Tesla owners sue over battery software update impact
BY JULIA SHAPERO - 05/12/23 4:20

Several Tesla owners filed a class-action lawsuit against the electric car company on Friday, alleging that its automatic software updates have depleted their cars’ batteries or rendered them inoperable.

The owners of the Tesla Model S and Model X cars claim the software updates have occurred “without warning” and reduced the driving range of the cars by at least 20 percent. In some cases, the batteries became completely unusable, the lawsuit alleges.

Some Tesla owners spent between $500 and $750 to reverse the update, while others needed to purchase a new battery for up to $15,000, according to the claim.

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“When car owners purchase their vehicles, they reasonably expect that unforeseen events — like weather, accidents, or flat tires — may impact the performance of their vehicles and lead to costly repairs,” the lawsuit said.

“But no reasonable consumer would expect that the car manufacturer itself, through an automated system, would deliberately and significantly interfere with the car’s performance through software updates that reduce the operating capacity of the vehicles,” it added.

Tesla previously agreed to pay $1.5 million to settle a class action lawsuit with owners of its Model S electric sedans in 2021, after an update temporarily reduced the batteries’ charging speed, capacity and range, according to CNBC.

- thehill.com -

Top Glove was established in 1991, it has about the same long history as Hartalega. If TG upcoming QR reports operating profit, but how many old production lines will be decommissioned? How much will be the estimated impairment loss?
Maybe "smart" SSlee without cracking his head like in HY can help to provide some facts and figures when he is free.

More customers or less customers?

Hopefully. If that happen how many will be happy and how many will be disappointed? I guess 90% of them will be happy.

For a mere 0.5c fluctuation stock like Insaf is certainly not a suitable forum to recruit innocent greedy newbies. Perhaps Hatyai taxi driver should explore other more active forums for swing swing play. Good luck!

When toxic delicious foods cannot be consumed for replacing bad foods, Almighty come to the rescue with abundance of free air and water to keep human alive.

Lai lai lai RM2.00.

A salted fish is not easy to come alive if the original head remains attached to its body.

But why one writes better England than the other one?

Drop to what target price? 3.80?

Fear of bad QR? But upcoming QR is expected to be good. What other reasons besides the warrant leading to the sell down?

Goreng kaki loves gloves, other stocks are boring. In or out timing is important.

Ular, ini pun tumpang yu punya kereta ke sini ke?
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i3lurker

12,188 posts

Posted by i3lurker > 11 hours ago | Report Abuse

I stepped on MikeCheatYouCrazy 2 Balls and Banana and both of them squashed flat like Road Runner.
btw Bugs Bunny ate the Banana, slurp..... slurp

Ular you are supposed to bring in the Qi. Where is the Qi? More like ji bet mouth (not Qi) come alive.

Agree Yu_and_Mee. Let's wait for Top Gloves up coming QR middle of next month to decide again.

I noticed that the honourable Japanese lady always didn't buy at low and appeared to deliver her cut veggie story after the price has shot up expecially referring to gloves.

Loyalist vs Mr and Mrs MissedTheBoat, loyalists win first round hand down. Hahaha

If anyone has doubt of this calculation maybe can help me to explain it, no need to troll someone.

StartOfTheBull

5,422 posts

Posted by StartOfTheBull > 52 minutes ago | Report Abuse

15 years plant is calculated like this:
Year 2023 minus year 2004 minus covid-19 plant quarantine for 4 years.
SsleeMaths

15 years plant is calculated like this:
Year 2023 minus year 2004 minus covid-19 plant quarantine for 4 years.
SsleeMaths

Taiko is consolidating kah? Let's see how is Taiko QR middle of next month to decide.

Hartalega delivered 4QFY23 core earnings of MYR36m.

 Still NEUTRAL, higher MYR2.38 TP (DCF) from MYR2.11, 5% upside.
Hartalega returned to the black with its 4QFY23 (Mar) earnings, bringing FY23
core earnings to MYR109m – at 84% and 87% above Street’s and our
expectations – underpinned by a pick-up in volumes sold during 4QFY23.
Management’s tone was slightly upbeat, as the decommissioning of obsolete
plants (expected to be completed by end 2023) and normalisation of raw
material prices could offer some breathing space, moving forward.
 Results overview. Hartalega delivered 4QFY23 core earnings of MYR36m
from a net loss of MYR38m in 3QFY23, bringing FY23 to MYR109m (-97%
YoY) – at 84% and 87% above Street’s and our expectations. Volumes sold
picked up 25% QoQ to 5.7bn pieces, offset by a 6% QoQ decline in ASPs to
c.USD20.50 per 1000 pieces.
 Cost. YTD, acrylonitrile and latex costs were down 4% and up 2%
respectively. Gas tariffs were down 14-15% QoQ and are expected to trend
further downwards, in view of the normalisation of natural gas prices.
 Outlook. We remain cautiously optimistic on Malaysia’s rubber glove sector,
with the industry’s excess supply capacity expected to slow down
glovemakers’ capacity expansions in the near term. However, there are
improvements in market dynamics, such as: i) The collective cost passthrough initiated by local and regional peers; ii) correction in natural gas prices
(YTD: -50%); and iii) a disciplined approach in scaling back new capacity
plans. While cost-pass-through remains challenging in the near term, ASPs
are holding up at c.USD20 per 1000 pieces. Post the decommissioning of the
Bestari Jaya plant, the group is looking to commission NGC1.5 progressively
by end 2023 or early 2024, depending on market dynamics.
 Earnings adjustment. We raised our earnings estimates by 11% and 1% for
FY24-25, after factoring the potential commissioning of NGC1.5 (in Jan 2024)
and better plant utilisation rates, with customer inventory expected to be fully
depleted by end 2023.
 Still NEUTRAL. Post earnings adjustment, we derived a higher TP of
MYR2.38, which implies CY24 P/E of 22x vs the pre-pandemic 5-year
historical mean of 27x. Our TP includes a 2% ESG discount, based on
Hartalega’s 2.9 ESG score. Key risks: Higher/lower-than-expected sales
volumes, stronger/weaker-than-expected USD to MYR, lower/higher-than expected raw material prices.
- RHB Investment Bank -
10 May 2023

I think there are many people still could not really understand what is impairment loss. That is why they only able to simply read through a financial statement and come to a conclusion base solely on its Net Profit or Loss.

Like an older car, to enable it to run on the road incur higher maintenance cost and it is fuel inefficient.
Reducing production capacity and manpower are some of the measures to enhance profitability of the company.

So early locked profit?

Price with slower response to move up but it is still ok.

What's the catch?
A turnaround with operating profit of RM15,217,000 means a lot for gloves making business of a company which incurred losses for the past one year. It is possibly an indication that gloves making business profitability is back on track.

As before, Kossan always slow to catch up with the rest.

Some people is positive about glove, some are negative, this depends how you look at it.
Gloves stock is alive. Hahaha

Gloves gloves gloves. Crazy!

Right. So it is RM12 million profit before tax write back and impairment loss.

Announcement yesterday was a warning. Expect big drop in the afternoon.

Glasses dropped!

In order for glove ASP to increase, more production facilities for all glove makers would need to be closed to reduce glove supplies to the market while demand slowly back to normal post pandemic.

If I am not mistaken, last QR reported that two regular customers terminated their future orders.

Harta is about to send its old machineries to the junk yard. Will Taiko not do the same?

Decommissioning of facility can possibly happen to other glove makers as well.

As per the announcement:
Further provision for retrenchment costs and contract obligation expenses amounting to a total of approximately RM70 million for FY2024.
RM70 million = 2c per share

RM347 million impairment loss is equivalent to 10c per share.

Sold RM1.91

Disappointing.

Up and down a goreng stock.

Sslee your 500 units kacang putih HY shares is only entitled for one vote not easy to be seen. Perhaps you can request to sit in the front row if you can bluff through the security that you are 29th largest shareholder and raise your two legs and two hands at the same time during votes call.

Because here was having some discussion about contra play.

UlarSawa

27,345 posts

Posted by UlarSawa > 3 minutes ago | Report Abuse

Why need to share Calvin Tan blog leh. You all so anti Calvin Tan one will so good heart sharing Calvin Tan blog meh. Haiyoh. Correct?

Because here was having some discussion about contra play.
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UlarSawa

27,344 posts

Posted by UlarSawa > 1 hour ago | Report Abuse

Why fifo also ada case study one kah. Beli jual saham is normal transaction only leh. Ned case study one kah. Haiyoh. Correct?

I am just sharing his blog, nothing more.
Why 90% Active Traders & Contra Players are GUARANTEED to Lose
money while only 10% Savvy Investors are making money, Calvin Tan
---------------

UlarSawa

27,343 posts

Posted by UlarSawa > 16 minutes ago | Report Abuse

Haiyoh another one digging Calvin Tan Graveyard lah. Haiyoh. Correct?

Just share a blog from Calvin. True or not I am not sure, don't ask me. Hahaha
P.S. Some people said he ran road already. https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2022-03-28-story-h1620507104-Why_90_Active_Traders_Contra_Players_are_GUARANTEED_to_Lose_money_while

The U.S. has another problem, and we’re not talking about de-dollarization. U.S. regulators have shut down and sold three mid-size U.S. banks since the beginning of March – Silicon Valley Bank, Signature Bank and First Republic. Those failures are the biggest to hit the U.S. since the 2008 financial crisis, even though Washington together with news media is trying to play down the impact.
http://www.financetwitter.com/2023/05/putin-assassination-attempt-here-how-russia-revenge-will-trigger-global-economic-destruction.html

Asean, Middle East, India hop onboard the ‘De-dollarisation Express’
There is an inexorable shift away from the US dollar as the world reserve currency.
https://www.freemalaysiatoday.com/category/highlight/2023/04/14/asean-middle-east-india-hop-onboard-the-de-dollarisation-express/

If dedollarisation process escalates it may push more countries convert their US bonds to gold.