Written on Apr, 22, 2020by iwano@_84 | No Comments
FILE PHOTO: A Tesla Model S electric vehicle is shown in San Francisco, California. U.S., April 7, 2016. Alexandria Sage/File Photo
(Reuters) – Zoox Inc said on Tuesday it had settled a lawsuit with Tesla Inc after admitting that some new hires from the electric carmaker were in possession of certain Tesla documents when they joined the U.S. self-driving car startup.
Tesla lawyers filed a lawsuit in March last year against four former employees and Zoox, alleging the employees stole proprietary information and trade secrets for developing warehousing, logistics and inventory control operations.
Zoox said the settlement required it to pay Tesla an undisclosed amount and undergo an audit to ensure that none of its employees had retained or are using Tesla’s confidential information.
“Zoox acknowledges that certain of its new hires from Tesla were in possession of Tesla documents pertaining to shipping, receiving, and warehouse procedures when they joined Zoox’s logistics team,” Zoox said.
Several companies are racing to develop the technology required to make cars drive on their own and lawsuits against former employees are common as firms strive to keep proprietary information in-house.
Reporting by Kanishka Singh in Bengaluru; Editing by Stephen Coates
Written on Apr, 08, 2020by iwano@_84 | No Comments
has big electric-vehicle ambitions, and Wall Street appears to be impressed.
“GM comes out swinging against Tesla,” Wedbush analyst Dan Ives wrote in a Wednesday evening research report, following the company’s electric-vehicle technology presentation near Detroit earlier in the day.
(ticker: TSLA) stock but not General Motors (GM). He was interested in what the state of EV technology is at a traditional auto maker that predominantly builds gasoline-powered vehicles. “We believe the event was a clear shot across the bow against [Elon] Musk and Tesla, which continues to lead the EV landscape by a clear margin.”
Even though Ives thinks Tesla is in the lead, he said Musk’s company has to take GM “seriously in this EV arms race.”
GM CEO Mary Barra said Wednesday that “from 2020 to 2025, we will allocate more than $20 billion of capital and engineering resources to our EV and [autonomous vehicle] programs. “Our investments are delivering real results and as you will see here today, they will dramatically change the future of this company and of our industry.”
GM wants to sell 1 million electric vehicles annually by the middle of the 2030s. It should be noted that Tesla plans to sell 500,000 electric vehicles in 2020. That’s part of the lead Ives mentioned.
“GM’s EV day should help show investors that GM is serious about decarbonization and has a strong plan,” RBC analyst Joe Spak wrote in a Thursday research report. He noted that GM is planning to offer 20 battery-powered models by 2023. Spak is a GM bull, rating shares the equivalent of Buy. His price target is $49 for GM stock. Spak is also a Telsa skeptic. He ratse Tesla stock the equivalent of Sell and has a $530 price target for shares.
J.P. Morgan analyst Ryan Brinkman has the same rating structure on the stocks—buy GM, sell Tesla. “GM showcased its work on a next generation of batteries it calls Ultium which possess performance characteristics when mated to its new drive units that we estimate are at least on par with or even exceed that of the most advanced competition,” he wrote in a Thursday research report.
Brinkman noted that GM says its batteries can travel up to 400 miles on a charge without compromising performance, such as rapid acceleration. Telsa’s base Model 3 will go about 320 miles on one charge. That is one data point in favor of GM, but apples to apple comparisons are difficult. Factors such as how many battery cells are included in a car’s battery pack isn’t known. EVs, in theory, can increase range by adding battery cells. That, of course, adds cost and weight.
“GM made a compelling presentation that it will be among the leaders globally in electric vehicles…and made a compelling case that along with its partner LG Chem, its battery science was at the leading edge,” Benchmark analyst Mike Ward said in an