is real-world battle testing.”

    For the US military, the war in Ukraine has been an incredible source of data on the utility of its own systems.

    Some high-profile systems given to the Ukrainians – such as the Switchblade 300 drone and a missile designed to target enemy radar systems – have turned out to be less effective on the battlefield than anticipated, according to a US military operations officer with knowledge of the battlefield, as well as a recent British think tank study.

    But the lightweight American-made M142 multiple rocket launcher, or HIMARS, has been critical to Ukraine’s success – even as officials have learned valuable lessons about the rate of maintenance repair those systems have required under such heavy use.

    How Ukraine has used its limited supply of HIMARS missiles to wreak havoc on Russian command and control, striking command posts, headquarters and supply depots, has been eye-opening, a defense official said, adding that military leaders would be studying this for years.

    Ukrainian service members fire a shell from an M777 Howitzer at a front line, as Russia's attack on Ukraine continues.

    Another crucial piece of insight has been about the M777 howitzer, the powerful artillery that has been a critical part of Ukraine’s battlefield power. But the barrels of the howitzers lose their rifling if too many shells are fired in a short time frame, another defense official said, making the artillery less accurate and less effective.

    The Ukrainians have also made tactical innovations that have impressed Western officials. During the early weeks of the war, Ukrainian commanders adapted their operations to employ small teams of dismounted infantry during the Russian advance on Kyiv. Armed with shoulder-mounted Stinger and Javelin rockets, Ukrainian troops were able to sneak up on Russian tanks without infantry on their flanks.

    The US has also closely studied the conflict for larger lessons on how a war between two modern nations might be waged in the 21st century.

    A High-Mobility Artillery Rocket System (HIMARS) during military exercises at Spilve Airport in Riga, Latvia.

    The operations officer said that one lesson the US may take from this conflict is that towed artillery – like the M777 howitzer system – may be a thing of the past. Those systems are harder to move quickly to avoid return fire – and in a world of ubiquitous drones and overhead surveillance, “it’s very hard to hide nowadays,” this person said.

    When it comes to lessons learned, “there’s a book to be written about this,” said Democratic Rep. Jim Himes of Connecticut, a member of the House Intelligence Committee.

    US defense contractors have also taken note of the novel opportunity to study – and market – their systems.

    BAE Systems has already announced that the Russian success with their kamikaze drones has influenced how it is designing a new armored fighting vehicle for the Army, adding more armor to protect soldiers from attacks from above.

    And different parts of the US government and industry have sought to test novel systems and solutions in a fight for which Ukraine needed all the help it could get.

    Ukrainian soldiers are on standby with a US made Stinger MANPAD (man-portable air-defense system) on the frontline in Bakhmut, Ukraine

    In the early days of the conflict, the National Geospatial-Intelligence Agency sent five lightweight, high-resolution surveillance drones to US Special Operations Command in Europe – just in case they might come in handy in Ukraine. The drones, made by a company called Hexagon, weren’t part of a so-called program of record at the Defense Department, hinting at the experimental nature of the conflict.

    Navy Vice Adm. Robert Sharp, the head of the National Geospatial-Intelligence Agency at the time, even boasted publicly that the US had trained a “military partner” in Europe on the system.

    “What this allows you to do is to go out underneath cloud cover and collect your own [geointelligence] data,” Sharp told CNN on the sidelines of a satellite conference in Denver last spring.

    Despite intense effort by a small group of US officials and outside industry, it remains unclear whether these drones ever made it into the fight.

    Meanwhile, multiple intelligence and military officials told CNN they hoped that creating what the US military terms “attritable” drones – cheap, single-use weapons – has become a top priority for defense contractors.

    “I wish we could make a $10,000 one-way attack drone,” one of these officials said, wistfully.

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  • From color-changing cars to self-driving strollers, here’s some of the coolest tech from CES 2023 | CNN Business

    From color-changing cars to self-driving strollers, here’s some of the coolest tech from CES 2023 | CNN Business

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    CNN
     — 

    A long list of companies once again showed off an assortment of cutting edge technology and oddball gadgets at the Consumer Electronics Show in Las Vegas last week.

    There were new twists on foldable devices, cars that changed colors and smart ovens that live streamed dinners. There was a self-driving stroller, a pillow that pulsates to reduce anxiety and a locker from LG that claims to deodorize smelly sneakers in less than 40 minutes. At the event, some people gathered in groups, sitting in silence, to test out the latest virtual reality products.

    While some of these devices may never find their way into households, the products on display offer a glimpse at some of the biggest tech trends companies are anticipating this year and in the years ahead.

    Here’s a look at some of the buzziest products announced last week:

    BMW unveiled a wild color-changing concept car with 260 e-panels that can change up to 32 colors. During a demo, different parts of the car, including the wheel covers, flashed in varying hues and swirls of colors. The technology, which relies on panels that receive electrical impulses, isn’t ready for production. (Breaks between panels and what looked like wiring could be seen on the outside of the car.) But just imagine being able to drive a sporty red car on the weekends and then a conservative gray model when you go to work.

    If you think snapping photos of your meal for Instagram is overdone, now you can livestream your dinner as it cooks in real time and post it to your social feeds. Samsung’s new AI Wall oven features an internal camera that can capture footage of your baking food or allow you to keep tabs on it without ever leaving the couch. The oven, which uses an algorithm to recognize dishes and suggest cooking times and temperatures, also pushes notifications to your phone to prevent you from burning meals. The oven will launch in North America later this year; a price has not yet been announced.

    The self-driving stroller allows for hands-free strolling but only when a child is not inside

    Canadian-based baby gear startup Gluxkind was showed off its Ella AI Powered Smart Stroller. It offers much of the same tech seen in autonomous cars and delivery robots, including a dual-motor system for uphill walks and automatic downhill brake assist. It’s meant to serve as an “extra pairs of eyes and an extra set of hands,” according to the company’s website – not a replacement for a caregiver. The Ella stroller is able to drive itself for hands-free strolling – but only when a child is not inside.

    The Shiftall Mutalk mouthpiece puts a Bluetooth microphone over the mouth to quiet a user's voice

    No gadget at CES this year was as striking as the Mutalk mouthpiece from startup Shiftall. The device, which looks like a muzzle, features a soundproof Bluetooth microphone that makes it difficult for others in the room to hear your voice when you’re on calls. The company thinks the $200 gadget will come in handy for everything from voice chats and playing online games to shouting in VR when you don’t want to disturb anyone else nearby. Instead of hearing you, they will simply see your new mouthpiece; you can decide which is worse.

    If you ever wanted to hit 15 miles per hour on roller skates, this electric pair from French startup AtmosGear promises to help get you there. With a battery pack that holds an hour charge and the ability to travel over 12 miles, the skates can clip onto any existing roller skates, turning them into motor-propelled footwear. The skates are currently available for pre-order for $525.

    JBL Tour 2 Pro earbuds and case with smartphone-like abilities

    You’ve probably heard of smartphones that come with headphones, but what about headphones that come with a screen? The JBL Tour Pro 2 earbuds adds a touchscreen to the case to bring smartwatch-like capabilities by allowing users to control its settings, answer calls, set alarms, manage music and check battery life. No launch date has been announced, but the new buds will cost $250 when they eventually go on sale.

    Samsung's Flex Hybrid Display concept folds and slides

    Some companies offered a new twist on the foldable phone concept. For example, Samsung Display’s Flex Hybrid prototype features a foldable and slidable display (the right side slides to offer more screen space). Meanwhile, the Asus $3500 Zenbook 17 Fold OLED – the world’s first foldable 17-inch laptop – picked up significant buzz on the show floor, acting almost like a large tablet that can be folded in half when on the go.

    Dubbed “the world’s first awareable,” the $500 Nowatch is a watch… with no clock. The Amsterdam-based startup of the same name launched the device to help users monitor stress, body temperature, heart rate, movement and sleep. But unlike other smartwatches, there’s no watchface – instead, a gemstone sits where the touchscreen display typically goes. “We’ve replaced the traditional watch face with ancient stones, celebrating the belief that time is NOW,” the company said on its website.

    Representative Director, Chairman and CEO of Sony Honda Mobility Yasuhide Mizuno in front of a Afeela concept vehicle during a press event at CES 2023 at the Mandalay Bay Convention Center on January 04, 2023 in Las Vegas, Nevada.

    Honda and Sony have joined forces to create tech-filled electric cars that, they say, will be both fun to drive and filled with the latest entertainment innovation. According to the CEO of Sony Honda Mobility, its cars will recognize your moods and be highly communicative and sensitive to your needs. The car will have screens on the outside so it can “express itself” and share information and will be able to “detect and understand people and society by utilizing sensing and [artificial intelligence] technologies,” according to the company. That’s why the company named its first joint car brand Afeela, in that it just has to “feel” right. But it’s unclear if we’re afeeling that name.

    Withings U-Scan attaches to the toilet to collect data from urine

    While it typically requires a blood panel and a visit to the doctor’s office to learn more about vitamin deficiencies, Withins says its new $500 U-Scan device can tell you similar information right from the comfort of your own toilet. The device attaches to existing toilets and collects data from your urine stream to detect vitamin deficiencies, check hydration and monitor metabolism, according to the company. An additional device called the U-Scan Cycle Sync tracks periods and ovulation cycles.

    Schlage’s new smart lock is one of the first to work with Apple’s Home Key functionality, which allows users to upload their keys to their Apple Wallet and unlock their deadbolted front door directly from their phone or Apple Watch. The lock also works with Amazon Alexa and Google Assistant for voice controlled, hands-free locking. Available in two finishes, the deadbolt can manage access codes, view lock history and handle multiple locks at once. The lock, which will cost $300, will be available for purchase late this spring, according to a company press release.

    – CNN’s Peter Valdes-Depena contributed to this report

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  • Fisher-Price reminds consumers of 2019 recall of Rock ‘n Play Sleepers after more deaths | CNN Business

    Fisher-Price reminds consumers of 2019 recall of Rock ‘n Play Sleepers after more deaths | CNN Business

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    New York
    CNN
     — 

    Fisher-Price has reannounced its 2019 recall of the Rock ‘n Play Sleepers on Monday after at least eight infant deaths occurred after the initial recall, according to the Consumer Product Safety Commission.

    “On April 12, 2019, at the time the original recall was announced, over 30 fatalities were reported to have occurred in the Rock ‘n Play Sleepers after the infants rolled from their back to their stomach or side while unrestrained, or under other circumstances,” the commission said in a statement. “Since the recall, approximately 70 additional fatalities have been reported, which includes at least 8 fatalities that were reported to have occurred after the initial recall announcement.”

    “Approximately 100 deaths have reportedly occurred while infants were in the products,” the CPSC indicated. “Fisher-Price notes that in some of the reports, it has been unable to confirm the circumstances of the incidents or that the product was a Rock ‘n Play Sleeper.”

    The CPSC indicated that “consumers should stop using the Rock ‘n Play immediately and contact Fisher-Price for a refund or voucher. It is illegal to sell or distribute the recalled sleepers.”

    The initial 2019 recall affected about 4.7 million sleepers. The sleepers were sold at stores such as Walmart, Target and Amazon from September 2009 to April 2019.

    At the time of the initial recall, Chuck Scothon, general manager at Fisher-Price, said the company considered the recall the “best course of action” and would continue to stand by the safety of all its products.

    “With these actions, we want parents around the world to know that safety will always be a cornerstone of our mission, that we are committed to these values, and will continue to prioritize the health, safety and well-being of the infants and preschoolers who utilize our products,” Scothon said during the initial recall.

    – CNN’s Nicole Chavez contributed to this report

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