Streetbeat News

Regulatory

LCID

The National Highway Traffic Safety Administration (NHTSA) is investigating the effectiveness of Lucid Group Inc's software update remedy for a recall of over 2,000 Air Sedans due to a windshield defrosting issue. The recall, issued in January for vehicles made during 2022-2023, concerns the failure of the high voltage coolant heater (HVCH) to defrost the windshield. Lucid's solution involves a software update to alert drivers of a failure, but NHTSA is concerned this may not be sufficient. The investigation follows a similar recall by Jaguar Land Rover, which opted to replace the coolant heater in affected vehicles. Lucid delivered 6,001 vehicles in 2023 and will discuss its full-year financial results on Feb. 21.

Portfolio Pulse from Anan Ashraf

February 12, 2024 | 11:11 am

TC

TuanChe Limited has successfully regained compliance with the Nasdaq's minimum bid price requirement, ensuring its continued listing on the exchange.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 11:03 am

RIO

Rio Tinto PLC (NYSE:RIO) faces pressure from socially conscious investors and lenders due to water management issues at its Oyu Tolgoi copper mine in Mongolia and an ilmenite mine in Madagascar. The Local Authority Pension Fund Forum (LAPFF) has raised concerns, which could affect Rio Tinto's efforts to gain approval for new mines in Serbia and Arizona. LAPFF, representing U.K. pension funds with over $445 billion in assets, plans to push for an independent water impact assessment at Rio Tinto's mine sites. The company has been graded 'F' by environmental adviser CDP for not disclosing water data since 2016. Rio Tinto will report its Q4 FY23 results on February 21, 2024.

Portfolio Pulse from Lekha Gupta

February 12, 2024 | 10:49 am

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), has announced a commitment of 25 million euros ($26.98 million) to enhance AI skills in Europe. This investment aims to address inequalities in the AI sector by working with social enterprises and non-profits. The initiative includes launching 'growth academies' and expanding free online AI training courses to 18 languages. This move follows the launch of Google's Gemini AI and amidst challenges such as the controversy over Bard's misinformation and stringent EU regulations.

Portfolio Pulse from Benzinga Neuro

February 12, 2024 | 9:07 am

ASML

TSM

China's Semiconductor Manufacturing International Corp (SMIC) has made progress in developing advanced chips despite US sanctions, producing a 7-nanometer chip for Huawei's Mate 60. SMIC is now working on 5-nanometer chips, facing challenges due to reliance on older equipment, leading to higher costs and lower yields compared to Taiwan Semiconductor Manufacturing Co Ltd (TSM). SMIC's advancements come amid US efforts to restrict China's semiconductor progress, including stringent restrictions on chip equipment procurement.

Portfolio Pulse from Benzinga Neuro

February 12, 2024 | 8:51 am

JOBY

Joby Aviation has signed a definitive agreement with Dubai's Road and Transport Authority to launch air taxi services in Dubai by early 2026. The agreement grants Joby exclusive rights to operate air taxis in Dubai for six years, covering regulatory approaches for early operations and includes support for entry and maturing of the service. Additionally, Joby signed an agreement with Skyports to build and operate four vertiports in Dubai.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 6:57 am

TSLA

The Dawn Project launched a Super Bowl ad campaign targeting Tesla Inc. (NASDAQ:TSLA) for safety issues with its self-driving software. The ads, featuring real crash footage, urge a boycott of Tesla, highlighting the company's inaction following fatal crashes and the NHTSA's calls for a ban on the software. This campaign is part of ongoing efforts to raise safety concerns about Tesla's Full Self-Driving software.

Portfolio Pulse from Benzinga Neuro

February 12, 2024 | 6:10 am

BYDDF

LI

Chinese EV traders are exploiting a loophole that allows the export of new cars as secondhand, bypassing trade barriers. This tactic has enabled the export of popular models from BYD Co and Li Auto to markets like Russia, Kazakhstan, and Saudi Arabia, despite a 25% tariff on Chinese auto imports by the US. The demand for Chinese EVs is rising globally, leading to strategic discussions among China's top automakers.

Portfolio Pulse from Benzinga Neuro

February 12, 2024 | 5:57 am

BTCUSD

SQ

During Super Bowl LVIII, no crypto firms advertised, marking a shift from previous years. Block Inc's CEO, Jack Dorsey, was seen wearing a 'Satoshi' sweatshirt, highlighting his support for Bitcoin. Crypto exchanges like Kraken and Coinbase are diversifying their marketing strategies and focusing on global outreach and lobbying for crypto-friendly laws in the U.S., respectively. Major financial firms like BlackRock and Grayscale also opted out of Super Bowl ads despite recent approvals for Bitcoin Spot ETFs. Bitcoin's price saw a slight increase.

Portfolio Pulse from Mehab Qureshi

February 12, 2024 | 3:12 am

GOOG

GOOGL

A Waymo self-driving car was vandalized and set on fire by a crowd in San Francisco's Chinatown during Lunar New Year celebrations. This incident, confirmed by Waymo, a subsidiary of Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), marks a significant attack on autonomous vehicles in the U.S. The San Francisco Police Department is investigating, and the incident raises concerns about public acceptance and safety of autonomous vehicles amidst increasing scrutiny of the industry.

Portfolio Pulse from Benzinga Neuro

February 12, 2024 | 1:31 am