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Elon Musk Tesla Called Out For False Advertisement of Vehicles

The engineer in a recent revelation disclosed that a 2016 video posted in October by Tesla, which promoted its self-driving technology was fake.

Published

11 months ago

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Elon Musk

A software engineer at Tesla Ashok Elluswamy has called out the automaker for the false advertisement of its self-driving feature.

The engineer in a recent revelation disclosed that a 2016 video posted in October by Tesla, which promoted its self-driving technology was fake.

According to reports, the video is still on Tesla’s website, which the company used as evidence to customers that the car can drive itself, which was titled “full self-driving hardware on all Teslas”.

Meanwhile, the engineer insist that the video was fake, noting that Tesla used a 3D mapping on a predetermined route from a house in Menlo Park, California to the company’s headquarters in Palo Alto.

He revealed that drivers had to intervene to take control during test runs while noting that there were scenes not revealed because the test car crashed into a fence in Tesla’s parking lot.

Ashok disclosed that the intent of the video was not to accurately portray what was available for customers in 2016, but rather it was to portray what was possible to build into the system.

The software engineer was hired after Musk put out a tweet looking for candidates for the autopilot team. In his July disposition which was taken as evidence in a lawsuit against Tesla for a fatal 2018 crash, he disclosed that the company’s CEO Elon Musk wanted the autopilot team to record a demonstration of the system’s capabilities.

Investors King understands that Tesla has come under increasing criticism and regulatory scrutiny for its autopilot systems lately. It is a known fact that many automakers now equip their vehicles with driving assistance features to enhance users driving, but Tesla has gone a step further by claiming that an optional version of its autopilot technology provides full self-driving capabilities.

Meanwhile, there are claims that Tesla’s optional full self-driving capability is still in “beta”, meaning that it is not yet considered a final product.

False claims by Tesla are now a subject of probe as the U.S. department of justice in 2021, began to look into Tesla autopilot claims. In 2022, the company’s false claims of autopilot spurred lawmakers in California to pass a bill that would bar Tesla and other automakers from using the term “full self-driving”.

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Merger and Acquisition

Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival

Published

13 hours ago

on

December 1, 2023

By

GZ Industries Limited

Jonathan Oppenheimer, scion of South African billionaire Nicky Oppenheimer, has secured full ownership of Nigeria’s largest beverage can manufacturer, GZ Industries Ltd.

Oppenheimer Partners Ltd. concluded the acquisition of the remaining shares from Affirma Capital, formerly known as Standard Chartered Private Equity.

While financial details were not disclosed, the private equity firm previously held a 37.5% stake in GZ Industries, a major supplier of cans to global brands such as Coca-Cola.

The move positions Jonathan Oppenheimer to play a pivotal role in shaping GZI’s growth trajectory in sub-Saharan Africa.

With urban, educated adults in the region leading global sugary drink consumption with 12.4 servings per week, GZI’s strategic importance in meeting this demand is underscored.

Oppenheimer Partners initially invested in GZI in 2018, coinciding with the establishment of a factory in South Africa, where the company now commands a 20% market share.

GZI, a producer of 3 billion aluminum cans annually in Africa, competes with Nampak Ltd., which is currently undergoing restructuring efforts.

Affirma Capital’s exit from GZI aligns with its broader investment strategy in Africa, having invested in 11 companies since 2008, with eight successful exits returning over $800 million to investors.

Jonathan Oppenheimer, part of the wealthy Oppenheimer family, inherits a substantial role in GZ Industries, further diversifying the family’s portfolio, which amassed significant wealth through the 2012 sale of their stake in De Beers for about $5 billion.

The family’s combined net worth is estimated at $9.4 billion, according to the Bloomberg Billionaires Index.

As Nigeria’s President Bola Tinubu outlines ambitious spending plans for 2024, the acquisition positions GZI strategically in a potentially thriving economic landscape.

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Merger and Acquisition

Equinor Concludes Sale of Stake in Chevron’s Agbami Oil Field to Chappal Energies

Published

2 days ago

on

November 30, 2023

By

Chevron

Norwegian energy company Equinor has successfully finalized the sale of its 20.21 per cent stake in Chevron’s Agbami oil field.

The transaction, including Equinor’s 53.85 per cent ownership in Oil Mining License 128, was completed with Nigerian-owned Chappal Energies. The financial details of the deal have not been disclosed.

Equinor, a longstanding player in Nigeria’s energy sector since 1992, views this divestment as a strategic move in line with its broader international oil and gas portfolio optimization strategy.

Nina Koch, Equinor’s Senior Vice President for Africa Operations, commented on the transaction, stating, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”

Chappal Energies, the acquiring entity, is a committed Nigerian-owned energy company with ambitions to further develop the assets, contributing significantly to the Nigerian economy.

The completion of the transaction remains contingent on various conditions, including regulatory and contractual approvals.

Equinor’s exit from the Agbami oil field signifies a shift in its global asset portfolio management, enabling the company to concentrate on its core operational areas.

The deal aligns with the broader industry dynamics and demonstrates Equinor’s commitment to strategic alignment and operational efficiency.

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Company News

Dangote Petroleum Refinery Set to Make History with Public Listing on NGX

Published

4 days ago

on

November 28, 2023

By

Dangote refinery

Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).

Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”

The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.

At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.

The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.

A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.

The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.

Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.

Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.

As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).

Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.

The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.

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