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Tesla hits speed bump with huge vehicle recall

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Tesla forced to recall more than a quarter of a million electric vehicles in China over safety concerns.

Tesla is recalling more than a quarter of a million Model 3 and Model Y sedans built in China over safety concerns around the ‘cruise control’ feature.

The huge recall amounts to the majority of Tesla vehicles cars produced and sold in the country. Most of the affected Model 3 and Model Y vehicles were from Tesla’s Shanghai plant.

Cruise control safety concerns

China’s market regulator says the vehicles’ cruise control systems could be accidentally activated, causing them to speed up unexpectedly.

However, the recall doesn’t necessarily mean any of the affected vehicles will actually need to physically go to a service centre for repairs.

Rather, owners can upgrade their vehicles’ cruise control systems software remotely, similar to a phone update.

https://twitter.com/kimpaquette/status/1408775734777335811?s=20

Tesla’s market in China

Tesla posted an apology to its page on Weibo, a popular social media platform in China.

CEO Elon Musk also posted Weibo on Saturday, “Safety is our primary goal in designing Tesla.”

China is the largest new car market in the world and the largest market for all-electric vehicles. Ives has called the country the “linchpin” of Tesla’s growth story. He calculates that China will account for 40% of Tesla deliveries by next year.

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Why the meme-stock frenzy is unlikely to repeat

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GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

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Why are airlines after the Biden Administration?

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Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

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The mounting pressure on Government spends

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Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending

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