Activist investor Elliott Investment Management L.P. disclosed a large investment in Goodyear Tire & Rubber Co. on Thursday and said it wants the company to strengthen its financial position by refreshing the board, selling its stores, and conducting an operational review. Elliott holds a 10 percent stake in the 125-year-old company, making it one of…
Elon Musk’s Bid to End Tweet Pre-Approval Faces Skeptical Court
A federal appeals court on Thursday questioned Elon Musk’s bid to end an agreement that he made to get a Tesla Inc. lawyer’s pre-approval of some of his tweets, with judges pointing out that he agreed to it as part of a 2018 deal with the U.S. Securities and Exchange Commission (SEC). Musk’s attorney Ellyde…
Tesla Raises US Prices for All Its Vehicles Except Model 3
Tesla Inc. increased the U.S. prices of its Model S, X, and Y electric vehicles by low single-digit percentages on Thursday, though prices were still considerably lower than at the beginning of the year. The company raised the prices for all variants of its higher-priced Model S and X vehicles by $1,000, while prices of…
General Motors Hires Former Apple Exec to Run Software Unit
DETROIT—General Motors has hired a former high-ranking executive at Apple to run a new software organization at the automaker. Mike Abbott is joining GM as executive vice president of software on May 22, the Detroit manufacturer said on May 9. He’ll report directly to CEO Mary Barra. Abbott formerly was vice president of engineering for…
Toyota: Data on More Than 2 Million Vehicles in Japan Were at Risk in Decade-Long Breach
TOKYO—A decade-long data breach in Toyota’s much-touted online service put some information on more than 2 million vehicles at risk, the Japanese automaker said Friday. Spanning from January 2012 to April 2023, the problem with Toyota’s cloud-based Connected service pertains only to vehicles in Japan, said spokesperson Hideaki Homma. The Connected service reminds owners to…
Tennessee Company Refuses US Request to Recall 67 Million Potentially Dangerous Air Bag Inflators
DETROIT—A Tennessee company could be heading for a legal battle with U.S. auto safety regulators after refusing a request that millions of potentially dangerous air bag inflators be recalled. The National Highway Traffic Safety Administration (NHTSA) is demanding that ARC Automotive Inc. of Knoxville recall 67 million inflators in the United States because they could…
PwC Consulting Scandal to Be Referred to Anti-Corruption Commission
One of the world’s largest financial consulting firms, PricewaterhouseCoopers (PwC), has been referred to Australia’s Anti-Corruption Commission (NACC) after a government inquiry revealed the company allegedly planned to cheat the Australian government out of tax revenue from the firm. Greens Senator Barbara Pocock, who initiated the senate inquiry, announced she will be referring the company…
New Twitter CEO Posts First Tweet After Appointment
Linda Yaccarino, Twitter’s new CEO, has posted her first tweet following her appointment, saying she is “committed” to the company’s future even as many on the platform remain concerned that Yaccarino will seek to limit free speech. “Thank you @elonmusk! I’ve long been inspired by your vision to create a brighter future. I’m excited to…
Chinese Owner of Temu Moves HQ to Ireland as Consumers Increasingly Wary of China
May 14, 2023
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Chinese e-commerce giant PDD Holdings, which owns Temu, has moved its official headquarters from China to Ireland in recent days. As aggression from communist China continues to inflame tensions with the West and liberal democratic nations, more and more Chinese companies are trying to downplay their China-ties amid increasing aversion to the Chinese Communist Party…
Airbag Risks: GM Recalls Almost 1 Million US Vehicles
General Motors has announced a recall of nearly a million vehicles in the United States after a potentially dangerous defect in their airbags came to light. The May 10 recall covers 994,763 vehicles manufactured by GM. This includes 244,304 Buick Enclave 2014-2017 model vehicles, 457,316 Chevrolet Traverse 2014-2017 models, and 293,143 GMC Acadia 2014-2017 vehicles. “In…
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