Business News

GM’s Cruise Targets Full Autonomous Rides and Fare Collection by 2025

Key Points: Cruise aims to resume fully autonomous rides later this year and start charging fares by early 2025. The company is recovering from a significant setback caused by a pedestrian accident last year. Cruise resumed operations in Phoenix with human-driven vehicles while its California service remains suspended. Focus shifted to developing a next-generation Chevrolet Bolt instead of the planned Origin vehicle. General Motors' self-driving technology unit, Cruise, aims to resume fully autonomous rides later this year and start charging fares by early 2025. Based in San Francisco, California, Cruise has been striving to recover from a significant setback caused...

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Elon Musk Polls Public on Tesla’s Potential $5 Billion Investment in xAI

Key Points: Elon Musk posted a poll to the public on investing $5 billion of Tesla’s funds into his startup, xAI. Tesla's second-quarter earnings fell short of expectations, and its shares dropped over 7% after the update. Shareholders questioned potential integrations of xAI’s Grok software into Tesla vehicles. Formed in 2022, xAI develops AI models and software to compete with major tech companies. Tesla CEO...

EU Car Sales Rise to Highest Since 2019, Registrations of Battery Electric Cars Saw Decline

Key Points: New car sales in the EU rose 4.3% in June, the highest since July 2019. Registrations of battery electric cars fell marginally despite significant increases in Belgium and Italy. Sales of hybrid-electric cars grew by 26.4%. EVs accounted for 50% of new passenger car registrations, up from 47.5% a year earlier. Volkswagen, Stellantis, and Renault saw growth in car registrations. Germany's early end...

FTC Launches Informal Inquiry into Amazon’s Deal with AI Startup Adept

Key Points The FTC has launched an informal investigation into Amazon’s deal with AI startup Adept, seeking more information about the agreement. The investigation is part of a broader trend of increased regulatory scrutiny over tech companies' investments and partnerships with AI startups. Britain’s competition watchdog is also probing Microsoft’s hiring practices related to AI talent, reflecting international concerns. U.S. lawmakers have highlighted the deal...

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