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Tesla Semi

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Tesla has issued a voluntary recall on the Semi, a first since the company began deliveries of the heavy-duty electric trucks to customers in December 2022.

According to recall filings posted on the website of the National Highway Traffic Safety Administration, 35 Semi trucks were affected. The trucks were built with an electronic parking brake valve module found to contain a defect by supplier Bendix in February 2023.

The defect left drivers vulnerable to “rollaway” incidents and increased the likelihood of a crash. According to a recall notice, the defective modules may “fail to move into the park position when the parking brake is activated” leaving drivers unaware their Semi could roll away. The parking brake component defect has not resulted in a crash or any damages, according to the filings.

While Tesla showed off the design of the Semi in late 2017, it only began producing the trucks in Nevada last year and began deliveries to early customer Pepsi at a marketing event late last year.

The Tesla Semi is finally here

In filings on the NHTSA site, Tesla said it will “replace the parking brake valve module with a revised part with improved internals that prevent air leakage and allow the driver to engage and disengage parking brakes.”

Elon Musk‘s electric vehicle maker is expected to issue its first-quarter 2023 vehicle production and deliveries report this weekend. Tesla has not previously broken out Semi production and delivery numbers in its quarterly updates.

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Joby lawsuit accuses air taxi rival Archer of using stolen information to ‘one-up’ deal

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Joby lawsuit accuses air taxi rival Archer of using stolen information to 'one-up' deal

An electric air taxi by Joby Aviation flies near the Downtown Manhattan Heliport in Manhattan, New York City, U.S., November 12, 2023.

Roselle Chen | Reuters

Air taxi maker Joby Aviation in a new lawsuit accused competitor Archer Aviation of using stolen information by a former employee to “one-up” a partnership deal with a real estate developer.

“This is corporate espionage, planned and premeditated,” Joby said in the lawsuit filed Wednesday in a California Superior Court in Santa Cruz, where the company is based.

Archer and Joby did not immediately respond to CNBC’s request for comment.

The lawsuit alleges that former U.S. state and local policy lead, George Kivork, downloaded dozens of files and sent some content to his personal email two days before he resigned in July to take a job at Archer, which had recruited him.

By August, Joby said a partner that worked with Kivork said it had been approached by Archer with a “more lucrative deal.” Joby alleges that the eVTOL rival’s understanding of “highly confidential” details helped it leverage negotiations.

Joby also said the developer attempted to terminate the agreement, citing a breach of confidentiality.

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Kivork refused to return the files when Joby approached him after conducting an investigation, according to the suit. The company also said Archer denied wrongdoing, and would not disclose how it learned about the terms of the agreement or provide results from an internal investigation it allegedly undertook.

The lawsuit comes during a busy period for electric vertical takeoff and landing (eVTOL) technology as companies race to gain Federal Aviation Administration certification to start flying commercially. ‘

The sector has also benefitted from President Donald Trump‘s newly minted eVTOL pilot program.

Joby argued in the complaint that it’s “imperative” to protect Joby’s work “from this type of espionage” to promote the sector’s success and ensure fair competition.

Last week, Joby said it completed its first test flight for a hybrid aircraft it’s working on with defense contractor L3Harris. This month, Amazon-backed Beta Technologies, another electric flight company, also went public on the New York Stock Exchange.

Joby shares have more than doubled over the last year, while Archer is up about 68%.

In August 2023, Archer settled a previous legal dispute with Boeing-owned Wisk Aero over the alleged theft of trade secrets. As part of the deal, Archer agreed to use Wisk as its autonomous tech partner.

A hearing is scheduled for March 20, 2026.

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Joby and Archer year-to-date stock chart.

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Jobs data muddies the picture for a December rate cut, while the Nvidia rally fizzles

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Jobs data muddies the picture for a December rate cut, while the Nvidia rally fizzles

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Bitcoin falls to lowest level since April

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Bitcoin falls to lowest level since April

Andriy Onufriyenko | Moment | Getty Images

Bitcoin dropped on Thursday to levels not seen in more than six months, as investors appeared to pull back exposure to riskier assets and weighed the prospects of another Federal Reserve rate cut next month.

The flagship digital currency fell to as low as $86,325.81, its lowest level since April 21. It last traded at $86,690.11.

The release of stronger-than-expected U.S. jobs data raised questions about whether the central bank would lower its benchmark overnight rate. The U.S. economy added 119,000 in September, well above the 50,000 economists polled by Dow Jones expected.

That report sent the probability of a December rate cut to around 40%, according to the CME Group’s FedWatch tool.

Bitcoin’s pullback formed part of a broader cryptocurrency market decline. XRP was last down 2.3% on the day, and is below $2.00, while ether shed more than 3% to trade well below $3,000. Dogecoin was unchanged.

The world’s oldest crypto also led stocks lower, even after a blockbuster Nvidia earnings report. Traders who are heavily invested in AI-related stocks tend to also hold bitcoin, linking the two trades.

Bitcoin’s price has largely slid since a rash of cascading liquidations of highly leveraged crypto positions in early October.

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