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Ushr in Livonia Will Expand HD Mapping with $100M Investment – dbusiness.com

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Livonia’s Ushr will expand its high-definition map expansion in North America with a recent $100 million investment. // Courtesy of Ushr

Ushr Inc. in Livonia, a leading HD map company for advanced driver assistance systems (ADAS) and autonomous driving (AD), today announced an investment of up to $100 million to fund its high-definition map expansion in North America by increasing coverage to non-highway roads.

The funding comes from Ushr’s parent company, Dynamic Map Platform Co. Ltd., and the Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development (JOIN).

“This investment represents a long-term commitment from one of Japan’s leading financial institutions and will supercharge our efforts to scale HD maps to non-highway roads,” says Chris Thibodeau, CEO and president of Ushr. “Ushr’s HD map was the first-to-market in a production vehicle, and we intend to keep investing in additional road coverage in order to meet the future wants and needs of drivers and manufacturers alike.”

The two investors will establish a joint venture company in which Dynamic Map will invest up to $50.5 million and JOIN will invest up to $50 million. The joint venture company will contribute funds to Ushr, which over the past four years, proved that its highly accurate HD Maps successfully support safety and performance criteria for luxury vehicles’ ADAS systems in North America, including vehicles from General Motors Co. in Detroit.

In addition to increasing HD map coverage, the investment from Dynamic Map and JOIN will be used to improve Ushr’s abilities to detect and capture changes to roadways and to strengthen Ushr’s software portfolio.

“Ushr has created the most expansive, highest-performing HD Maps for ADAS and autonomous driving in North America,” says Tatsuhiko Takesada, president and CEO of JOIN. “Together with Dynamic Map, we are aiming to further fuel Ushr’s map coverage and enhance the scalability of its highly sought-after proprietary mapping database, bringing the best of Japan and the United States together.”

Dynamic Map completed its acquisition of Ushr in June of 2019, solidifying its position as the global leader focused on the development and deployment of HD mapping technology and solutions for the ADAS and AD markets.

“We understand that Ushr’s HD Map requires continuous evolution in order to maintain its leading role in the North American market,” says Shuichi Yoshimura, president and CEO of Dynamic Map. “We are proud to support Ushr’s growth through this most recent investment.”

For more information, visit www.ushrauto.com.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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