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California regulator accuses Tesla of false advertising

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2 years ago

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The Department of Motor Vehicles has filed a complaint against Tesla, accusing the company of advertising its Autopilot and Self-Driving technologies as more capable than they actually are.

A California regulator has accused Tesla of misleading consumers about its driver assistance systems, and has filed complaints that could potentially prevent the automaker from selling its cars in the state, US media reported.

In its filing, the Department of Motor Vehicles (DMV) said Tesla advertised its Autopilot and Self-Driving technologies as more capable than they actually are, according to a Friday report from the Los Angeles Times.

The company “made or disseminated statements that are untrue or misleading and not based on facts,” the DMV reportedly said in its complaints, filed with the quasi-judicial tribunal the Office of Administrative Hearings on July 28.

Tesla cars could never “and cannot now, operate as autonomous vehicles,” the DMV said, according to the California newspaper.

The DMV did not immediately return a request for comment.

Tesla’s website describes its Autopilot as having “full self-driving capability.”

“All you will need to do is get in and tell your car where to go,” it says. “If you don’t say anything, your car will look at your calendar and take you there as the assumed destination.”

READ MORE: Musk ‘losing billions of dollars’ in Berlin, Austin Tesla factories

Severe consequences

A ruling in favor of the California regulator could have severe consequences for the electric carmaker, including the possible revocation of the licenses authorising Tesla to manufacture or sell its cars in the state, according to the Times.

But a DMV spokesperson told the newspaper that actual remedies the agency would seek included having Tesla better educate drivers about its autonomous vehicles and feature a warning on the limitations of its technology.

Tesla vehicles equipped with autonomous driving software have been involved in 273 accidents in the United States, according to a report released in June by the US National Highway Traffic Safety Administration, which is investigating the automaker.

In June, Tesla boss Elon Musk stressed the importance of fully autonomous driving, claiming that without it the value of his company would be “close to zero”.

Tesla shares plunged at the close of the New York Stock Exchange on Friday, giving up 6.63 percent to $864.51.

READ MORE: Musk reportedly seeks to cut 10% of Tesla workforce

Source: TRT

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Business

MIB signs an agreement to expedite business registration process

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24 hours ago

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04/05/2024

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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4 days ago

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01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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2 weeks ago

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24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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