Tesla won a key lawsuit over its Autopilot system after a fatal crash, marking a significant legal victory amid ongoing scrutiny. Toyota reported strong earnings but sharply lowered its battery electric vehicle sales forecast, emphasizing hybrids in its electrified lineup. The automotive industry expressed concerns over Cleveland Cliffs' proposed acquisition of US Steel, fearing increased costs. Elon Musk revealed new Cybertruck details, including its weight, bulletproof claims, and production pace. Rivian will end free public charging, while Porsche launched a bug bounty program to enhance cybersecurity. Volkswagen and Renault are delaying EV-related investments due to market uncertainties.
Topics:tesla autopilot lawsuittoyota ev sales forecastcleveland cliffs us steel mergerelon musk cybertruck detailsrivian charging policyporsche cybersecurity programvolkswagen ev battery plant delayrenault ev ipo delayelectric pickup trucksautomotive industry market trends
- Tesla Wins 1st Autopilot Lawsuit Involving Fatal Crash - Toyota Slashes EV Sales Forecast - Automakers Oppose U.S. Steel Acquisition - Ford F-150 Lightning Heading to Switzerland - Elon Musk Shares New Cybertruck Details - Rivian Owners Now Have to Pay to Use Charging Sites - Porsche Launches Bug Bounty Program - VW Holding Off on New Battery Plant - Renault May Delay EV Unit IPO Again
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Tesla has faced a lot of scrutiny over the safety of its autopilot driver assistance technology, but the company just won its first trial involving a fatal crash in California. The lawsuit alleged that autopilot caused a Model three to suddenly veer off
the highway at sixty five miles an hour, strike a tree, and burst into flames, all within a matter of seconds. The driver was killed in
the crash and two other passengers were seriously injured. The suit also claimed that
Tesla knew the technology was defective when it sold the vehicle, but Tesla claimed the accident was due to driver error and said it was unclear if autopilot was engaged at the time of the accident. The jury agreed and ruled that the
vehicle did not have a manufacturing defect. Tesla is facing several other similar lawsuits
in the US, so this is a big victory for the company. Toyota
reported its earnings for the latest quarter, and the numbers are rock solid.
The company sold two point four million vehicles globally, up thirteen percent from a year ago, and that includes its Daihatsu and Hino subsidiaries that helped its revenue grow twenty four percent to seventy six billion dollars. Its net income nearly tripled
to eight point six billion dollars, and its operating profit hit nine point six billion, more than double what it was a year ago. And while its
sales are going strong, the company is walking back its BEEV forecast for the year. Toyota originally estimated it would sell two hundred and two thousand beeves,
but now it only expects to sell one hundred and twenty three thousand in the current fiscal year, which is a pretty shocking drop. But if you include
all of its electrified vehicles, Toyota expects sales to hit three point nine million vehicles this year, a forty two percent gain. Hybrids account for the overwhelming
majority of that figure. The company says electrified vehicles will account for thirty seven
percent of its total sales, up from thirty percent last year. Automakers are
once again voicing their displeasure about steel maker Cleveland Cliff's proposal to buy US Steel.
If the acquisition goes through, it will give Cleveland Cliffs already the largest automotive steel supplier in the US, control of more than fifty percent of the auto steel market in the country. So the Alliance for Automotive Innovation, a
lobbying group that represents most major automakers in the US, sent a letter to Congress and other federal agencies saying the merger will increase costs for the industry quote for both materials and vehicles. The Alliance also says the takeover will give Cleveland
Cliffs one hundred percent control of e steel production in the US, which is used to make electric motors, and that will likely lead to higher costs for evs as well. The tajin Automotive technologies, we combine world class composite materials
expertise with cutting edge designs because frankly, there are better ways to lightweight vehicles.
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Ford is launching the F one fifty Lightning in another European country. The company
announced it will be available to order in Switzerland starting this month. Earlier this
year, Ford started selling the electric pickup in Norway. The Lightning will only
be available in limited numbers in Switzerland, and it ain't cheap, with a starting price of nearly one hundred and forty thousand dollars. Speaking of electric pickups,
Elon must drop the f a few more details about the cyber truck on comedian Joe Rogan's podcast. The highlight of the experience was Rogan shooting the cyber
truck with a bow and arrow and leaving nothing more than a dent in the door while the arrow was destroyed. Musk says at the reveal event at the
end of the month, Tesla will unload a full Tommy gun clip into the cyber truck to show that it's bullet proof and even with those heavy stainless steel body panels, the cyber truck weighs about six to seven thousand pounds depending on the setup, which is roughly the same as the Ford F one to fifty lightning. One of the heavier setups will likely be the beast mode version that
Musk talked about, which he says will do zero to sixty in under three seconds, but the pace at which Tesla pumps out cyber trucks won't be that fast. Must says Tesla aims to build about two hundred thousand a year,
and with over a million pre orders, that means some customers will have to wait five plus years to get their truck. Rivian owners are about to lose
access to free public charging. The evy startup announced it will start making owners
pay to use its charging sites, called the Adventure Network. It did not
say what it would charge, likely because it varies so much by area, but rates from other providers typically hovers around thirty cents per kilowatt hour, and at that rate it would cost thirty plus dollars to fill up an empty Rivian battery at its Adventure network. The company currently has about thirty fast charging sites
in its network, with the aim to increase that to six hundred over the next two years. I'm sure the free fast charging was a nice perk,
but Rivian needs to start turning a profit and this will help it do that.
And aside from its Adventure Network, the company is also building out ten thousand Rivian Waypoints, which are level two chargers at popular location, and next year owners will get access to twelve thousand Tesla superchargers. Porsche is launching a
bug bounty program to try and find cybersecurity issues in its products and digital services.
Basically, Porsche will pay hackers to find vulnerabilities in its systems and then it can fix those before they could potentially become a problem. It can be
an effective way of discovering issues without a ton of investment. Tesla has been
doing this for a long time and has reportedly found some big vulnerabilities this way.
With demand for its electric vehicles lower than expected, Volkswagen is holding off on making a decision about a new battery plant. CEO Oliver Bloomer said because
of market conditions, including a slow ramp up of the BEEV segment in Europe.
There's no reason for it to pick a new site for a battery plant right now, and the slower EV ramp up in year up could push back the timeline for Renault taking its new EV division public again. It originally wanted
to do an IPO with AMP here this month, but move those plans to next spring. Renault is hoping for evaluation of up to ten billion euros,
but if forecasts put that number closer to six or seven billion euros, Renault might not go ahead with the IPO next spring. But that brings us to
the end of today's show. Thanks for making autoline a part of your day.
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