Latest news with #Proception
Business Insider
5 hours ago
- Automotive
- Business Insider
Sector Spotlight: Automakers get rare earth export license clearance from China
Welcome to the latest edition of 'Sector Spotlight,' where The Fly looks at a new industry every week and highlights its happenings. Confident Investing Starts Here: AUTO SECTOR NEWS: Tesla (TSLA) upgraded its Model S and Model X cars in the U.S. and raised the prices of all configurations of the two models by $5,000, Reuters reported. The NHTSA announced the next step in its new Automated Vehicle Framework. 'To facilitate automated driving systems technology reaching its full potential to transform roadway safety, NHTSA is streamlining its exemption process for commercial deployment of vehicles and adopting a dynamic and flexible approach to evaluating these exemptions. These improvements will allow NHTSA to process ADS and other exemptions more quickly while also allowing NHTSA to prioritize safety through a tailored and progressive operational oversight approach,' the agency said. Tesla has filed a lawsuit against former Optimus engineer Zhongjie Li, who worked at Tesla from 2022 to 2024, accusing him of stealing humanoid robot information and setting up a rival startup, Bloomberg's Dana Hull wrote. 'Less than a week after he left Tesla, Proception was incorporated,' according to the complaint. 'And within just five months, Proception publicly claimed to have 'successfully built' advanced humanoid robotic hands — hands that bear a striking resemblance to the designs Li worked on at Tesla.' President Trump received a phone call from Tesla CEO Elon Musk late on Monday night, which led to a public expression of regret from Musk overnight for his social media posts, Jonathan Swan and Theodore Schleifer of New York Times reported, citing three people briefed on the call. Musk's call came after he spoke privately on Friday with Vice President JD Vance and the White House chief of staff, Susie Wiles, about a path to a truce between the two men. In a post on X, Tesla CEO Musk responded to question about when the first public robotaxi rides will start, stating: 'Tentatively, June 22. We are being super paranoid about safety, so the date could shift. First Tesla that drives itself from factory end of line all the way to a customer house is June 28.' Nissan (NSANY) supplier Marelli Holdings announced that it has commenced voluntary chapter 11 cases in the United States Bankruptcy Court for the District of Delaware in order to comprehensively restructure its long-term debt obligations. Approximately 80% of the company's lenders have signed an agreement to support the restructuring, which will deleverage Marelli's balance sheet and strengthen its liquidity position. Throughout this process and moving forward, Marelli does not expect any operational impact from the chapter 11 process, and the company 'will continue to work closely with its customers, suppliers, and partners to innovate and invest in its portfolio of advanced technologies that will differentiate the vehicles of the future and transform mobility,' it said. General Motors (GM) announced plans to invest about $4B over the next two years in its domestic manufacturing plants to increase U.S. production of both gas and electric vehicles. The new investment will give GM the ability to assemble more than two million vehicles per year in the U.S. This announcement comes on the heels of the company's recently announced plan to invest $888M in the Tonawanda Propulsion plant near Buffalo, New York to support GM's next-generation V-8 engine. Intrado Life & Safety and Toyota Connected North America announced a collaboration to provide Advanced Automatic Collision Notification, telematics data to public safety answering points in an i3-compliant format. The data, delivered via AT&T's nationwide ESInet solution, helps 9-1-1 telecommunicators quickly deploy appropriate emergency response resources based on accident severity. Daimler Truck AG (DTRUY), Mitsubishi Fuso Truck and Bus Corporation, Hino Motors, and Toyota (TM) concluded definitive agreements for the integration of Mitsubishi Fuso and Hino. Mitsubishi Fuso and Hino will integrate on an equal footing and cooperate in the areas of commercial vehicle development, procurement, and production. They are aiming to start operations in April 2026. Daimler Truck and Toyota will each aim to own 25% of the listed holding company of the integrated Mitsubishi Fuso and Hino. The holding company plans to own 100% of Mitsubishi Fuso and Hino. The intention is to list the holding company on the Prime Market of the Tokyo Stock Exchange. Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months, the companies stated. One of Tesla's top AI-executives, VP of engineering Milan Kovac, has left the company, a setback for the Optimus robotics project, Becky Peterson of The Wall Street Journal wrote. Kovac oversaw Tesla's development of Optimus, a humanoid robot central to Musk's vision of transforming Tesla into a robotics and AI company. China has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers as supply chain disruptions begin to surface from the country's export curbs on those materials, Reuters' Laurie Chen and David Shepardson reported. At least some of the licenses are valid for six months, the two sources say. It is unclear what quantity or items are covered by the approval Suppliers of General Motors (GM), Ford (F), and Stellantis (STLA) received clearance for some rare earth export licenses on Monday, one source said. ANALYST COMMENTARY: Guggenheim said that while Tesla shares continue to be driven by robotaxi and political narratives in the near-term, the company's fundamentals 'continue to deteriorate at an alarming rate.' The 'soft' Q2 delivery trends confirm demand for the refreshed Model Y has not helped Tesla's sales momentum, says Guggenheim, which expects 'sizable' negative revisions in the coming weeks to Q2 delivery estimates. The firm's 360,000 estimate is well below the consensus of 415,000. Flowing through lower delivery forecasts for Q2 pushes the company's auto gross margin forecast to 11.5%, below the 14.0% consensus, and free cash flow forecast into negative territory, the analyst told. Guggenheim believes Tesla's Q2 should have benefited from pent-up demand for the Model Y refresh, suggesting future delivery volumes and/or pricing could deteriorate further. It believes 2025 and 2026 expectations for Tesla 'remain incredibly optimistic and bullish catalysts for the automotive business continue to be disproven.' Piper Sandler kept an Overweight rating with a $400 price target on Tesla, but contends that the stock will likely sustain its upward momentum over the coming weeks. Driverless Teslas have been spotted on the streets of Austin, Texas and CEO Musk has acknowledged the deployment while predicting licensing agreements, with the 'key component' of the firm's bullish thesis has started to play out, the analyst tells investors in a research note. Piper warns however that any high-profile robotaxi accidents would likely be met with 'violent downside'. Argus downgraded Tesla to Hold from Buy with no price target. The stock 'appears to be currently trading on non-fundamental events,' says the analyst, who is concerned that the 'war of words' between President Trump and Tesla CEO Elon Musk, along with expiration of EV credits, could further weaken demand for new Teslas. While the firm believes AI-related projects such as Cybercab and Optimus are positive for the company and its valuation, it believes a near-term Hold rating is 'prudent at this time,' the analyst said.
Time of India
15 hours ago
- Business
- Time of India
Elon Musk's Tesla sues ex-employee over robot secrets, claims his startup ‘achieved in months what took Tesla years'
Tesla has filed a federal lawsuit accusing a former employee of stealing trade secrets related to its humanoid robot project, Optimus, and using them to start a competing company. The lawsuit was filed on Wednesday, June 11 in San Francisco. The case is Tesla Inc v. Proception Inc , U.S. District Court for the Northern District of California, No. 5:25-cv-04963. It claims that Zhongjie "Jay" Li — who worked on robotic hand sensors at Tesla from August 2022 to September 2024 — downloaded confidential files shortly before resigning. Just days after leaving, he allegedly founded a new startup, Proception Inc. Tesla accuses former engineer of misusing confidential information Tesla says that within five months, Proception unveiled robotic hands that closely resemble the ones Li helped develop at Tesla. The lawsuit names both Li and Proception as defendants, accusing them of misusing Tesla's confidential information. "Through Li's pilfering, Defendant Proception purportedly achieved in a matter of months what it has taken Tesla over four years, hundreds of employees, and billions of dollars to achieve," the complaint said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read Now Undo According to Tesla, Li worked on the robot's sensor team between 2022 and 2024. Even though he had stopped working on the robot's hands, Tesla claims he downloaded confidential files about their movement shortly before quitting in 2024. Six days after leaving, Li started a new company called Proception. Just five months later, the startup showed off robotic hands that Tesla says look very similar to its own designs, the lawsuit alleges. Tesla is asking the court to stop Li and his company from using any of its trade secrets and is also seeking financial compensation. When Elon Musk called Tesla's robotic hand 'the most sophisticated ever made Tesla CEO Elon Musk has previously called Tesla's robotic hand 'the most sophisticated ever made,' and believes the Optimus robot could become the company's most valuable product. He has said that robots like Optimus could impact national economies in as little as four to five years and learn tasks by watching online videos. India's New AC Rule: Cooling Between 20°C–28°C Explained AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Today
19 hours ago
- Automotive
- India Today
Tesla sues ex-engineer for stealing Optimus robot secrets to launch rival startup
Tesla has filed a lawsuit against a former employee, accusing him of stealing confidential information related to its humanoid robotics project, Optimus, and using it to establish a competing startup. The lawsuit, filed on Wednesday and first reported by Bloomberg, targets Zhongjie 'Jay' Li, who was employed at Tesla between August 2022 and September 2024. Tesla alleges that Li misappropriated trade secrets involving the development of its advanced robotic hand sensors, and later used this proprietary knowledge to launch his own venture, Proception — a startup backed by Y Combinator, which specialises in humanoid robotic to the legal complaint, Li downloaded sensitive Optimus project data onto two personal smartphones during his tenure at Tesla. In addition to accessing confidential files, the lawsuit claims that, in the months leading up to his departure, Li used Tesla's internal systems to conduct research on humanoid robotic hand design and explored topics related to venture capital and startup funding, suggesting premeditated intentions to establish a competing business.'Less than a week after he left Tesla, Proception was incorporated,' the complaint reads. 'And within just five months, Proception publicly claimed to have 'successfully built' advanced humanoid robotic hands—hands that bear a striking resemblance to the designs Li worked on at Tesla.' Proception's website describes its mission as seeking to "revolutionise human-robot interaction by building the world's most advanced humanoid hands." The similarities between Proception's designs and Tesla's proprietary work have prompted Tesla to take legal action to protect its intellectual humanoid robotics journey has faced several hurdles since it was first unveiled in 2021, when CEO Elon Musk introduced the Tesla Bot concept — later branded as Optimus. Initially, the company indicated that the humanoid robot would debut alongside other products in 2023. However, progress has been slower than expected, with the Optimus robot still in July 2024, Musk provided an updated timeline, stating that Tesla hoped to begin commercial sales of the Optimus robot by 2026. However, by October 2024, at Tesla's 'We, Robot' event, the showcased Optimus robots were still largely operated by humans remotely, highlighting that the technology remains a work in maintains that Li's alleged theft of intellectual property could jeopardise years of internal research and development invested in Optimus. The lawsuit underscores the high stakes involved in the race to develop advanced robotics, particularly as companies like Tesla seek to lead the emerging market for humanoid robots capable of performing complex, human-like Tesla has faced technical setbacks in bringing Optimus to market, the ongoing development of robotic hands is seen as a critical component in making the humanoid robot fully functional. The advanced hand sensors Li allegedly accessed are believed to play a pivotal role in enabling robots to replicate precise, human-like dexterity, a key milestone that could set Tesla apart from competitors in the has not yet publicly responded to the lawsuit, and the legal proceedings are now In
Time of India
21 hours ago
- Business
- Time of India
Tesla sues ex-engineer for allegedly stealing humanoid robot tech to launch rival startup
Tesla has filed a federal lawsuit against former employee Zhongjie 'Jay' Li and his startup, Proception Inc, accusing them of misappropriating trade secrets related to the company's humanoid robot project, Optimus. The suit was filed Wednesday in a US District Court in San Francisco, ET Tech reports. According to Tesla, Li, who worked at the EV giant from August 2022 until September 2024, illegally transferred confidential design files to his personal devices just weeks before resigning. Shortly thereafter, he incorporated Proception Inc, which has since claimed rapid progress in humanoid robotics—particularly in robotic hand development. Tesla Alleges Direct Copying of Proprietary Designs The complaint alleges that Li transferred sensitive data related to Optimus onto two personal smartphones during his final weeks at Tesla. Investigations further revealed that Li had been searching for 'humanoid robotic hands' and startup funding opportunities on his Tesla-issued laptop. 'Less than a week after he left Tesla, Proception was incorporated,' the company stated in its filing. 'And within just five months, Proception publicly claimed to have 'successfully built' advanced humanoid robotic hands—hands that bear a striking resemblance to the designs Li worked on at Tesla.' The lawsuit asserts that Proception's current robotic prototypes are unlawfully derived from Tesla's proprietary work on Optimus, the company's ambitious humanoid robot project that Elon Musk has touted as a future cornerstone of Tesla's AI portfolio. The legal action follows a broader leadership transition within Tesla's Optimus team. Milan Kovac, vice president of engineering for Optimus, has stepped down from his role. He will be succeeded by Ashok Elluswamy, the current head of Tesla's Autopilot engineering division, according to Bloomberg. Tesla has not commented publicly beyond the contents of the lawsuit, and Proception has yet to issue a formal response. What's at Stake With humanoid robotics seen as a major next frontier in artificial intelligence and automation, Tesla's Optimus project holds strategic importance. The company has already showcased early-stage prototypes of Optimus and has positioned it as a potential game-changer across manufacturing, logistics, and even domestic use cases. If Tesla's claims prove valid, the case could set a precedent in the highly competitive and fast-evolving humanoid robotics space, where intellectual property and first-mover advantage are critical.
Time of India
a day ago
- Business
- Time of India
Tesla sues former employee for allegedly stealing trade secrets to launch rival startup
Tesla has filed a lawsuit against former engineer Zhongjie 'Jay' Li and his startup, Proception Inc , accusing him of stealing confidential information from its humanoid robot project, Optimus. The Elon Musk-led company filed the complaint in a federal court in San Francisco on Wednesday. Li worked at the EV maker between August 2022 and September 2024. According to the complaint, in the weeks leading up to his departure, he transferred files related to Optimus onto two personal smartphones and soon after launched his own company. The lawsuit claims that during his final months at Tesla, Li was researching 'humanoid robotic hands' on his work computer and also searched online for venture capital and startup funding opportunities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 23.7% Returns in last 5 years with Shriram Life's ULIP Shriram Life Insurance Undo 'Less than a week after he left Tesla, Proception was incorporated,' the complaint states. 'And within just five months, Proception publicly claimed to have 'successfully built' advanced humanoid robotic hands -hands that bear a striking resemblance to the designs Li worked on at Tesla.' The development was first reported by Bloomberg. Live Events The legal move comes amid an internal leadership shake-up at Tesla's Optimus division. Milan Kovac recently announced that he would be stepping down as vice president of engineering. Bloomberg reported that Ashok Elluswamy, who currently heads Tesla's autopilot teams, will take over Kovac's role. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
