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TuSimple seeking $250 million in new funding to scale self-driving trucks

TuSimple seeking $250 million in new funding to scale self-driving trucks

TuSimple, the self-driving truck startup backed by Sina, Nvidia, UPS and Tier 1 supplier Mando Corporation, is headed back into the marketplace in search of new capital from investors. The company has hired investment bank Morgan Stanley to help it raise $250 million, according to multiple sources familiar with the effort.Morgan Stanley recently sent potential investors an informational packet, viewed by TechCrunch, that provides a snapshot of the company and an overview of its business model, as well as a pitch on why the company is poised to succeed — all standard fare for companies...

June 26, 2020
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Scale AI releases free lidar data set to power self-driving car development

Scale AI releases free lidar data set to power self-driving car development

High-quality data is the fuel that powers AI algorithms. Without a continual flow of labeled data, bottlenecks can occur and the algorithm will slowly get worse and add risk to the system.It’s why labeled data is so critical for companies like Zoox, Cruise and Waymo, which use it to train machine learning models to develop and deploy autonomous vehicles. That need is what led to the creation of Scale AI, a startup that uses software and people to process and label image, lidar and map data for companies building machine learning algorithms. Companies working on autonomous vehicle technology...

May 22, 2020
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Remote operators in Mexico are driving scooters to riders in this Atlanta suburb

Remote operators in Mexico are driving scooters to riders in this Atlanta suburb

In one Atlanta suburb, finding and returning an electric shared scooter will be taken care of by teleoperators some 1,700 miles away in Mexico City.Riders in the enclave of Peachtree Corners will be able to use an app beginning this week to hail a GoX scooter equipped with tech from teleoperations startup Tortoise. Using the Go X Apollo app developed by GoX, riders can have the scooter cruise on its own to their location. After riders complete trips, the scooters will drive themselves back to a safe parking spot. From here, GoX employees charge and sanitize the scooters and then mark them...

May 20, 2020
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Waymo's self-driving trucks and minivans are headed to New Mexico and Texas

Waymo's self-driving trucks and minivans are headed to New Mexico and Texas

Waymo said Thursday it will begin mapping and eventually testing its autonomous long-haul trucks in Texas and parts of New Mexico, the latest sign that the Alphabet company is expanding beyond its core focus of launching a robotaxi business.Waymo said in a tweet posted early Thursday it had picked these areas because they are “interesting and promising commercial routes.” Waymo also said it would “explore how the Waymo Driver” — the company’s branded self-driving system — could be used to “create new transportation solutions.”Waymo plans to mostly focus on interstates because Texas has a...

January 23, 2020
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Tesla picks Austin for its next US factory to build Cybertruck, Semi truck, Model Y

Tesla picks Austin for its next US factory to build Cybertruck, Semi truck, Model Y

Wednesday Tesla CEO Elon Musk described the future factory as an “ecological paradise,” with a boardwalk and bike lanes and where the public will be welcome. While tours have been offered at Tesla’s Fremont, California, factory, the campus is not open for the public to wander its grounds.Musk said the Fremont factory will continue to play a critical role for Tesla, a shift in tone from earlier this year when he threatened to leave California over COVID-19-related government shutdowns. He added that it will make sense to build the Roadster at the Fremont factory.Musk thanked Tulsa and...

July 22, 2020
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Secretive data startup Palantir has confidentially filed for an IPO

Secretive data startup Palantir has confidentially filed for an IPO

Secretive big data and analytics startup Palantir, co-founded by Peter Thiel, said late Monday it has confidentially filed paperwork with the U.S. Securities and Exchange Commission to go public.Its statement said little more. “The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.”Palantir did not say when it plans to go public nor did it provide other information, such as how many shares it would potentially sell or the share price range for the IPO. Confidential IPO filings allow companies to bypass the traditional...

July 7, 2020
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Navistar teams up with TuSimple to produce self-driving trucks by 2024

Navistar teams up with TuSimple to produce self-driving trucks by 2024

Navistar and TuSimple deepened their two-year relationship on Wednesday, announcing plans to develop and begin producing autonomous semi trucks by 2024.The strategic partnership includes Navistar taking an undisclosed stake in self-driving trucks startup TuSimple. The plan is to move away from retrofitting the Navistar International commercial trucks that TuSimple currently uses and instead develop semi trucks specifically designed for autonomous operations.“Autonomous technology is entering our industry and will have a profound impact on our customers’ businesses,” Navistar CEO and...

July 15, 2020
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Cruise lays off 8% of workforce amid COVID-19, puts resources toward engineering

Cruise lays off 8% of workforce amid COVID-19, puts resources toward engineering

Cruise, the self-driving car subsidiary of GM that also has backing from SoftBank Vision Fund, automaker Honda and T. Rowe Price & Associates, is laying off nearly 8% of its more than 1,800-member workforce today as it tries to reduce costs during the COVID-19 pandemic.The layoffs will affect employees in Cruise’s product, marketing and rideshare business units, according to a memo sent by Cruise CEO Dan Ammann and viewed by TechCrunch. Bloomberg was the first to .Employees who are laid off will be offered severance and their healthcare benefits will be paid for by the company...

May 14, 2020
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Elon Musk restarts Tesla factory in defiance of county orders

Elon Musk restarts Tesla factory in defiance of county orders

Tesla CEO Elon Musk said Monday that the company’s factory in Fremont, California is open and has restarted production despite a stay-at-home order issued by Alameda County.Musk said in tweet Monday afternoon that he will “be on the line,” a reference to the assembly line at the factory where Tesla makes the Model X, Model S, Model 3 and Model Y. He added “if anyone is arrested, I ask that it only be me.”Tesla is restarting production today against Alameda County rules. I will be on the line with everyone else. If anyone is arrested, I ask that it only be me.— Elon Musk (@elonmusk)Musk’s...

May 11, 2020
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Tesla blows past Toyota to become most valuable automaker in the world

Tesla blows past Toyota to become most valuable automaker in the world

In 10 years, Tesla has gone from public market newbie to the most valuable automaker in the world by market value. The electric automaker had long since passed the valuations of Ford and GM, and in January became the most valuable U.S. automaker ever when its market cap hit $81.39 billion.Still, a few automakers remained ahead of Tesla. Until today. Tesla shares popped Wednesday after the market opened, rising nearly 4% to $1,129.18 — hitting a new 52-week high. The company’s market capitalization now stands at nearly $208 billion, surpassing Toyota to become the world’s most valuable...

July 1, 2020
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