Tag Archives: report

Motorsport

Bahrain Will Reportedly Take Full Control Of McLaren

McLaren might quickly have a brand new proprietor. A brand new report says that an announcement might come as quickly as this week revealing Bahrain’s sovereign wealth fund, Mumtalakat Holding Company, will take full management of McLaren Group. The fund, wholly owned by the federal government, is reportedly negotiating a buyout with the remaining shareholders.

This time final yr, Mumtalakat had a virtually 60 p.c stake within the firm and expanded its management earlier in 2023. The fund and different traders have been an important supply of money for McLaren in recent times, serving to to maintain the operation operating as the corporate confronted quite a few manufacturing hurdles.


Motorsport

Kia Canada Is Reportedly Withholding Deliveries To Avoid Looking Too Successful

Is it attainable to have too many new automotive gross sales? Kia Canada thinks so, at the least in response to a latest report from CBC News. Amid document gross sales for the automaker comes phrase that new automobiles ordered by Canadian prospects are being withheld at staging places within the nation till 2024. The cause? Kia Canada does not wish to look too profitable within the eyes of the company workplace in South Korea.

The information stems from an alleged video name that occurred on November 17 between a Kia Canada regional supervisor and quite a few dealership representatives. CBC News obtained footage of the decision, by which the supervisor says, “With the global slowdown, Kia Canada wants to control wholesale and retail performance in 2023 to not show high overachievement.”


News

Electric Truck Company Nikola’s Founder Is Facing Over 10 Years In Prison: Here’s Why

In September 2020, short-seller Hindenburg Research launched a report accusing Nikola of deceptive traders with an “intricate fraud.” The EV model refuted these allegations, labeling them as false and deceptive. Back then, Nikola was riding high on top of a partnership with GM that gave it an 11% stake within the upstart valued at roughly $2 billion. The firm was additionally focused a couple of 2018 demonstration to traders, the place a Nikola One semi was proven “in motion,” nevertheless it was later found that the automobile was not self-propelled and was as a substitute shifting downhill. Milton was concurrently accused and subsequently charged over deceptive claims relating to the corporate’s progress and touchdown investments price a whole lot of hundreds of thousands of {dollars}.

He was additionally lambasted for falsely claiming that the corporate had developed an in-house manufacturing capability for hydrogen gasoline tech at charges under the present market ranges and that it acquired billions of {dollars} in funding for a similar. General Motors quickly backed out of its fairness cope with Nikola, a number of initiatives have been scaled down, and impressive plans reminiscent of producing an electrical motorboat have been additionally placed on ice. In October 2023, freshly unearthed regulatory paperwork revealed that Milton was instructed to pay the corporate $165 million in damages. A month later, Milton urged a federal court docket ought to keep away from jail and as a substitute be placed on probation, claiming that his previous actions had no “ill will.”

Motorsport

The Jeep Renegade Is Reportedly Dead In The US

The Jeep Renegade is useless after the 2023 mannequin yr within the US, in response to a report from Automotive News. The off-road model is pulling the plug on its bite-sized entry-level mannequin in most of North America, selling the marginally dearer Compass to the position with its $30,000 beginning value.

A Jeep spokesperson confirmed the Renegade’s cancellation to Automotive News. Motor1 reached out to the automaker for an announcement on the matter, and we’ll replace this story if we obtain a remark.


News, Technology

Amazon’s Own ‘Vega’ OS Appears On Some Echo Show Devices

Amazon has not officially announced any plans to move away from Android. However, insider information and job listings suggest that the company has been working on a Linux-based system called Vega OS. It is expected to be compatible with a wide range of Amazon hardware, particularly under the Fire TV brand.

It is not confirmed whether the new OS v1.1 update is based on Linux or still on the Android kernel. There are no significant changes to the user interface after the update. This is similar to when Google replaced the Linux-based Cast OS with the new Fuschia OS on its Nest Hub smart display in 2021. There were minimal changes to the user interface, with some speed improvements in tasks like wireless casting.

Amazon is planning to implement Vega OS on various devices, from smart home products to automobile-focused gadgets. This move allows Amazon to have full control over the software ecosystem for its devices. Additionally, Vega OS could potentially enable the company to integrate more advertisements and attract more device manufacturers.

News, Technology

Former FTX CEO Sam Bankman-Fried Found Guilty Of Fraud

In November 2022, Coindesk published a report that exposed the questionable financial practices of FTX and Alameda Research, the hedge fund owned by former FTX CEO Sam Bankman-Fried (SBF). This revelation triggered a bank run and led to the rapid collapse of FTX. Binance, a competing company, had initially planned to acquire FTX but later withdrew from the deal. The Department of Justice (DOJ) became interested in the reasons behind this reversal and started investigating both FTX and SBF. On December 21, 2022, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang were charged with crimes. Bankman-Fried was extradited to the U.S. the same week and initially placed in the custody of his parents. However, in mid-August 2023, he was arrested due to concerns about potential witness tampering. Now that the verdict has been reached, Bankman-Fried has been returned to the Brooklyn detention center to await sentencing.

Motorsport

VW ID.7 Tourer Teased As Brand’s First All-Electric Wagon

Volkswagen is set to expand the electric wagon segment with the introduction of the all-new VW ID.7 Tourer. Unfortunately, it appears that this model will not be available in the United States. The teaser images provide a glimpse of the zero-emissions estate, with more details set to be revealed in the coming months regarding its availability in different markets.

After six decades of producing wagons, Volkswagen is finally ready to unveil its first all-electric station wagon. The ID.7 Tourer will be a more practical version of the ID.7 sedan, which is already arriving at European showrooms. With its sleek profile and aerodynamically optimized body, the ID.7 Tourer boasts a drag coefficient of 0.24, just slightly less streamlined than the electric sedan’s Cd of 0.23.

One of the main advantages of wagons is their cargo space. In the case of Volkswagen’s first CO-free estate, it can hold up to 19.24 cubic feet (545 liters) of cargo with five people on board. Folding down the rear seats provides a volume of up to 60.52 cu ft (1,714 l).

A comparison with the new Volkswagen Passat, another wagon not available in the US, reveals that the electric counterpart has a smaller boot capacity. The five-seat 2024 Passat wagon offers 24.3 cu ft (690 l) of cargo space, expanding to 67.8 cu ft (1,920 l) when the rear bench is folded down—a significant increase from the previous Passat Variant.

The powertrain options for the ID.7 Tourer have not been announced yet, but it will be based on Volkswagen’s MEB platform. It is likely to feature a rear-mounted electric motor, similar to the ID.7 sedan, which delivers 282 horsepower. The ID.7 sedan is currently available with 77- and 89-kilowatt-hour batteries, offering a range of up to 430 miles according to WLTP measurements.

Like the ID.7 sedan, the new wagon will be produced at Volkswagen’s Emden plant in Germany. More information and photos of the model will be released in the coming months. The ID.7 Tourer is scheduled to be available at VW showrooms across Europe next year.

Volkswagen

ID.3 successfully completes 100,000 km test by German ADAC

The ID.3, Volkswagen’s electric vehicle, has received a positive evaluation from the German ADAC, the largest automobile association in Europe. The engineers at the Test and Technology Center in Landsberg am Lech have driven over 100,000 kilometers to thoroughly test the vehicle. The key finding is that the high-voltage battery still maintains a net capacity of 93 percent. The tested model, ID.3 Pro S with a 77 kWh net battery energy content, comes with a guarantee from Volkswagen that the battery will retain at least 70 percent of its original net capacity after eight years or 160,000 kilometers of use.

The ADAC testers did not hold back in subjecting the ID.3 to various battery usage scenarios. To expedite reaching the 100,000 km mark, the vehicle was often charged to 100 percent at fast charging stations. Additionally, contrary to the recommended practice, the vehicle was left fully charged for several days while waiting for the next test drive.

This endurance test is the first of its kind for a vehicle in the ID. family. The ID.3 was regularly inspected by engineers at the Landsberg am Lech Test and Technical Center in between drives. The ADAC evaluated the vehicle based on eight main criteria and over 300 sub-criteria, including technology, safety, handling, ease of operation, and environmental impact.

The ADAC strongly advises customers to install software updates. During the endurance test, the ID.3 received multiple software updates, which not only resolved various bugs but also improved charging power up to 170 kW. Furthermore, the updates had a positive impact on consumption and range. Specifically, the new software significantly improved power consumption in short distances and winter temperatures ranging from 0 to 5°C.

The ADAC testers also praised the intelligent Electric Vehicle Route Planner, which was added to the ID.3 through a software update. This feature plans charging stops based on the fastest route to the destination, considering factors such as battery charge level, traffic conditions, and forecasts. The charging stops are dynamically evaluated based on charging pillar performance. As a result, the route planner may recommend two shorter charging stops with higher power instead of one long stop with lower power.

For more information and test data, visit: https://www.adac.de/rund-ums-fahrzeug/autokatalog/autotest/vw-id3-dauertest/

News

UK fuel prices: Petrol and diesel costs rise “unjustifiably”

A recent report has revealed that the increase in UK fuel prices is said to be unjustified. The investigation conducted by the Competition and Markets Authority (CMA) determined that Asda and Morrisons, the two cheapest fuel sellers, initiated the rise by targeting higher profit margins. As a result, Asda’s fuel margin target for 2023 was over three times what it was in 2019, while Morrisons doubled its margin target in the same period.

Other retailers such as Sainsbury’s and Tesco did not respond in a competitive manner. Instead, they raised their prices in line with the changes made by Asda and Morrisons. This lack of competition has weakened the market, leading the CMA to emphasize the need for action.

The report also highlighted the slow decrease in diesel prices, largely due to Asda gradually reducing its prices as wholesale prices fell. Additionally, other companies failed to respond competitively to this price decline. The CMA estimated that drivers paid 13ppl (pence per liter) more for diesel from January 2023 to the end of May 2023 compared to the historic average margins.

To address these issues, the CMA has suggested implementing a “fuel finder scheme” that would provide drivers with real-time fuel prices through their phones or satellite navigation systems. This scheme aims to revive competition in the retail road fuel market. The CMA also recommended the establishment of a monitoring body to hold the industry accountable.

The RAC spokesperson, Simon Williams, highlighted that the increase in retailer margins has resulted in drivers paying nearly £1 billion more for fuel, which is concerning given the current cost of living crisis. This confirms ongoing concerns about supermarkets treating drivers unfairly at the pumps.

Motorsport

New BMW M4 CS to Arrive at Dealerships in Mid-2024, Positioned Below M4 CSL: Report

According to a recent report, BMW is set to expand its M4 lineup next year. The automaker plans to introduce the M4 CS, which will fill the gap between the standard model and the more intense CSL variant.

Franciscus van Meel, the CEO of BMW M, stated in an interview with Autocar that the M4 CS is scheduled to reach dealers in mid-2024. However, this is not the only update planned for BMW’s M lineup next year. The brand will also launch updated versions of the M3, M4, and even the M5, including the M5 Touring wagon.