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The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 8 paise to 83.44 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Thursday, as the American currency retreated from its elevated levels. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a negative trend in domestic equities and <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.49 against the greenback. It later touched 83.44 in initial trade, registering a rise of 8 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 1 paisa lower at 83.52 against the US dollar. "Indian rupee was sold against the dollar as FPIs continued to sell stocks worth over Rs 6,000 crore on Wednesday and bought dollars keeping US dollar higher," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Dollar buying could reemerge despite US dollar selling by the Reserve Bank of India (RBI) to protect the rupee, Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.51, lower by 0.03 per cent. "The US FED speakers warned that interest rates could remain higher for longer. More speakers would give their rhetoric on Thursday and Friday. The dollar index was stable at 105.54 while the US 10-year bond yield rose from 4.46 per cent to 4.50 per cent," Bhansali said. Brent crude futures, the global oil benchmark, rose 0.43 per cent to USD 83.94 per barrel. On the domestic equity market front, the 30-share BSE Sensex declined 176.2 points or 0.24 per cent to 73,290.19 in early trade. The NSE Nifty fell 49.75 points or 0.22 per cent to 22,252.75 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 6,669.10 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank">Indegene IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a>

Rupee rises 8 paise to 83.44 against US dollar in early trade

After slashing around 600 jobs last year, pre-owned vehicle platform <keyword id="4306161" type="General" weightage="20" keywordseo="CARS24" source="Orion">CARS24</keyword> on Friday said it will hire more than 500 employees across verticals in the next 3 months. The company said it will be hiring for both tech and non-tech-related roles and has opened positions in departments including technology, product, data sciences, engineering, business, customer success, human resources, finance, marketing and sales. Last week, CARS24 saw some high-profile exits, including its global CTO Jitendra Agrawal and business head <keyword id="14490738" type="General" weightage="80" keywordseo="kingshuk-sanyal" source="Orion">Kingshuk Sanyal</keyword>, who left the company to pursue other things. The used car marketplace, set for an <keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>, in May last year announced that around 600 employees were let go based on their poor performance and not owing to any "cost cuts". According to CARS24, new hires will play a critical role in driving the next phase of growth as the company scales down its operations and expands further. <keyword id="1253528" type="General" weightage="80" keywordseo="vikram-chopra" source="Orion">Vikram Chopra</keyword>, CEO and Founder, CARS24 said that as we scale our operations and expand further, "we are looking for bright, talented minds for various roles who share similar values as us to join our team and play a pivotal part in driving the next phase of growth at CARS24". Over the last few months, talent from some of the best-known global brands joined CARS24, said the company. In December last year, CARS24 closed a $400 million round of funding, including a $300 million Series G equity round alongside $100 million of debt from diversified financial institutions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/it-feels-like-slap-in-the-face-sacked-google-worker-whose-mother-died-of-cancer/articleshow/97370050.cms">'It feels like slap in the face': Sacked Google worker whose mother died of cancer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/indoor-lifestyle-bad-diet-is-leading-to-vitamin-d-deficiency-tata-1mg-study/articleshow/97374632.cms">Indoor lifestyle &amp; bad diet is leading to Vitamin D deficiency: Tata 1mg study</a>

CARS24 now says will hire over 500 after layoffs

The risky allure of WiFi Money: private jets, sports cars, and ruined investors

<ul><li>At the start of 2023, India implemented the T+1 settlement system, improving the effectiveness of share market transactions. </li><li>Among those who initiated their investment journey in the year 2023, 15% of their portfolio comprises <keyword id="44430" type="General" weightage="20" keywordseo="index" source="Orion">Index</keyword> funds. </li><li>When it comes to goal planning, buying a home is the main goal among investors, followed by retirement. </li></ul>In 2023, a strong influx of investments from domestic <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword>, a revival in foreign acquisitions, and a consistent corporate profit scenario propelled India's primary indices to achieve their eighth consecutive year of growth. The <keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> and <keyword id="53232" type="General" weightage="20" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> witnessed increases of 20% and 18% respectively. India's market capitalisation surpassed the milestone of $4 trillion, securing its position as the world's fourth-largest market, trailing behind the United States, China, and Japan. A report by online wealth management platform Kuvera, talks about some key trends and throws up some interesting insights into investor behaviour in 2023, based on the activity on their platform. We take a look. The <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> rush In 2023, Indian companies witnessed a surge in the number of initial public offerings (IPOs), setting a new record. However, the absence of substantial offerings resulted in India Inc.'s total funds raised falling significantly short of its peak. Activity on the main boards remained subdued, with the overall amount raised declining from 2022. On a positive note, the SME exchanges experienced unprecedented success, achieving new highs in both the number of IPOs and the funds raised. Important regulatory changes 2023 also saw a number of important regulatory changes being introduced. As of January 27, 2023, India implemented the T+1 settlement system, improving the effectiveness of share market transactions. Under this system, shares are now credited to demat accounts within one day of purchase, a departure from the previous two-day process, enhancing transaction efficiency. SEBI cracked down on financial influencers, with penalties imposed and considerations for stricter rules on associations between regulated and unregulated entities in what is now known as the "Finfluencer Saga." SEBI also enforced mandatory nominee additions for demat and mutual fund account holders, enhancing security measures. Auto-debit systematic investment plans (SIP) now have a capped period of 30 years, departing from their previous perpetual nature. The indexation benefit available to debt mutual funds was also removed in the 2023 budget. Furthermore, SEBI introduced a quantifiable material threshold for company disclosures, prompting a more thorough evaluation by companies before deciding whether to disclose information. These regulatory changes collectively contribute to increased transparency and accountability in the financial landscape. <keyword id="159805" type="General" weightage="20" keywordseo="sips" source="Orion">SIPs</keyword> drive the market The regular inflow of money through SIPs provides a positive boost to the market, potentially leading to an annual increase of approximately 3%, assuming all other factors remain constant. This means that, on its own, the market could experience an uplift of about 3% each year due to these SIP inflows. According to the report, applying a multiplier similar to recent research in the US market, every new ₹1 invested in the market might contribute to a ₹5 increase in the overall market value. Considering a monthly SIP of $2 billion, translating to an annual SIP of $24 billion, in a market of approximately $4 trillion, this could result in a significant impact, potentially leading to a ~3% annual return. A roof over the head When it comes to goal planning, buying a home and planning for retirement are the top most goals with 24% and 20% investors planning for these two goals respectively. Buying a car (16%) and education (9%) were the other goals of investors on the Kuvera platform. Preference for index funds Investors who recently joined the Kuvera platform are displaying an increasingly strong inclination towards Index funds. Among those who initiated their investment journey in the year 2023, 15% of their portfolio comprises Index funds, marking the highest percentage recorded to date. This trend indicates a growing recognition and preference among newer investors for the stability and diversification offered by Index funds in their investment portfolios. Also, on an average, investors have 8 schemes in their portfolio.

Investors chose the SIP route to invest in 2023 with a strong inclination towards index funds

<ul><li>The Indian auto industry reported a 13% year-on-year increase in sales in February 2024, while reporting a 4.6% month-on-month decline.</li><li>All vehicle segments reported a year-on-year growth in sales during the month of February 2024.</li><li>While the increase in sales is a positive, the elevated inventory levels are a concern, as per <keyword id="20108734" type="General" weightage="20" keywordseo="fada" source="keywords">FADA</keyword>.</li></ul>The Indian auto industry reported a 13% growth in sales in February 2024, with all the segments reporting a growth during the month as per a report by the <keyword id="20163834" type="General" weightage="20" keywordseo="federation-of-automobile-dealers-associations" source="keywords">Federation of Automobile Dealers Associations</keyword> (FADA). While all segments such as the passenger vehicle segment, two-wheelers, three-wheelers, commercial vehicles and tractors reported a year-on-year increase in sales, there was a month-on-month decline, meaning the sales were higher in January 2024. <cmsannotation type="cmsannotation" annotationid="February 2024 auto sales data" comment="subhead" text="February 2024 auto sales data"><keyword id="20786138" type="General" weightage="20" keywordseo="february-2024-auto-sales" source="Orion">February 2024 auto sales</keyword> data</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2024 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">MoM change </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Two-wheeler </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14,39,523 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.25% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.32% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three-wheeler </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">94,148 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.88% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.82% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Passenger vehicles </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,30,107 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.36% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16.06% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tractors </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">76,626 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.00% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13.58% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial vehicles </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">88,367 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.78% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.94% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,29,541 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.61% </td></tr></tbody></table> Source: FADA <cmsannotation type="cmsannotation" annotationid="Passenger vehicles report record numbers" comment="subhead" text="Passenger vehicles report record numbers">Passenger vehicles report record numbers</cmsannotation> According to the report, the passenger vehicle segment reported a 12% year-on-year growth in February 2024, achieving the highest sales figures ever recorded for the month of February. This was reportedly fuelled by the launch of new vehicles and the availability of vehicles at showrooms. However, FADA has pointed out that persistent elevated inventory levels, which are currently at 50-55 days, present a slight concern. The report states that OEMs should adjust the production to mitigate the high inventory levels. High inventory levels increase the financial burden on dealers. <cmsannotation type="cmsannotation" annotationid="Two wheelers receive a boost from rural sector" comment="subhead" text="Two wheelers receive a boost from rural sector">Two wheelers receive a boost from rural sector</cmsannotation> The two-wheeler segment reported a 13.25% year-on-year growth in February 2024 but reported a decline of 1.32% when compared to January 2024. The growth in this segment was driven by increased demand from the rural sector, demands for premium models and the strong performance of entry-level models. <cmsannotation type="cmsannotation" annotationid="Three-wheelers get an electric boost" comment="subhead" text="Three-wheelers get an electric boost">Three-wheelers get an electric boost</cmsannotation> The three-wheeler segment reported a growth of 24% year-on-year in February 2024, with electric vehicles making up 54% of this growth. The growth in this segment was driven by first-time users and a shift towards electric e-rickshaws. <cmsannotation type="cmsannotation" annotationid="Outlook cautiously optimistic" comment="subhead" text="Outlook cautiously optimistic">Outlook cautiously optimistic</cmsannotation> The near-term outlook in the auto sector is cautiously optimistic. All the sectors are optimistic about increased demands amid the rural sector's robust signals, e financial year-end rush and infusion of funds into the market. The anticipation of elections however casts a shadow, especially in the commercial vehicles segment. “External factors like crop failures in rural areas could also dampen market sentiment and financial liquidity, posing additional hurdles to sustained growth,” said FADA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms">Upcoming cars launching in India in March 2024</a>

Retail auto sales grow by 13% in February, but elevated inventory levels a concern

Pre-owned e-commerce platform <keyword id="4306161" type="General" weightage="20" keywordseo="CARS24" source="Orion">CARS24</keyword> on Monday saw some high-profile exits, including its global <keyword id="238078" type="General" weightage="100" keywordseo="cto" source="Orion">CTO</keyword> <keyword id="1603349" type="General" weightage="80" keywordseo="jitendra-agrawal" source="Orion">Jitendra Agrawal</keyword> and <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> head <keyword id="14490738" type="General" weightage="80" keywordseo="kingshuk-sanyal" source="Orion">Kingshuk Sanyal</keyword> who have left the company to pursue other things. In a LinkedIn post, Agrawal who joined the company in July 2021, said he will be moving on from CARS24 in the next few months. "I joined CARS24 with a specific goal to help the team scale multiple countries at once - a particularly challenging task because, as an eCommerce company with complex execution, we built each country like an independent startup. We also did it all at once," he said. "I will be forever attached to this mission of helping consumers experience a delightful way of buying and selling cars, and wish the team the very best in scaling new heights," Agrawal added. CARS24 Chief human resources officer <keyword id="641795" type="General" weightage="20" keywordseo="mrinal-sinha" source="Orion">Mrinal Sinha</keyword> has also put in papers. The used car marketplace, set for an IPO, in May announced that around 600 employees were let go based on their poor performance and not owing to any "cost cuts". Calling it "business as usual", the company, which has nearly 9,000-strong workforce, and is in the process of hiring more globally, said its business is actually growing in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, the Middle East, Australia, and Southeast Asia. "This is business as usual as these are performance-linked exits that happen every year," the company said in a statement. In December last year, CARS24 closed a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions. The platform was valued at $3.3 billion, about double the valuation from its previous round in September 2021. The company recently announced the launch of seven 'Mega Refurbishment Labs' (MRLs) in India -- an industry first, and one MRL in the UAE which is among Dubai's largest ever commercial leasing deals. "CARS24 has aggressive plans for 2022. We are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car," Vikram Chopra, Co-founder &amp; CEO, CARS24 had said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-salary-in-2022-at-3-lakh-crore/articleshow/92957422.cms">IT biggies spent 62% of revenues on wages in FY22, salary bill at ₹3 lakh crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/sony-bravia-xr-x90k-65-inch-review/articleshow/92959498.cms">Sony Bravia XR X90K 65-inch review</a>

CARS24's top brass including its global CTO and business head quit

<keyword id="495625" type="General" weightage="20" keywordseo="Indias-foreign-exchange-reserves" source="Orion">India's foreign exchange reserves</keyword> fell by $2.164 billion to $584.248 billion for the week ending April 21, according to data released by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) on Friday. In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion. In the period under review, the reserves fell mainly due to <keyword id="6499383" type="General" weightage="20" keywordseo="foreign-currency-assets" source="Orion">foreign currency assets</keyword> (FCAs) shrinking by $2.146 billion to $514.489 billion. The reserves have been declining as the RBI has used the funds to defend the rupee amid pressures caused mainly by global developments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ultratech-cements-q4-net-profit-falls-32-to-1666-crore-declares-dividend/articleshow/99848912.cms">UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suvs-in-india-in-may-2023/slidelist/99842426.cms">Upcoming cars expected to launch in India in May 2023</a>

India's foreign exchange reserves fall to $584.24 billion

<ul class="summary-list"><li>A driverless bus will run a seven-stop loop around Treasure Island in San Francisco Bay.</li><li>It can seat up to 10 passengers and will complete the loop every 20 minutes. </li></ul>Just a week after allowing robotaxis to operate around the clock, San Francisco has launched an driverless shuttle bus service.The small box-shaped bus will operate on a fixed route on Treasure Island in San Francisco Bay between 9 a.m. and 6 p.m. to serve its 2,000 residents. While it has no steering wheel or driver's seat, an attendant will always be on board. The electric vehicle was built by Florida-based Beep, which provides similar transport in Yellowstone National Park and Miami Zoo.Its introduction is part of a grant-funded pilot program to assess how autonomous vehicles can supplement the public transport system, <a target="_blank" href="https://apnews.com/article/autonomous-driverless-buses-robotaxi-san-francisco-802c39fdfc57adccaea604c7ee13a128">The Associated Press reported</a>."The autonomous vehicle will have a better reaction time than a human and it will offer a more reliable service," Shelly Caran, Beep's project manager, told the news agency.Passengers on the Beep bus's first journey did not seem to be concerned about safety. "I didn't feel unsafe. I felt like I was riding any other bus," one told The AP.Just a week ago the city was caught up in a <a target="_blank" href="https://www.businessinsider.com/robotaxis-san-francisco-cruise-waymo-autonomous-vehicles-california-2023-8">battle</a> over whether to allow driverless taxis around the clock across the city. Concerned residents and taxi drivers warned of <a target="_blank" href="https://www.businessinsider.com/san-francisco-firefighters-smashed-window-driverless-cruise-taxi-stop-it-2023-1?r=US&amp;IR=T">blocked emergency vehicles</a>, congestion on roads, and job losses.But officials voted to approve an expansion of autonomous vehicles, giving companies such as Cruise and Waymo the go-ahead to offer driverless rides 24/7 across the city. They had been limited to specific areas at night only previously.A day after the announcement, a number of self-driving cars <a target="_blank" href="https://www.businessinsider.com/cruise-san-francisco-robocabs-stalled-outside-lands-traffic-cars-california-2023-8">stalled in San Francisco</a>, leading to a bizarre traffic jam captured on video.In a statement following the decision, the commissioner for the California Public Utilities Commission, John Reynolds, <a target="_blank" href="https://www.cpuc.ca.gov/news-and-updates/all-news/cpuc-approves-permits-for-cruise-and-waymo-to-charge-fares-for-passenger-service-in-sf-2023">said:</a> "I do believe in the potential of this technology to increase safety on the roadway."Beep and the San Francisco County Transportation Authority did not immediately respond to requests for comment from Insider, made outside normal working hours.

As well as 24-hour robotaxis, San Francisco now has a driverless bus service too

<ul><li>The Finance Minister reduced the maximum tax rate, and that will push HNIs and UHNIs to invest more. </li><li>Home-grown and global AIFs with domicile in GIFT City are also expected to benefit from the tax incentives given in the budget, Crisil said. </li><li>Luxury imported cars and international travel will become expensive and deduction on capital gains on luxury home sales is capped too. </li></ul>The Union Budget 2023-24 is being hailed as the common man’s budget, but at the same time many diverse announcements might make things a tad difficult for high-networth and ultra- high-networth individuals (HNIs and UHNIs) in the coming year. First on the positives: finance minister Nirmala Sitharaman did recognise that the highest tax rate in the country is also the highest in the world at 42.74%. This is for those with an annual income of above ₹5 crore. She reduced the maximum tax rate to 39% by lowering the surcharge. This move, Crisil says, will push HNIs and UHNIs – who have an investible surplus of over ₹5 crore and ₹25 crore respectively, to invest more. “The reduction of surcharge at the highest tax bracket and its impact on the reduced incidence of taxation for individuals in the bracket is expected to improve their appetite for investing in alternative investment funds (AIFs), portfolio management services, and other alternate investment products,” said a report by ratings agency Crisil on the Budget impact. AIFs and family offices are also expected to benefit from measures announced in the Budget for startups – to extend the period of incorporation and carry forward losses. It enables the entire ecosystem of startups and the investor community. “Home-grown and global AIFs with domicile in GIFT City are also expected to benefit from the tax incentives given in the budget,” Crisil said. Last year,<a href="https://www.businessinsider.in/finance/news/9-in-10-super-rich-indians-get-richer-in-2022-knight-frank/articleshow/97033671.cms"> nine out of ten UHNIs from India</a> were able to grow their wealth in spite of the Russia-Ukraine conflict, rising interest rates and inflation. In fact, 35% of them were able to grow their wealth by more than 10%, said a report by Knight Frank, and were confident of it growing more in 2023. At 34%, equities constituted the largest chunk of the UHNI portfolio in 2022, as per the report. Importing cars &amp; travelling abroad gets costlier And now to the not-so-good news for the HNIs and UHNIs. Taking money abroad has been complicated as all remittances abroad – with the exception of education via loan and for medical reasons – will be subjected to a 20% tax collected at source (TCS). This will impact investments abroad, which will be taxed at 20%, without any threshold limit. International travel will also become costlier. “One budget proposal that will negatively impact the industry is the move to increase the TCS mandate from 5% to 20% on overseas tour packages. This will not only increase the upfront cash outflow for customers but will also give an unfair advantage to foreign-based online travel booking platforms over India-based travel agents and tour operators,” said Rajesh Magow, co-founder and group CEO of MakeMyTrip. Luxury cars, yet another favourite asset class that India’s rich and super-rich are keen on will also get expensive. The Budget 2023-24 increased customs duty on these cars that are imported – affecting those who love Lamborghinis, Mustangs, Ferraris and more. The FM raised the customs duty from 60% to 70%. "The policies chalked out for the automobile industry incurring increased duty rate is very unlikely to have any impact on the entry-level luxury vehicle segment,” said Sumit Garg, co-founder and MD, Luxury Ride. But those keen on buying high-end models of Mercedes, Land Rover, Porsche and Aston Martin with engine capacities over 3,000cc will have to shell out more. REITs &amp; luxury homes The FM has also proposed to limit deductions from capital gains on investments into residential houses under Sections 54 and 54F to ₹10 crore. “This essentially means that if one sells a house, and gains are more than ₹10 crore, then maximum benefit they can avail is up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will now be taxed. This is a negative on this segment as previously there was no such cap,” said Anuj Puri, chairman of Anarock group, an investment consultancy. According to the Knight Frank report, UHNIs, in particular, love purchasing residential properties, and the Indian super-rich own 5.1 residences on an average – higher than that of their global counterparts. Moreover, in 2022, about 14% of UHNIs purchased a home, and about 10% are expected to make a new home purchase in 2023. If they indeed do, in the new financial year, they would have to add in the tax element into its resale value. However, the report says that India’s super-rich investments in real estate go beyond residential properties. A significant portion of UHNI wealth – as much as 25% – was allotted to commercial properties in 2022, either directly through ownership or indirectly through funds. This includes directly in the form of assets, and indirectly via funds and REITs or real estate investment trusts. It might look like some of these investments need to be recalibrated as per the Budget proposals – income distributed through redemption of units by business trusts such as REITs and InvITs or infrastructure investment trusts, is to be taxed in the hands of unit holders. “REITs/InvITs, which have emerged as an attractive tool for investment, may see some short-term volatility but are expected to remain an efficient option for investors looking to park funds in India’s promising real estate and infrastructure markets,” said Crisil. In addition, the Budget has also taxed the maturity and surrender amount of non-ULIP insurance policies, if the premium paid by an individual is over ₹5 lakh a year. This could also be bad news for policyholders who purchase high-ticket non-ULIPs in the affluent segment. All in all, the government is leaving more in the hands of India’s rich along with the common man – but for the former, it is redrawing the landscape for saving, investing and spending. SEE ALSO <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a> <a href="https://www.businessinsider.in/finance/news/brides-buy-half-of-all-gold-jewellery-sold-in-india-says-world-gold-council-report/articleshow/97168432.cms">Brides buy half of all gold jewellery sold in India says World Gold Council report</a>

India’s rich to shell out more for luxury cars, global travel but may have more to invest

<ul class="summary-list"><li>The prosecution of Marine vet Daniel Penny for a subway chokehold homicide is inching forward in Manhattan.</li><li>A GiveSendGo defense fundraiser is nearing $3M, and the DA has turned over 365 exhibits to his lawyers.</li></ul>Donations – and evidence – are piling up in the subway-chokehold homicide case against Daniel Penny. Three months after his Manhattan arrest for the disturbing, caught-on-video death of homeless street performer Jordan Neely, nearly $3 million now sits in Penny's legal defense fund.And more than 365 pieces of evidence – including police and prosecutor notes from interviews with 30 civilian witnesses, and thousands of pages from Neely's police and medical records – have been turned over to the defense, according to an <a href="https://www.documentcloud.org/documents/23925252-daniel-penny-discovery-list-072523" target="_blank" rel="noopener">evidence list in Penny's public court file</a>."The average campaign is about $3,000," Jacob Wells, co-founder of GiveSendGo, the Christian fundraising platform, said of Penny's defense fund. "So this is 1,000 times the magnitude of what you would see in a normal campaign." Lawyers say they'll use the cash to fight charges that the Marine veteran <a href="https://www.insider.com/former-marine-daniel-penny-surrenders-charges-jordan-neely-subway-chokehold-2023-5">was reckless, or at least negligent,</a> in using a fatal chokehold to subdue Neely, who witnesses and prosecutors say had verbally threatened passengers on a Manhattan subway train. Money left over will cover the cost of any lawsuits, Penny's defense lawyer, Thomas Kenniff, told Insider.Neely's family members contend – as do prosecutors – that Penny's chokehold was criminally excessive, continuing for more than two minutes after eyewitness video shows Neely stopped moving.Lawyers for Neely's family did not respond to repeated requests for comment, but have told reporters they will file a wrongful death lawsuit. Whatever money is left over at the conclusion of Penny's civil and criminal cases "will be donated to a charity with a mental-health purpose to it," Kenniff said.Penny's top donors reflect how <a href="https://www.businessinsider.com/desantis-trump-haley-support-daniel-penny-kyle-rittenhouse-jordan-neely-2023-5?_gl=1*r8z6n8*_ga*NDA0ODI5NzE0LjE2OTI2NjAwOTk.*_ga_E21CV80ZCZ*MTY5MjgyNTI5MS4xMi4xLjE2OTI4MjY5MjAuNjAuMC4w">boldface-named, ultra-conservatives have rallied to Penny's side</a>, including GOP presidential candidate Vivek Ramaswamy ($10,000), Kid Rock ($5,000), and right-wing podcaster Tim Poole ($20,000).But the bulk of donations have been"forty, fifty dollars on average, and there are many thousands of them," said Kenniff. Many call Penny a hero in their donation posts, and invoke the Marine motto, "semper fi," meaning "always faithful.""To me, that speaks louder than any single donation from someone with notoriety," Kenniff said of the flood of small and anonymous donations. "It speaks to the grass roots support that Danny is getting and how vulnerable and frustrated people are, that someone who steps forward to protect people finds the criminal justice system turned against them.Meanwhile, throughout the spring and summer, prosecutors have been steadily turning over evidence to his lawyers, some of which may wind up helping Penny's case.Prosecutors have, to date, interviewed 19 NYPD officers and two-dozen civilian witnesses — half of whom directly witnessed Neely's death, according to the evidence list.The list does not show the actual interview notes or name those people who were interviewed. But it does show that prosecutors have interviewed one of the two other male subway passengers seen in video helping to restrain Neely during Penny's chokehold.The man is identified in the record only as "Eyewitness #6."The evidence list also includes something called "Eyewitness #6 proffer agreement," suggesting that at some point, this witness was at least offered some kind of deal by prosecutors. The potential deal is not described and, to date, no additional arrests have been announced in connection to the fatal chokehold.A spokesperson for the Manhattan District Attorney's office declined to comment on the ongoing case.The list offers a glimpse into the case against Penny, 24, who remains free on $100,000 bail.<div type="image" title="Former US Marine Daniel Penny arrives at a New York City Police precinct to surrender for the death of Jordan Neely" height="3978" width="5500" msid="103311527" hostid="261" sizebytes="384426"></div><h2>The eyewitness video will be among evidence</h2>Key among the prosecution's witnesses is "Eyewitness #1," who appears to be Juan Alberto Vázquez, the freelance journalist who recorded disturbing, widely-shared video of the chokehold. Significantly, the Vázquez video captured a bystander warning Penny, mid-chokehold<a href="https://www.insider.com/video-bystander-says-daniel-penny-going-to-kill-jordan-neely-2023-5">, "You're going to kill him." </a>Eyewitness #1's video is the longest witness video mentioned in the evidence list; a second eye-witness turned over a shorter video and two screenshots to prosecutors.Body-worn-camera footage from 19 NYPD officers has also been turned over to the defense, the evidence list shows.Four EMS workers who rushed to the scene have spoken to prosecutors, the list also shows.Audio from four 911 calls made from the subway car is also a part of the case.Prosecutors also turned over to the defense a copy of the Marines training manual that Penny would have received as a 17-year-old recruit.Grand jurors who indicted Penny were shown a copy of the <a href="https://www.businessinsider.com/daniel-penny-learned-chokeholds-marine-corps-boot-camp-2023-6">Marine training manual</a>, the list reveals. The manual describes the chokehold taught to all Marine recruits as "non-fatal."Much of the evidence prosecutors have turned over to the defense involves Penny's own words, including his voluntary statements to the NYPD, and what he said in texts, emails and social media posts.<a href="https://www.insider.com/daniel-penny-described-jordan-neely-chokehold-police-statements-nypd-2023-6">"I had him pretty good,"</a> Penny told officers who recorded his statements on their body-worn cameras on a lower Manhattan subway platform, less than ten minutes after Neely's May 1 death, according to court documents."A man was acting irate, dropping things on the floor, saying he doesn't care if he goes to jail, he doesn't care if he gets killed," Penny told officers.A more formal videotaped statement Penny made to police — filmed with two camera angles — has also been turned over to the defense, the list shows.The list likewise provides insights into Penny's potential defense.Included in the evidence turned over to his lawyers, Kenniff and Steve Raiser, are details from Neely's extensive medical and criminal history.That includes 6,000 files from the city-run Bellevue Hospital, and details from at least four "prior incident witnesses" who had contact with Neely in a criminal context. Penny's lawyers have alleged that Neely had a history of <a href="https://www.nytimes.com/2023/05/07/nyregion/jordan-neely-daniel-penny-nyc-subway.html" target="_blank" rel="noopener">four arrests for unprovoked assaults,</a> according to the New York Times.Neely had a history of using K2, a powerful synthetic marijuana, outreach workers told the Times. Toxicology and full autopsy reports have not yet been turned over by prosecutors, the evidence list reveals.<h2>The founder of GiveSendGo said Neely's family is welcome</h2>As for Penny's new status as a fundraising millionaire, Wells, the GiveSendGo founder, told Insider that only one other fundraiser on his platform has ever raised more money.Some $10 million was raised in a GiveSendGo drive on behalf of the families of Canadian truck drivers who stopped working rather than submit to a government COVID vaccine mandate, he said.Both Penny and the Neely family are pursuing their own idea of justice, he said."We would be happy to host a campaign for the young man who passed away, and his family, and the expenses facing them," Wells said.<a href="https://www.businessinsider.com/profile-kyle-rittenhouse-killed-two-men-became-right-wing-hero-2021-2">Kyle Rittenhouse, the teenager who crossed state lines with an AR-15</a> during unrest in Kenosha, Wisconsin, where he shot three people – two fatally – also hosted his defense fund on GiveSendGo.Rittenhouse, who was acquitted of all charges in the shooting, raised over $250,000 on GiveSendGo."We want to see justice and free speech served, and we don't take a position on innocent or guilty," he said. "What we do support is the American justice system of due process and the right to a defense."That right to a defense extends to everyone, including some folks that Christian crowdfunding platform sees as, well, un-Christian, he said."I'll give one case. There's an individual being charged in New Hampshire for stating racist views publicly. Views we abhor," he said. "White supremacist views.""We told him as much as we dislike what you say, we're not going to prohibit you from raising money for your defense," he said. "Even the people we disagree with, we love."

Marine vet Daniel Penny defense fund nears $3M in Jordan Neely chokehold death as DA tips hand on evidence

<ul class="summary-list"><li>The I-10 fire shut down a key transportation artery in downtown LA, which worried local leaders.</li><li>Officials encouraged people to switch to public transit to alleviate bad traffic from road closures.</li></ul>After a November 11 arson fire <a target="_blank" href="https://www.insider.com/photos-fire-closed-10-freeway-los-angeles-likely-caused-arson-2023-11#the-closure-affects-a-busy-part-of-town-5">ravaged</a> a critical segment of Interstate 10 in Los Angeles, rendering the affected freeway unusable until it could be repaired by the state of California, top officials in the region made a special appeal: they called on drivers to use public transit.For native Angelenos and the millions of visitors who've traveled to the area, Los Angeles car culture is simply a way of life. Despite the traffic-choked freeways that can often make short trips in the region feel more like full-day adventures, Californians are drawn to their vehicles for their mobility and comfort.But when I-10 was temporarily shut down, causing drivers to detour from one freeway to the next (like hopping from I-10 to the 110 to I-5) in order to get to work, school, and everything else in between, some of them heeded the advice of leaders like Los Angeles Mayor Karen Bass, who encouraged citizens to turn to public transportation. (Bass even <a target="_blank" href="https://calmatters.org/commentary/2023/11/karen-bass-strengths-reopening-freeway/">took the train to work herself</a>.)<a target="_blank" href="https://www.latimes.com/california/story/2023-11-17/driving-in-traffic-is-stressful-more-commuters-are-trying-public-transit-after-fire-closes-10-freeway">According to The Los Angeles Times</a>, the Los Angeles County Metropolitan Transportation Authority saw a 10% bump in ridership on the E Line light rail train that runs through downtown Los Angeles on the first two workdays after the incident. And the Metro Transit Authority also reported that there was a 25% bump in the number of parked vehicles at several stations east of downtown on Nov. 16, the first Thursday after the fire.But what will this mean over time? What could actually get Angelenos to trade in their car keys for a TAP card (transit pass), even for only part of the week?<h2>Yes, you can travel by rail in LA</h2>After crews performed around-the-clock construction, I-10 was reopened <a target="_blank" href="https://www.gov.ca.gov/2023/11/19/10-reopen/">weeks ahead of schedule</a> by the California Department of Transportation, or Caltrans, on November 19.While it's too early to know if public transit ridership will be up in November, a reimagined vision of traversing Los Angeles has long been overdue.Many commuters in the region are no strangers to the bus system, but bus ridership had been declining even before the COVID-19 pandemic. <a target="_blank" href="https://www.wsj.com/articles/as-bus-ridership-plummets-in-los-angeles-efforts-to-boost-it-hit-speed-bumps-11566725400">According to The Wall Street Journal</a>, bus ridership fell by 24% between 2013 to 2018, despite system investments from LA Transit at the time. Heavy traffic still continues to stifle many people from giving up their cars to sit on a bus in the same traffic.<div type="image" title="Santa Monica" height="1930" width="3000" msid="105519420" hostid="261" sizebytes="226728"></div>But the LA Metro Rail system — which after years of expansion now offers direct light rail service to cities like Santa Monica and Inglewood in addition to serving major areas of Los Angeles proper — remains an overlooked public investment.Many would like to use the rail system, but they equate driving to individual freedom. Others are unsure about adhering to a rail schedule, as they're afraid of running into reliability issues, despite the system's ability to handle the current ridership. The transit system simply isn't woven into the fabric of Los Angeles compared to cities like New York and Chicago.Such internal hang-ups are not unexpected given that the region runs on automobiles, but it shows that weaning a sizable number of people off the roads, even for part of the week, will be difficult.But it's not impossible.<h2>Don't underestimate the appeal of walkability</h2>When people can live, eat, and shop in communities where they are consistently boosting the small businesses that drive local economies, they often feel a deeper connection to their environs.And the LA Metro Rail system increasingly affords riders the ability to live in areas where they're part of a smaller ecosystem while still being connected to the larger city.A family living in Santa Monica with a father and mother who work remotely for part of the week and travel to a surrounding neighborhood or into downtown Los Angeles for a couple of days can easily hop on a train. They may not be fully giving up on navigating Santa Monica Boulevard by car, but they're creating alternatives to driving.The aftermath of the I-10 fire will undoubtedly drive policymakers to grant additional infrastructure funding for longstanding highway repairs, given the role that freeways played in the rise of modern Los Angeles and the way in which they continue to drive many sectors of the economy.But rail transit must be a part of the equation as well, and it can't just be a last-ditch option, but something that can be a cost-effective and efficient way of traversing Southern California.Will the I-10 fire make a wave of Angelenos ditch their cars?It's tough to change old habits. But the incident's devastating effects can and should make citizens think twice about sustainability issues, as nothing can stay the same forever.

Los Angeles is defined by its deep-rooted car culture. Could the recent I-10 freeway fire make Angelenos rethink that relationship?

<ul class="summary-list"><li>Tesla issued a cease and desist letter to a tech CEO who launched an ad criticizing FSD.</li><li>The viral ad appeared to show Tesla FSD crashing into a child-sized mannequin.</li></ul>Tesla threatened to take legal action against a tech CEO who launched a <a href="https://www.businessinsider.com/tesla-full-self-driving-crash-test-child-mannequin-ceo-ad-2022-8">viral ad campaign</a> criticizing the carmaker's Full Self-Driving (FSD) software.The carmaker has accused Dan O'Dowd and his advocacy group, The Dawn Project, of a defaming Tesla and misrepresenting its software in an ad campaign that appeared to show the software failing to recognize a child-sized mannequin and crashing into it at about 25 miles per hour.A Tesla spokesperson did not respond to a request for comment ahead of publication, but Musk <a href="https://twitter.com/elonmusk/status/1562839680747388934">called</a> O'Dowd "crazy" on Twitter.In a <a href="https://dawnproject.com/wp-content/uploads/2022/08/2022.08.11-Tesla-Ltr-to-Dan-ODowd-1.pdf">cease and desist letter</a> dated August 11, Tesla demands that O'Dowd, the CEO of Green Hills Software, take the video down, issue a public retraction, and send all material from the video to Tesla within 24 hours of receiving the letter."The purported tests misuse and misrepresent the capabilities of Tesla's technology, and disregard widely recognized testing performed by independent agencies as well as the experiences shared by our customers," the letter reads. "In fact, unsolicited scrutiny of the methodology behind The Dawn Project's tests has already (and within hours of you publicly making defamatory allegations) shown that the testing is seriously deceptive and likely fraudulent."When the video was released several Tesla fans and blogs <a href="https://electrek.co/2022/08/10/tesla-self-driving-smear-campaign-releases-test-fails-fsd-never-engaged/">questioned</a> whether the car was really under the influence of FSD or if the test was tampered with, sparking <a href="https://www.businessinsider.com/tesla-drivers-test-fsd-stops-for-children-viral-video-2022-8">copycat tests</a>, including some attempts to <a href="https://www.businessinsider.com/tesla-fan-test-full-self-driving-software-real-child-2022-8">test the software with real children.</a>The Dawn Project has said the test was performed by a professional test driver under affidavit. But, it was not conducted with the oversight of a US regulator — meaning it was not subject to any testing standards.In a <a href="https://dawnproject.com/dan-odowds-response-to-teslas-cease-and-desist-letter/">lengthy response</a> to the cease and desist letter, O'Dowd said he is not backing down and took aim at Musk, who he dubbed a "crybaby" and accused of launching a "troll army" against him."I dare you to come out and defend this technology," O'Dowd said in response to Tesla's letter. "Tesla Full Self-Driving software has no future. It is the most incompetently designed, implemented, and tested commercial software I have ever seen."The Tech CEO — who provides embedded safety and security systems to several automakers, including Ford — also mocked Elon Musk on Twitter.O'Dowd has been outspoken in his criticism of FSD in the past and his latest ad is one of several that The Dawn Project has posted, criticizing the service. He launched The Dawn Project last year to ban what he describes as unsafe software from safety systems. Since then, the organization has been actively testing Tesla's software.The latest campaign, which is funded by O'Dowd, is calling for Congress to shut the Tesla program down. The CEO previously <a href="https://www.businessinsider.com/california-tech-ceo-runs-for-senate-to-ban-tesla-fsd-2022-4">attempted to run for Senate</a> on a platform based solely on banning Tesla FSD. Tesla's FSD has sparked controversy in the past. Last month, the California Department of Motor Vehicles <a href="https://www.cnn.com/2022/08/06/business/tesla-autopilot-california-dmv/index.html">filed a complaint</a> against the electric-car maker, alleging it has used "untrue or misleading" statement in advertising its driver assistance programs.Though FSD claims to be fully self-driving, in reality it operates as an optional add-on that enables Teslas to automatically change lanes, enter and exit highways, recognize stop signs and traffic lights, and park. The software is still in a beta testing mode and requires a licensed driver to monitor it at all times.

You Searched For "cars24 funding" and got 12 results

Rupee rises 8 paise to 83.44 against US dollar in early trade

PTI

CARS24 now says will hire over 500 after layoffs

IANS

The risky allure of WiFi Money: private jets, sports cars, and ruined investors

Rob Price

Investors chose the SIP route to invest in 2023 with a strong inclination towards index funds

Anagh Pal

Retail auto sales grow by 13% in February, but elevated inventory levels a concern

Sourabh Jain

CARS24's top brass including its global CTO and business head quit

IANS

India's foreign exchange reserves fall to $584.24 billion

IANS

As well as 24-hour robotaxis, San Francisco now has a driverless bus service too

Polly Thompson

India’s rich to shell out more for luxury cars, global travel but may have more to invest

Katya Naidu

Marine vet Daniel Penny defense fund nears $3M in Jordan Neely chokehold death as DA tips hand on evidence

Laura Italiano

Los Angeles is defined by its deep-rooted car culture. Could the recent I-10 freeway fire make Angelenos rethink that relationship?

John L. Dorman

Tesla demands viral video of its cars hitting child-sized mannequins gets taken down. Tech CEO who funded it refuses, calls Musk a 'crybaby.'

Grace Kay

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