Connect with us

Published

on

The Tesla Cybertruck during a tour of the Elkhorn Battery energy storage system in Moss Landing, California, June 6, 2022.

Nik Coury | Bloomberg | Getty Images

Tesla CEO Elon Musk has been promoting the company’s long-delayed, sci-fi inspired Cybertruck on social media this week. However, the electric vehicle maker still hasn’t issued final pricing and specs for the trapezoidal pickup, which it first unveiled in November 2019, and a company-wide email sent by Elon Musk implies he’s worried about “precision” in manufacturing the truck because its “straight edges” mean variations show up “like a sore thumb.”

In its second-quarter financial filing with the U.S. Securities and Exchange Commission, Tesla said its factory in Austin, Texas, was working on “tooling” for the Cybertruck, and production status was not yet active. The company also said in a shareholder deck that it was “working on equipment installation for Cybertruck production, which remains on track for initial deliveries this year.”

The company has not said when it expects to be able to mass produce the vehicle.

On Wednesday, Musk shared a post on X, formerly Twitter, with an image of the Cybertruck, saying, “Just drove the production candidate Cybertruck at Tesla Giga Texas!” In automotive manufacturing, a “candidate” is an early model of a vehicle that the manufacturer uses to gauge the quality of its production systems and vehicle assembly lines.

A Tesla promoter and fan pressed Musk for more details on the social platform Wednesday, writing in a post, “Enough with the hype, let’s get down to business. Please announce the specs, pricing and new estimated delivery event date.”

The Tesla CEO, who also owns and runs X after a $44 billion buyout last year, replied: “When we are ready to do so, we will. While I think it is our best product ever, it is an extremely difficult product to build. We are in uncharted territory, because it is not like anything else.”

Musk also sent an email to “everybody” at Tesla on Wednesday about the Cybertruck and the challenges of producing the vehicle. Tesla employees shared a copy of the email with CNBC and asked to remain unnamed since they were not authorized to speak with press about internal matters. News of the memo was previously published by Electrek.

What Musk said in the email implies that Tesla is still struggling with Cybertruck quality. Shares of Tesla were dipping slightly early Thursday following Musk’s Cybertruck comments and the email.

Here’s what the email said, as transcribed by CNBC.

From: Elon Musk

To: Everybody

Date: August 23, 2023 [time stamp removed]

Subj. Cybertruck Precision

Due to the nature of Cybertruck, which is made of bright metal with mostly straight edges, any dimensional variation shows up like a sore thumb.

All parts for this vehicle, whether internal or from suppliers, need to be designed and built to sub 10 micron accuracy.

That means all part dimensions need to be to the third decimal place in millimeters and tolerances need be specified in single digit microns.

If LEGO and soda cans, which are very low cost, can do this, so can we.

Precision predicates perfectionism.

Elon

Continue Reading

Technology

Waymo plans to bring its robotaxi service to Dallas in 2026

Published

on

By

Waymo plans to bring its robotaxi service to Dallas in 2026

A Waymo rider-only robotaxi is seen during a test ride in San Francisco, California, U.S., December 9, 2022. 

Paresh Dave | Reuters

Alphabet’s Waymo unit plans on bringing its robotaxi service to Dallas next year, adding to a growing list of prospective U.S. markets for 2026, including Miami and Washington, D.C.

Rental car company Avis Budget Group will be managing the Waymo fleet in Dallas, via a new partnership the companies announced Monday.

Avis CEO Brian Choi said in a statement that the agreement marks a “milestone” for the company, which is now also working to become “a leading provider of fleet management, infrastructure and operations to the broader mobility ecosystem.”

Waymo robotaxi testing is already underway in downtown Dallas involving the company’s Jaguar I-PACE electric vehicles with the Waymo Driver system. That combines automated driving software, sensors and other hardware that power the vehicles’ “level 4,” driverless operations.

Passengers will be able to hail a driverless ride using the Waymo app in Dallas. In some other markets, Waymo only makes its services available through ride-hailing platform Uber.

Waymo has surged ahead in the robotaxi market while other autonomous vehicle developers, including Tesla, Amazon-owned Zoox, and venture-backed startups such as Nuro, May Mobility and Wayve, are working to make autonomous transportation a commercial reality in the U.S.

Waymo says it conducts more than 250,000 paid weekly trips in the markets where it operates commercially, including Atlanta, Austin, Los Angeles, Phoenix and San Francisco.

Waymo’s steepest competition internationally comes from Baidu’s robotaxi venture Apollo Go in China, which is eyeing expansion in Europe.

On Alphabet’s second-quarter earnings call, execs boasted that, “The Waymo Driver has now autonomously driven over 100 million miles on public roads, and the team is testing across more than 10 cities this year, including New York and Philadelphia.”

The business has become significant enough that Alphabet even added a category to its Other Bets revenue description in its latest quarterly filing.

“Revenues from Other Bets are generated primarily from the sale of autonomous transportation services, healthcare-related services and internet services,” the filing said.

The Other Bets segment remains relatively small, however, with revenue coming in at $373 million in the quarter, up from $365 million a year ago. The division still reported a loss of $1.25 billion, widening from $1.13 billion in the second quarter of 2024.

WATCH: Waymo co-CEO on 10 million driverless rides and Tesla’s coming robtaxi challenge

Waymo co-CEO on 10 million driverless rides and Tesla’s coming robotaxi challenge

Continue Reading

Technology

Ray-Ban Meta smart glasses revenue tripled over the year, EssilorLuxottica says

Published

on

By

Ray-Ban Meta smart glasses revenue tripled over the year, EssilorLuxottica says

Ray-Ban Meta smart glasses on display in the window of a Ray Ban store in London, UK, on Friday, July 19, 2024. 

Bloomberg | Bloomberg | Getty Images

Revenue from sales of Ray-Ban Meta smart glasses more than tripled year over year, EssilorLuxottica revealed Monday as part of the company’s most recent earnings report.

EssilorLuxottica said the success of the Ray-Ban Meta glasses, built via a partnership with the Facebook parent stemming back to 2019, contributed to its first-half overall sales of 14.02 billion euro (US$16.25 billion), which represents a 7.3% year-over-year jump.

“We are leading the transformation of glasses as the next computing platform, one where AI, sensory tech and a data-rich healthcare infrastructure will converge to empower humans and unlock our full potential,” EssilorLuxottica CEO Francesco Milleri and deputy CEO Paul du Saillant said in a joint-statement. “The success of Ray-Ban Meta, the launch of Oakley Meta Performance AI glasses and the positive response to Nuance Audio are major milestones for us in this new frontier.”

In the earnings report, the company said that its new Oakley Meta smart glasses, unveiled in June, represents the latest product line to come from its partnership with the social media company. CNBC reported in June that Meta and Luxottica plan to debut a Prada-branded version of its smart glasses in the future.

Luxottica owns several well-known brands including Ray-Ban, Oakley, Vogue Eyewear and Persol.

In September, Meta renewed a long-term partnership agreement with Luxottica to “collaborate into the next decade to develop multi-generational smart eyewear products,” according to the announcement.

WATCH: Meta’s ambitious AI plans.

Meta's ambitious AI plan to build superintelligence will soak up massive energy, resources

Continue Reading

Technology

MicroStrategy copycats are getting out of control as Canadian vape company joins fray

Published

on

By

MicroStrategy copycats are getting out of control as Canadian vape company joins fray

The logos of Bitcoin, Ethereum, and Tether outside a cryptocurrency exchange in Istanbul, Turkey, on Wednesday, Nov. 6, 2024. 

David Lombeida | Bloomberg | Getty Images

The crypto market’s bullishness may be tipping into speculative frenzy, if the latest MicroStrategy-style copycat is any indication.

On Monday, a little-known Canadian vape company saw its stock surge on plans to enter the crypto treasury game – but this time with Binance Coin (BNB), the fourth largest cryptocurrency by market cap, excluding the dollar-pegged stablecoin Tether (USDT), according to CoinGecko.

Shares of CEA Industries, which trades on the Nasdaq under the ticker VAPE, rocketed more than 800% at one point after the company announced its plans. CEA, along with investment firm 10X Capital and YZi Labs, said it would offer a $500 million private placement to raise proceeds to buy Binance Coin for its corporate treasury. Shares ended the session up nearly 550%, giving the company a market cap of about $48 million.

Given the more crypto-friendly regulatory environment this year, more public companies have adopted the MicroStrategy playbook of using debt financing and equity sales to buy bitcoin to hold on their balance sheet to try to increase shareholder returns, pushing bitcoin to new records.

Now, with the S&P 500 trading at new records, the resurgence of meme mania and a pro-crypto White House supporting the crypto industry, investors are looking further out on the risk spectrum of crypto hoping for bigger gains.

In recent months, investors have rotated out of bitcoin and into ether, which led to a burst of companies seeking a similar treasury strategy around ether. SharpLink Gaming, whose board is chaired by Ethereum co-founder Joe Lubin, was one of the first to make the move. Other companies like DeFi Development Corp, renamed from Janover, are making similar moves around Solana.

Don’t miss these cryptocurrency insights from CNBC Pro:

Continue Reading

Trending