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FTX’s new CEO said on Saturday that the bankrupt crypto exchange is looking to sell or restructure its global empire, even as Bahamian regulators and FTX squabble in court filings and press releases about whether the bankruptcy filing should proceed in New York or in Delaware.

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” FTX chief John Ray, said in a statement.

Ray, who replaced FTX’s founder Sam Bankman-Fried when the company filed for Chapter 11 bankruptcy protection on Nov. 11, added that it is “a priority” in the coming weeks to “explore sales, recapitalizations or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues.”

Ray’s statement came with a flurry of Saturday morning filings in Delaware bankruptcy court. In those filings, FTX asked for permission to pay outside vendors, consolidate bank accounts, and establish new ones.

The exact timing of a possible sale is unclear. FTX indicated that it has not set a specific timetable for the completion of this process and said that it “does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.”

Both FTX and Bahamas securities regulators are seeking jurisdiction over the bankruptcy process in two different U.S. courts. Last week, Bahamian regulators moved potentially hundreds of millions of “digital assets” from FTX custody into their own, acknowledging the deed in a press release after FTX attorneys accused them of doing so in an emergency court filing.

Ray singled out some of the company’s healthier subsidiaries for praise. One example was LedgerX, a Commodity Futures Trading Commission-regulated derivatives platform. LedgerX was one of the few FTX-related properties that are not a part of its bankruptcy proceedings and remains operational today. The platform, which FTX acquired in 2021, lets traders buy options, swaps and futures on bitcoin and ethereum.

The new FTX CEO asked that employees, vendors, customers, regulators and government stakeholders “be patient” with them.

FTX said in a filing that there could be more than one million creditors in these Chapter 11 cases.

FTX and its accountants had identified 216 bank accounts, across 36 banks, with positive balances globally. Cash balances across all entities totaled some $564 million, with $265.6 million of that in the custody of LedgerX on a restricted basis.

FTX attorneys also want to employ a “cash pooling system,” merging all the cash assets of each disparate FTX entity into one consolidated balance statement and in new bank accounts, which FTX is currently in the process of opening.

Notably, FTX attorneys wrote that they were “working, and will continue to work, closely with [existing FTX banks] to ensure that prior authorized signatories do not have access” to any prior FTX accounts that will continue to be used. Prior reporting and court filings have indicated that Sam Bankman-Fried held nearly absolute control over cash management and account access.

FTX’s bank accounts reflect the global influence of the crypto-asset empire. Institutions in Cyprus, Dubai, Japan and Germany held a wide array of global currencies. FTX subsidiaries held more than a dozen accounts at Signature Bank, an American institution that made an aggressive foray into servicing crypto customers in 2021. With the exception of one Bank of America account for Blockfolio, major American banks are unaccounted for on the list. Blockfolio was acquired by FTX in the summer of 2020.

In another petition, FTX lawyers moved to access $9.3 million for vendor payments that FTX called “critical.” No list was provided, but the FTX motion established criteria for “critical vendor” status.

In welcome news for customers, FTX attorneys applied to the court for permission to redact “certain confidential information,” including the names and “all associated identifying information” of FTX’s customers. “Public dissemination of [FTX’s] customer list could give […] competitors an unfair advantage to contact and poach their customers,” the filing read, potentially jeopardizing FTX’s ability to sell off assets or businesses.

FTX lawyers want the proceedings to continue in Delaware. Bahamas regulators, on the other hand, claim they do not recognize the authority of those Chapter 11 proceedings and want to hold a Chapter 15 process in New York.

Chapter 15 bankruptcy is the route that the defunct hedge fund Three Arrows Capital has pursued. The implosion of Three Arrows launched a spiraling crisis that has taken down Voyager, Celsius, and ultimately FTX.

The Chapter 11 process that FTX seeks would allow for restructuring or sale of the company to the highest bidder, although it isn’t clear who that might be. Rival exchange Binance initially made an offer before pulling it. That turnaround deepened a liquidity crisis at FTX and revealed a multibillion-dollar hole.

FTX’s first hearing in its bankruptcy court case is set for Tuesday in Delaware.

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Tesla issues recall on over 200,000 for the self-driving computer failure

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Tesla issues recall on over 200,000 for the self-driving computer failure

Tesla has officially issued a recall on over 200,000 vehicles in the US over the self-driving computer inside the vehicle short-circuiting and failing to work.

This is an issue that Electrek has been reporting on for a month.

In December, Electrek released an exclusive report about Tesla having a major issue with a new version of its onboard “Full Self-Driving computer,” AI4.1, failing due to a short circuit, and Tesla must replace the computers.

We found examples of the issue arising as far back as July. The problem can start quickly, within a few miles on a brand-new car or after a few hundred to a few thousand miles.

When the computer fails, many vehicle features stop working, like active safety features, auto wipers, auto high beams, cameras, and even GPS, navigation, and range estimations.

Tesla’s fix was to replace the computer completely, but sources also mentioned a temporary software fix to enable some of the features in the meantime.

We followed up with another report earlier this week that highlighted how it is leaving customers in a difficult situation without the features and with faster battery degradation as the computer appears stuck in an auto-update mode that drains 5 kWh per day.

In the latest report, we also mentioned that Tesla has yet to issue a recall regarding this issue despite having to do so since these vehicles have become non-compliant with NHTSA without rear-view cameras.

Today, Tesla officially released a recall over the issue. For the first time, we get a better idea of the affected population, which adds up to 239,382 vehicles:

The subject population includes certain Model Year (MY) 2024 – 2025 Model 3, MY 2023-2025 Model Y, MY 2024-2025 Model S and MY 2023-2025 Model X vehicles that were equipped with certain car computers and operating a software release that was prior to 2024.44.25.3 or 2024.45.25.6

In the recall notice, Tesla describes the non-compliance:

On a small percentage of affected vehicles, upon vehicle power up, a reverse current may cause a shorting failure on the car computer board, resulting in the loss of rearview camera functionality, which does not comply with FMVSS 111, S5.5 and S6.2

Again, the problem is much larger than that as the entire computer fails, but the automaker only mentions the rear-view camera because that’s the part that makes it a safety risk and non-complaint.

Tesla says that it noticed the higher rate of computer failure on November 21, 2024. It started investigating and after about a month, it believes it has an idea of the cause, which would be several factors working together:

This sequence of specific software and hardware configurations, coupled with colder temperatures, could increase reverse current, which could short the primary and/or secondary power components.

    As of December 30, 2024, Tesla has identified 887 warranty claims related to this issue.

    In the remedy section of the recall, Tesla explains that it will push the software fix to the entire population, but it will also continue to provide computer replacement for vehicles who experience shorting:

    On or shortly after December 18, 2024, at no cost to customers, affected vehicles began receiving an over-the-air (OTA) software update that changes the vehicle power up sequence to prevent the shorting failure condition to the primary and/or secondary power component. No further action is necessary from owners of affected vehicles that are equipped with software release 2024.44.25.3, 2024.45.25.6 or a later release if an affected vehicle has not experienced the shorting failure condition or stress that may lead to the shorting failure condition. Tesla is actively working to identify which affected vehicles, if any, experienced stress that may lead to the shorting failure condition. If an affected vehicle experienced the shorting failure condition or stress that may lead to the shorting failure condition prior to installing software release 2024.44.25.3, 2024.45.25.6 or a later release, then Tesla will replace the vehicle’s car computer at no cost to the customer.

    We reported that some customers experiencing this issue are having to wait for months for a computer replacement.

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Mazda unveils its new EV for Europe: Meet the Mazda 6e with nearly 350 miles range

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Mazda unveils its new EV for Europe: Meet the Mazda 6e with nearly 350 miles range

The electric Mazda 6 successor will arrive in Europe this summer. Mazda finally revealed its new EV, the Mazda 6e, with nearly 350 miles of driving range. Check out the new Mazda EV below.

Meet the new Mazda 6e EV for Europe

Mazda unveiled the 6e at the Brussels Motor Show in Belgium on Friday. The sleek electric sedan is the European version of the Mazda EZ-6, sold in China.

The EZ-6 is made by Mazda’s Chinese joint venture, Changan Mazda. It has been on sale in China since October, starting at just 139,800 yuan, or less than $20,000. Now, Mazda is bringing the Chinese-made EV to Europe.

Mazda said the new 6e is “designed to attain the driving performance and functionality to meet European customers’ needs.”

Although it’s tailored for European buyers, the 6e was still developed by Mazda and its Chinese partners. You can see the new EV still includes the classic Mazda design. However, the 6e is powered by Changan’s hybrid platform and is loaded with the latest in-cabin smart tech.

Mazda-6e-EV
Mazda 6e (Source: Mazda)

In China, the EZ-6 is available in EV and extended-range configurations. The all-electric model gets up to 372 miles (600 km) CLTC range.

Mazda will offer two battery options in Europe, 80 kWh and 68.8 kWh. The larger (80 kWh) battery pack provides up to 343 miles (552 km) WLTP range, while the smaller option can get up to around 300 miles (479 km) range.

At 4,921 mm long, 1,890 mm wide, and 1,491 mm tall, the new Mazda 6e is about the size of a Tesla Model 3 (4,720 mm long, 1,922 mm wide, and 1,441 mm tall with a 2,875 mm wheelbase).

Mazda-6e-EV-interior
Mazda 6e interior (Source: Mazda)

Like in China, the European-made EV includes a clean interior with a 14.6″ infotainment and 10.1″ driver display screens. The “smart cabin” also features a 50″ virtual head-up display and other premium features like zero-gravity reclining seats.

The Mazda 6e will go on sale in Europe this summer as the Japanese automaker looks to meet the EU’s Zero Emission Vehicle (ZEV) mandates.

Mazda-$20,000-EV
Mazda EZ-6 electric sedan in China (Source: Changan Mazda)

Since it will be exported from China, Mazda will still pay for it after the EU raised tariffs on Chinese EV imports by up to 45.3%. Mazda will reveal prices closer to launch, but they are expected to start much higher than the $20,000 price tag in China.

Earlier this week, we also learned Mazda will build its first dedicated EV on a new platform in Japan. The company is building a new module pack plant to supply battery cells for the upcoming electric car.

What do you think of the electric Mazda 6 successor? Would you buy one in the US or Europe? Let us know in the comments.

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World’s largest EV maker unveils new sodium battery electric motorbikes

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World's largest EV maker unveils new sodium battery electric motorbikes

Yadea, which has claimed the title of the world’s largest electric vehicle maker for seven years running, has just announced a new electric motorbike powered by the company’s innovative HuaYu sodium-ion battery technology.

Yadea has long dominated the electric two-wheeler and three-wheeler market globally, but has generally relied on both lithium-ion and lead acid batteries to power its vehicles in different markets.

The newly unveiled electric scooter uses Yadea’s recently introduced sodium battery technology, offering what the company says is outstanding performance in range, charging speed, and safety. Using the HuaYu Sodium Superfast Charging Ecosystem presented by Yadea, the battery can reach 80% charge in just 15 minutes, providing greater convenience for riders.

Yadea’s sodium battery has successfully passed more than 20 safety tests, many focusing on its resistance to fire and explosions under extreme conditions like punctures and compression.

Yadea’s new sodium battery offers an energy density of 145 Wh/kg and a lifespan of up to 1,500 cycles at room temperature, with the company rating it for a five-year useful lifespan. It also includes a three-year warranty for added assurance.

With excellent low-temperature capabilities, the battery retains over 92% of its discharge capacity at -20°C, making it well-suited for colder climates.

Sodium batteries present major advantages

Most electric vehicles used in the West, especially electric two-wheelers, rely on lithium-ion batteries for their high energy density. But sodium-ion batteries offer many benefits over traditional lithium-ion batteries.

Sodium is an abundant element on the planet and is easily accessible, unlike lithium, which is concentrated in specific regions and often expensive to extract. This abundance can make sodium-ion batteries cheaper to produce, reducing costs for EV manufacturers and potentially making electric vehicles more affordable.

Lithium mining also has environmental challenges, such as water depletion and habitat destruction. Sodium, on the other hand, can be sourced from seawater or common salts, offering a more sustainable and environmentally friendly option.

Sodium-ion batteries are less prone to overheating and thermal runaway compared to lithium-ion batteries. This makes them inherently safer for electric vehicles, reducing the risk of fires and improving consumer confidence in EV technology.

Sodium-ion batteries perform better than lithium-ion in cold climates. Lithium-ion batteries struggle with capacity retention in freezing conditions, but sodium batteries maintain efficiency, making them ideal for EVs in colder regions.

Sodium batteries still have challenges to overcome

While sodium-ion batteries are promising, they currently have a lower energy density than lithium-ion batteries, meaning they store less energy per unit of weight.

For EVs, this translates to shorter driving ranges for the same-sized battery. That’s especially important in electric two-wheelers like motorbikes and electric bicycles, which don’t have much extra space for storing bulky batteries.

However, advancements in cathode materials and battery architecture are quickly closing this gap, which Yadea has demonstrated. These sodium-ion batteries still can’t match the energy density of lithium-ion batteries, but as they continue to improve their energy density, the technology’s other major advantages provide encouraging signs for larger adoption in the industry.

Yadea’s status as a major electric motorbike maker also means that its adoption of sodium-ion battery technology could help lead the entire industry towards this battery chemistry, bringing safety and performance benefits along with it.

Last year I had the unique opportunity to visit one of Yadea’s global manufacturing sites.

To see inside the company’s massive and highly-automated manufacturing processes, check out the video below!

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