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Tesla Semis Gets First Recall Over Faulty Brake Issue

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2 years ago

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Tesla model S

American multinational automotive and clean energy company Tesla has recalled its Semis, a fully electric semi-truck, over faulty brake issues.

Bendix Corporation, an American manufacturing and engineering company that supplies Tesla with parts, informed the automaker of the problem in February, according to paperwork posted on the National Highway Traffic Safety Administration’s website. Tesla then proceeded to carry out an investigation into the issue and decided to recall the faulty semis.

The recall impacts 35 Semi trucks, however, it is unclear what percentage of the total number of Tesla Semis on the road that represents.

It was discovered that the semis truck parking brake could fail to engage due to air leakage within the unit, leaving drivers unaware that it isn’t activated, possibly leading to a rollaway incident when the driver releases the brake.

Tesla has further notified service teams regarding the recall and will mail letters to owners of the Semis, notifying them of the recall starting on the 23rd of May. Owners may also contact the Tesla customer service center for inquiries.

Investors King understands that Tesla Semis is receiving its first recall among other brands of the automaker’s collection that have received several calls. It would be recalled that the Tesla began the deliveries of its Semi Truck in December last year, rolling out an initial batch of 36 trucks to Pepsi and Frito-lay.

During its launch, Tesla CEO Elon Musk described the Semis as a “badass” big rig, with semi-autonomous features that could haul the maximum legal weight for 500 miles at highway speed. Not too long after its launch, Tesla’s plan to take over commercial trucking has recorded some cracks with its recent brake issue.

Meanwhile, on the company’s page, it assured customers that the Semis comes with standard active safety features that pair with advanced motor and brake controls to deliver traction and stability in all conditions.

It also stated that the Semis have Enhanced Autopilot, Automatic Emergency Braking, Automatic Lane Keeping, and Forward Collision Warning. The company also believes that moving the driver seat to the middle of the vehicle makes the Semi safer if it is involved in a crash

With less than 2 kWh per mile of energy consumption, Tesla Semi can travel up to 500 miles on a single charge. It can recover up to 70 percent of range in 30 minutes using Tesla’s Semi Chargers.

While the speed and acceleration are undoubtedly impressive and a considerable improvement over the current diesel trucks on the road, the range is the industry’s most important factor.

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Fintech

US Continues to dominate Global FinTech Landscape in Q3 2024, Witnesses Funding of $2.7B

Published

4 days ago

on

October 18, 2024

By

fintech - Investors King

The US boasts of a bustling FinTech landscape with more than 7K funded companies and 137 active FinTech Unicorns. Though the US ranks first globally in terms of funding in the FinTech sector in Q3 2024, this is the least funded quarter in the past five years.

Q4 2021 was the highest funded quarter in this space, after which the funding started to experience a steady decline.

Tracxn, a leading global SaaS-based market intelligence platform, stated in its Geo Quarterly Report: US FinTech Q3 2024.

The US FinTech startup ecosystem raised $2.7 billion in Q3 2024, a 30% decline compared with $3.9 billion raised in Q3 2023 and a 40% decline from $4.5 billion in Q2 2024.

Late-stage funding in Q3 2024 fell 32% to $1.3 billion, from $1.9 billion raised in Q3 2023. Early-stage investments stood at $1.2 billion in Q3 2024, a drop of 29% from $1.7 billion in Q3 2023. Seed-stage funding, too, fell 49% to $186 million from $364 million in Q3 2023.

Three companies attracted funding of $200 million and above. Human Interest raised $267 million in a Series D round at a post-money valuation of $1.33 billion, while FLYR raised $225 million in a Series D round. Earned Wealth secured $200 million in a Series B round.

Three other companies reported $100M+ rounds, with Aven becoming the only new unicorn in the third quarter of this year, after raising $142 million at a valuation of $1 billion.

Finance and Accounting Tech, Payments and Investment Tech were the top-performing sectors based on funding in Q3 2024 in this space.

The Finance & Accounting Tech segment witnessed total funding of $643 million in Q3 2024, a drop of 34% compared to $967 million raised in Q3 2023.

Funding raised by the Payments sector fell 22% to $573 million in Q3 2024 from $737 million in Q3 2023. Investment Tech companies raised a total funding of $547 million in Q3 2024, 18% lower than the $669 million raised in Q3 2023.

The third quarter of 2024 was weak in terms of exits. None of the companies from the US FinTech sector went public in Q3 2024, as against one IPO each in Q3 2023 and Q2 2024.

The number of acquisitions too, fell to 48 in Q3 2024 from 54 in Q3 2023 and 62 in Q2 2024. ShareFile was acquired by Progress at a price of $875 million, and Stronghold Digital Mining was acquired by Bitfarms for $175 million.

Among US cities, San Francisco and New York City together accounted for 50% of the total funding raised by the sector in the third quarter of this year.

FinTech startups based in San Francisco raised $750.2 million, while those headquartered in New York City and Santa Monica raised $610.1 million and $225 million.

Y Combinator, Techstars and a16z are the overall top investors in this space. Y Combinator, Castle Island Ventures & Plug and Play Tech Center were the top seed-stage investors in Q3 2024, while Curql, Redpoint Ventures and Brewer Lane Ventures took the lead in early-stage investments.

The US government is taking several initiatives to stimulate investment and innovation in the FinTech sector, which could give a boost to these startups in the coming years.

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E-commerce

South Africa, Tunisia Record Job Losses as Jumia Shuts Down Outlets Over Diminishing Returns, Hopes on Nigeria, Others

Published

5 days ago

on

October 17, 2024

By

Jumia - Investors King

Africa-focused e-commerce retailer Jumia Technologies has announced its decision to shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

The development, Investors King gathered, followed diminishing returns in the countries which has been having significant impacts on the firm.

Francis Dufay, the Chief Executive Officer of the retailer giant, expressed strong confidence in Nigeria’s market, saying the firm will refocus on more profitable markets such as Nigeria.

Dufay said Jumia is aiming at more profits, hence, its decision to implement aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

He said the trajectory of the South Africa and Tunisia did not align with the strategy of the group, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions.

Stressing that the group’s exit plan is the right decision, Dufay emphasised that the move will allow the company to concentrate its resources on the other nine markets including Nigeria, where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria.

Dufay maintained that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia.

Giving more facts on the level of shortage Jumia incurred in South Africa and Tunisia, he noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown.

Findings by Investors King revealed that no fewer than 110 persons will lose their jobs in the affected countries once the closures take effect.

Although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

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Telecommunications

MTN, Telecom Firms Urge Government Support for Tariff Hike Amid Economic Downturn

Published

5 days ago

on

October 17, 2024

By

Telecommunications - Investors King

MTN Nigeria and other telecommunication companies have requested that the federal government support their plan to increase tariffs to ensure business continuity.

The request was made due to the current economic downturn that has hindered the operations of many companies.

During a panel session at the 30th Nigerian Economic Summit on Tuesday in Abuja, titled Navigating Business Growth in a Volatile Environment, MTN’s Chief Financial Officer (CFO), Modupe Kadri, highlighted that Nigeria’s economy, impacted by foreign exchange fluctuations, has affected the effective functioning of the telecommunications industry, including MTN.

Kadri noted that with the current economic situation, the electricity and fuel sectors have experienced increases.

He therefore said for the telecom sector to remain viable, the federal government must allow similar adjustments in the telecom industry.

According to him, the telecommunications industry is also facing challenges because much of their equipment is heavily import-dependent. Despite this, the sector has not received regulatory approval to adjust its prices for over a decade.

“For ten years now, telecommunication companies haven’t been permitted to increase prices, and this regulation is not providing us with a level playing field to operate. If we are to stay in business, this policy must be reviewed, similar to how electricity and fuel prices are adjusted to reflect current economic realities,” he stated.

“Our business is mainly dependent on foreign exchange, so customers need to understand that for them to receive the services they desire, it costs money,” he added.

He noted that just like the electricity and fuel industries contribute to the nation’s GDP, the telecommunication industry also contributes to the nation’s GDP, and similar measures should be applied across sectors.

“The telecommunications industry contributes 16 percent to the GDP, and it is not something that you can mess around with,” he reiterated.

Kadri therefore sought government intervention to increase tariffs to ensure business continuity.

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