Business

Tesla recalls nearly all US vehicles over autopilot system defects

Published

11 months ago

December 13, 2023

The firm’s largest-ever recall comes after a two-year investigation by federal safety regulator focused on autopilot function.

Tesla is recalling more than two million cars in the United States, nearly all of its vehicles sold there, after a federal regulator said defects with the autopilot system pose a safety hazard.

In a recall filing on Wednesday, the carmaker said autopilot software system controls “may not be sufficient to prevent driver misuse”.

“Automated technology holds great promise for improving safety but only when it is deployed responsibly,” said a spokesperson for the National Highway Traffic Safety Administration (NHTSA), which has been investigating the autopilot function for more than two years.

“Today’s action is an example of improving automated systems by prioritizing safety.”

The decision marks the largest-ever recall for Tesla, as autonomous vehicle development in the US hits a series of snags over safety concerns. The company has said that it will install new safeguards and fix current defects.

The recall covers models Y, S, 3 and X produced between October 5, 2012, and December 7, 2023.

Speaking before the US House of Representatives on Wednesday, acting NHTSA Administrator Ann Carlson said she was happy Tesla had agreed to a recall.

She said that the agency first started investigating Tesla’s autopilot function in August 2021 after hearing about several fatal crashes that occurred when the autopilot was on.

“One of the things we determined is that drivers are not always paying attention when that system is on,” she said.

Documents posted on Wednesday by the agency said the current autopilot design can lead to “foreseeable misuse of the system,” and that the changes to be instituted will “further encourage the driver to adhere to their continuous driving responsibility”.

Some experts have raised questions over whether such steps go far enough.

“The compromise is disappointing,” Phil Koopman, a professor of electrical and computer engineering at Carnegie Mellon University who studies autonomous vehicle safety, told The Associated Press.

“Because it does not fix the problem that the older cars do not have adequate hardware for driver monitoring.”

Driverless cars, exalted by supporters as an exciting technological advancement, have faced a series of setbacks in recent months.

In October, California suspended testing by the self-driving car firm Cruise, after California’s Department of Motor Vehicles (DMV) raised questions about safety concerns.

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Business

TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

1 day ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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Business

BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

1 day ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

1 day ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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