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InterDigital Has Signed A New License Agreement With Panasonic, The Agreement Covers InterDigital's 4G And 5G Cellular, HEVC Video and WiFi Patents

Li Auto Inc. (&quot;Li Auto&quot; or the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>, HKEX: 2015)))), a leader in China&#39;s new energy vehicle market, today announced that it delivered 51,000 vehicles in July 2024, setting a new monthly delivery record and representing an increase of&nbsp;49.4%&nbsp;year over year. This brought the Company&#39;s total deliveries in 2024 to 239,981. As of July 31, 2024, its cumulative deliveries reached 873,345 vehicles, ranking first among China&#39;s emerging new energy auto brands.

Li Auto Delivered 51K Vehicles In July 2024, Up By 49.4% YoY

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk warned on Wednesday that <a href="https://www.benzinga.com/news/earnings/24/01/36771916/amid-competition-from-rival-byd-elon-musk-warns-of-chinese-automakers-potential-to-demolish-rivals">its biggest rival</a>, Warren Buffett&#8217;s Berkshire Hathaway-backed Chinese EV maker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), needs to change its approach to vehicle autonomy fast to avoid going obsolete.
What Happened: &#8220;BYD needs to change course fast or they're in trouble,&#8221; Musk wrote on X in response. In a subsequent post, Musk clarified that he meant &#8220;trouble&#8221; to mean going obsolete.
The CEO was responding to a comment from a BYD spokesperson Li Yunfei from April 2023 that fully autonomous driving is &#8220;basically impossible.&#8221; Yunfei then said that businesses that invest a lot of money into self-driving technology will prove it leads nowhere after many years.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BYD needs to change course fast or they're in trouble
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1818674887965454543?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The spokesperson&#8217;s comment came into focus yet again after Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) <a href="https://www.benzinga.com/markets/equities/24/07/40077563/uber-and-byd-team-up-for-electric-future-100k-evs-to-hit-the-road">announced a partnership with BYD </a>to bring 100,000 new BYD vehicles onto the Uber platform across Europe, Latin America, the Middle East, Canada, Australia, and New Zealand. The two companies, Uber said, will also collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform. 
Why It Matters: Tesla is currently&nbsp;<a href="https://www.benzinga.com/news/24/05/38776258/tesla-ceo-elon-musk-draws-parallel-between-netflixs-decision-to-focus-on-streaming-over-renting-dvds" target="_blank" rel="noreferrer noopener">laser-focused on vehicle autonomy</a>&nbsp;and is attempting to improve its full self-driving (FSD) driver assistance software to enable vehicles to operate without human intervention.&nbsp;However, it presently requires active driver supervision.
Tesla is also looking to launch a <a href="https://www.benzinga.com/news/24/07/39929718/tesla-robotaxi-unveiling-set-for-oct-10-here-are-the-updates-from-company-ceo-elon-musk-on-its-upcom">dedicated robotaxi product on Oct. 10.</a> 
Musk remains optimistic that Tesla will eventually achieve&nbsp;true&nbsp;autonomy, comparing self-driving cars to elevators&nbsp;that transport&nbsp;passengers to their destinations.
"Even if I got kidnapped by aliens tomorrow, Tesla&nbsp;will&nbsp;solve autonomy, maybe a little slower, but it would solve autonomy for vehicles at least," <a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta">Musk said</a> during Tesla&#8217;s first-quarter earnings call. "If somebody doesn't believe Tesla is going to solve autonomy, I think they should not be an investor in the company."
Musk reiterated the same sentiment during the company&#8217;s second-quarter earnings call last month. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/40060405/lucid-commences-pre-production-of-model-x-rival-gravity-suv-not-all-evs-are-born-equal-says-ceo-pete" target="_blank" rel="noreferrer noopener">Lucid Commences Pre-Production Of Model X Rival Gravity SUV: ‘Not All EVs Are Born Equal,' Says CEO Peter Rawlinson</a></li>
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Image made via photos on Shutterstock and BYD

BYDDY

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UBER

Tesla CEO Elon Musk Says Warren Buffett-Backed EV Maker BYD Should Change Approach To Autonomy 'Fast Or They're In Trouble'

Updating guidance for FY2024 and confident of delivery on medium term guidance &nbsp;● Organic revenue growth expected to be 4-6% ● Organic operating profit growth now expected to be high-single digit &nbsp;● Well positioned to deliver on medium term guidance&nbsp;

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Eurozone Manufacturing Purchasing Managers Index For July 45.8 Vs. 45.6 Est.; 45.8 Prior

HCOB Germany Manufacturing Purchasing Managers Index For July 43.2 Vs. 42.6 Est.; 43.5 Prior

Chinese President Xi Jinping has called for the integration of advanced technology in border defense, advocating for a &#8220;smart system.&#8221;
What Happened: In a recent group study session attended by the Communist Party's top policymaking body, the 24-member Politburo, Xi emphasized the need for &#8220;technological empowerment&#8221; in border defense, South China Morning Post <a href="https://www.scmp.com/news/china/military/article/3272680/chinas-xi-jinping-calls-hi-tech-smart-system-boost-border-defence?module=top_story&amp;pgtype=homepage">reported</a> on Thursday. He advocated for the creation of a &#8220;comprehensive and smart management and control system.&#8221;
This call is in line with Xi&#8217;s consistent emphasis on the use of advanced technology in the military to achieve modernization goals by 2027 and establish a world-class military by 2050.
Xi also emphasized the need for a &#8220;strong, stable, and modern&#8221; border defense, as well as air and sea defense, to protect China&#8217;s national security and interests. He called for &#8220;combined&#8221; efforts by the military, police, civilians, and local governments to manage China's border defense.
Why It Matters: Xi&#8217;s push for a technologically advanced border defense system comes at a time of increasing tensions on multiple fronts, including territorial disputes in the <a href="https://www.benzinga.com/news/24/06/39450979/philippines-slams-xi-jinping-armys-deliberate-aggression-in-south-china-sea-aggressive-and-illegal-u">South China Sea</a> and the East China Sea. The PLA Daily, the official newspaper of the People's Liberation Army, suggested that technological advancements for border defense could include modernized reconnaissance, surveillance, and early warning networks, as well as AI-incorporated unmanned weapons.
See Also: <a href="https://www.benzinga.com/news/24/07/40001605/anthony-scaramucci-says-donald-trumps-verbal-sparring-with-kamala-harris-a-mistake-adds-vice-preside?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Donald Trump&#8217;s Verbal Sparring With Kamala Harris A Mistake, Adds Vice President Can &#8216;Shock The World&#8217; In Terms Of Skillset And Capability</a>
This push for technological innovation aligns with Xi&#8217;s previous call for China to boost its innovation capabilities, particularly in light of the ongoing <a href="https://www.benzinga.com/news/24/06/39480781/xi-jinping-urges-china-to-ramp-up-tech-innovation-amid-ongoing-chip-dispute-with-us">semiconductor dispute with the U.S.</a>
Furthermore, the call for a robust border defense system comes amidst escalating tensions with Taiwan, with China recently <a href="https://www.benzinga.com/news/24/07/39832267/china-halts-nuclear-talks-with-us-over-taiwan-arms-sales-after-reportedly-sanctioning-lockheed-marti">halting nuclear talks </a>with the U.S. over arms sales to Taiwan.
Taiwan&#8217;s President&nbsp;Lai Ching-te <a href="https://www.benzinga.com/news/24/07/40031185/after-trumps-taiwan-comments-president-lai-ching-te-says-chinas-threat-to-any-individual-country-is">recently warned </a>that &#8220;China&#8217;s threat to any individual country is a threat to the world&#8221;.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

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Xi Jinping Calls For High-Tech 'Smart System' In Border Defense Amid Rising Tensions

HCOB France Manufacturing Purchasing Managers Index For July 44.0 Vs. 44.1 Est.; 45.4 Prior

The U.S. Federal Reserve&#8217;s impending rate cuts have investors questioning the potential impact on the economy. The primary concern is whether the Fed can achieve a smooth economic transition without stalling growth or reigniting inflation.
What Happened: Investors are evaluating the Federal Reserve&#8217;s capacity to execute a &#8220;soft landing&#8221; for the economy, Reuters reported Thursday. The strategy involves reducing inflation without significantly affecting growth, a tactic that has enhanced asset prices this year.
On Wednesday, Fed Chairman Jerome Powell hinted that the central bank <a href="https://www.benzinga.com/news/large-cap/24/07/40080168/jerome-powell-finally-concedes-rate-cut-could-be-on-the-table-in-september-stocks-gold-rise-dollar">might cut rates in September</a> if inflation continues to cool. The Fed had chosen to hold the interest rate steady at 5.25-5.5% for the eighth consecutive meeting in July. This is the strongest indication yet that officials are gearing up to ease monetary policy soon.
However, this signal has not entirely placated investors. Some argue that the Fed has kept rates high for too long, potentially endangering the chances of a successful economic soft landing. Others fear that loosening monetary policy amid a relatively strong economy could spark inflation, limiting the Fed&#8217;s ability to further cut rates.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40015199/oil-prices-remain-under-pressure-despite-rising-middle-east-tensions-a-bearish-tria?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Oil Prices Remain Under Pressure Despite Rising Middle East Tensions: Analyst Says Bearish Price Trend On &nbsp;Horizon</a>
"There are reasons to think the soft landing is still alive … but the risks are two-sided," said George Catrambone, head of fixed income and trading at DWS.
"Soft landings don't materialize by waiting too long."
Some investors are also concerned about rate cuts taking longer to keep the growth momentum, thus increasing the chance of a recession.
Jack McIntyre, of Brandywine Global Investment Management said, &#8220;Even if the Fed starts in September, it might not be enough to alter the course of the economy going into 2025.&#8221;
As of Wednesday, futures tied to the Fed's policy rate showed investors pricing in an 87% chance of a September 25 basis-point cut. Despite this, U.S. stocks maintained sharp gains, with the S&amp;P 500 closing up 1.6%.
Investors are now eagerly awaiting Friday&#8217;s employment data report and the Fed&#8217;s Jackson Hole symposium later this month for further insights into the economy&#8217;s trajectory.
Why It Matters: There is also an increasing likelihood of more <a href="https://www.benzinga.com/federal-reserve/24/07/40071662/fed-shouldnt-wait-until-september-poll-finds-nearly-half-want-rate-cuts-today">fed rate cuts in the first half of 2025, </a>according to market economists.
&#8220;Encouraging inflation news and a further rise in the unemployment rate have pushed Fed officials closer to cutting,&#8221; Goldman Sachs economist David Mericle said in a recent note. Mericle said the July CPI report would be enough to lead to a September rate cut.  
After the Federal Reserve decided at its Wednesday meeting to keep the key interest rate between 5.25% and 5.5%, Bill Adams, chief economist for Comerica Bank, said the committee held rates steady and<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40082584/federal-reserve-should-take-the-foot-off-the-brake-and-cut-rates-economist-says"> made a "dovish change"</a> to its July statement to indicate that the time for rate cuts is near.
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<li><a href="https://www.benzinga.com/news/24/07/40004935/after-kim-jong-uns-defense-pact-with-russia-global-economy-could-lose-4-trillion-if-war-erupts-betwe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Kim Jong Un&#8217;s Defense Pact With Russia, Global Economy Could Lose $4 Trillion If War Erupts Between</a></li>
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Image via Midjourney
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

After Jerome Powell Hinted That Rate Cut Is Round The Corner, Investors Caution Soft Landing 'Risks Are Two-Sided'

Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and its partner CNOOC Ltd have filed arbitration claims, asserting their right of first refusal to any sale of Hess Corp&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) stake in a Guyana oil-producing joint venture. This move could potentially hinder Chevron Corp&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) proposed $53 billion acquisition of Hess. The arbitration panel is now expected to hear these claims in May 2025, further delaying the deal.
What Happened: The arbitration panel&#8217;s decision is now anticipated in the second half of 2025, Reuters reported. This delay adds pressure on Chevron and Hess investors. Hess had previously expressed its desire for the case to be heard by the third quarter and the arbitration to be completed by year-end.
The proposed deal, announced in October, would give Chevron a 30% stake in the consortium controlling all of Guyana&#8217;s oil production. Exxon leads the consortium with a 45% stake. The deal is Chevron&#8217;s largest in over two decades.
Exxon has argued that its right of first refusal clause, as per the Guyana joint operating agreement with Hess and CNOOC, was triggered by the Chevron bid. However, Chevron and Hess dispute this claim.
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/40004774/dow-jumps-over-650-points-following-inflation-data-fear-greed-index-moves-to-neutral-zone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dow Jumps Over 650 Points Following Inflation Data: Fear &amp; Greed Index Moves To &#8216;Neutral&#8217; Zone</a>
Why It Matters: The delay comes amid a tumultuous time for the oil industry. Former President Donald Trump recently <a href="https://www.benzinga.com/markets/equities/24/07/40029681/trump-accuses-opec-of-manipulating-oil-prices-to-favor-kamala-harris-warns-she-will-be-a-disaste">accused OPEC of manipulating oil prices</a> to favor Vice President Kamala Harris, adding to the industry&#8217;s uncertainty. 
The potential for a shift in the political landscape has also been a cause for concern, with <a href="https://www.benzinga.com/markets/esg/24/07/39888337/what-a-kamala-harris-presidency-could-mean-for-oil-stocks-chevron-marathon-move-lower">oil stocks seeing declines</a> amid speculation that Harris could take a tougher stance on the industry.
Additionally, the ongoing arbitration case with Exxon, which claims a right of first refusal over Hess's main asset in Guyana, has also been a point of contention, <a href="https://www.benzinga.com/markets/equities/24/07/39746845/exxon-mobil-arbitration-throws-wrench-in-chevron-hess-merger-timeline-report">delaying the FTC's review</a> of the acquisition. The arbitration case is expected to extend into the fourth quarter, further complicating the timeline for the acquisition.
Price Action: Chevron Corp&#8217;s stock closed at $160.47 on Wednesday, up 0.56% for the day. In after-hours trading, the stock increased 0.19%. Year to date, Chevron&#8217;s stock has appreciated by 7.35%.
Meanwhile, Hess Corp&#8217;s stock closed at $153.42 on the same day, up 1.14% for the day. In after-hours trading, the stock declined 3.01%. Year to date, Hess&#8217;s stock has risen by 5.97%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Chevron's $53B Hess Deal Faces Uncertainty Amid Exxon And CNOOC Arbitration Claims

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Mitsubishi UFJ Financial Group Q1 EPS ¥47.40, Up From ¥46.29 YoY, NII ¥823.128B Up From ¥584.190B YoY

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is collaborating with tech giants NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Web Services (AWS), Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Cloud and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Azure to advance its open-source Llama AI model.
What Happened: During Meta&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">second-quarter earnings call</a>, CEO Mark Zuckerberg emphasized the significance of these partnerships in driving the company&#8217;s AI strategy.
&#8220;Part of what we&#8217;re doing is working closely with AWS, I think, especially did great work for this release. Other companies like Databricks, Nvidia, of course, other big players like Microsoft with Azure, and Google Cloud, they are all supporting this,&#8221; Zuckerberg said.
The collaboration centers around Meta&#8217;s latest AI model, Llama 3.1, which Zuckerberg claims is &#8220;basically competitive and in some ways, leading the other top-closed models.&#8221; This open-source approach marks a departure from the closed models favored by some of Meta&#8217;s competitors.
Zuckerberg emphasized the strategic importance of open-sourcing Llama: &#8220;The reason why open sourcing this is so valuable for us is that we want to make sure that we have the leading infrastructure to power the consumer and business experiences that we are building. But the infrastructure, it&#8217;s not just a piece of software that we can build in isolation. It really is an ecosystem.&#8221;
Central to this ecosystem are Nvidia&#8217;s GPUs, which provide the computational power necessary for training and running advanced AI models. 
This multi-cloud strategy not only broadens access to Llama but also potentially accelerates its development and adoption. By leveraging the strengths of multiple cloud providers, Meta can ensure that Llama is available to a wide range of developers and businesses, regardless of their preferred cloud platform.
&#8220;We want developers to be able to get it anywhere,&#8221; Zuckerberg said. 
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/40033296/trumps-son-in-law-backed-software-giant-qxo-drops-80-in-pre-market-valuation-nosedives-from-90b-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Son-In-Law-Backed Software Giant QXO Drops 80% In Pre-Market, Valuation Nosedives From $90B To $8</a>
Why It Matters Meta&#8217;s aggressive push into the AI space is not new. Recently, Mark Zuckerberg revealed ambitions to dominate the AI assistant market, aiming to surpass competitors like Apple Inc.&#8216;s Siri, Amazon&#8217;s Alexa, and OpenAI&#8216;s ChatGPT. He emphasized that Meta AI is on track to become the most used <a href="https://www.benzinga.com/markets/equities/24/08/40089426/mark-zuckerberg-aims-for-ai-assistant-dominance-over-siri-alexa-and-chatgpt-seeks-market-leaders">AI assistant by the end of the year</a>.
Moreover, Alibaba and Tencent have already integrated Meta&#8217;s Llama 3.1 into their cloud services, indicating the model&#8217;s rapid adoption and <a href="https://www.benzinga.com/news/24/07/39982380/alibaba-and-tencent-lap-up-metas-ai-large-language-model">relevance in the global market</a>.
Earlier this year, Meta also launched its MTIA chip to <a href="https://www.benzinga.com/news/24/04/38196744/zuckerbergs-meta-launches-mtia-chip-to-rival-nvidias-ai-offerings-in-cloud-business-heres-what-you-n">compete with Nvidia&#8217;s AI offerings</a>, showing the company&#8217;s commitment to developing its own AI hardware.
Meta&#8217;s strong second-quarter performance and the leadership of Zuckerberg have been praised by industry experts like Gary Black, who commended the CEO&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/40088847/mark-zuckerbergs-leadership-gets-praise-by-gary-black-after-metas-strong-q2-performance-tesla-bu">drive and ability to execute</a>. This has resulted in a significant surge in Meta&#8217;s stock, which has seen a 41% year-to-date increase and a 220% rise over the past two years.
Price Action:&nbsp;Meta shares surged by 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday concluded with a 2.51% increase, closing at $474.83, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40032973/if-you-invested-1000-in-bitcoin-when-trump-said-its-value-is-based-on-thin-air-heres-how-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 in Bitcoin When Trump Said Its Value Is &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much It&#8217;d B</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

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NVDA

Mark Zuckerberg Underscores Importance Of Meta's Partnerships With Nvidia, Microsoft, Google, And Amazon To Propel Llama AI To The Cloud

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) said on Wednesday that it has produced its 10 millionth drive unit across all of its factories, to much appreciation from company CEO Elon Musk.
What Happened: Tesla announced via social media platform X, formerly Twitter. The announcement was accompanied by a photograph of celebrating employees with the 10 millionth drive unit in their midst.
The drive unit was created on July 3, the company said, while not specifying which of its many factories manufactured it. 
Tesla CEO Musk also took the platform to congratulate the drivetrain team on the achievement.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congrats to the Tesla drivetrain team! <a href="https://t.co/xxaevcWtP6">https://t.co/xxaevcWtP6</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1818667670449144308?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Most of Tesla&#8217;s drive units are seemingly made in Giga Nevada located less than an hour from Lake Tahoe. In early June, the company announced that its gigafactory in Nevada made its 5 millionth drive unit, or about 50% of its overall drive unit production to date. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations Giga Nevada team on building their 5 Millionth Drive Unit! <a href="https://t.co/sAypEH12Bm">pic.twitter.com/sAypEH12Bm</a>
&mdash; Tesla Manufacturing (@gigafactories) <a href="https://twitter.com/gigafactories/status/1798061479553548608?ref_src=twsrc%5Etfw">June 4, 2024</a></blockquote>
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The drive unit serves as the core of an EV by converting electrical energy in the battery to mechanical energy. 
Drive units today cost less than half of the original Model S drive unit, according to Tesla.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40063981/tesla-engineer-showcases-first-cybertruck-with-dry-cathode-4680-cells-aimed-at-reducing-costs" target="_blank" rel="noreferrer noopener">Tesla Engineer Showcases First Cybertruck With Dry Cathode 4680 Cells Aimed At Reducing Costs</a></li>
</ul>
Photo courtesy: Tesla

Elon Musk's Tesla Makes 10 Millionth Drive Unit, More Than Half Of Them Made In Giga Nevada

Group Financial Targets and Outlook: 2024
<ul>
<li>Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity1</li>
<li>Income: targeting Barclays Group NII excluding IB and Head Office of c.&pound;11.0bn (up from previous target of c.&pound;10.7bn), of which Barclays UK NII of c.&pound;6.3bn (up from previous target of c.&pound;6.1bn)2</li>
<li>Costs: targeting Group cost: income ratio of c.63%, which includes c.&pound;1bn of gross efficiency savings in 2024</li>
<li>Impairment: expect an LLR of 50-60bps through the cycle</li>
<li>Capital: expect to operate within the CET1 ratio target range of 13-14%&ndash; c.&pound;16bn of RWAs from regulatory change now expected during Q125 due to USCB moving to Internal Ratings-Based (IRB) models. &nbsp;Capital returns intention remains unchanged</li>
</ul>

Barclays Updates 2024 Outlook: Targets Barclays Group NII Excluding Barclays Investment Bank And Head Office Of £11.0bn (prior £10.7B), Expects RoTE Of Greater Than 10% In 2024 And 10.5% Excluding Inorganic Activity

Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) reported quarterly earnings of $0.42 per share which beat the analyst consensus estimate of $0.40 by 5 percent. This is a 2.33 percent decrease over earnings of $0.43 per share from the same period last year. The company reported $7.98 billion in sales this quarter. This is a 1.51 percent increase over sales of $7.86 billion the same period last year.

Barclays Q2 EPS $0.42 Beats $0.40 Estimate, Sales $7.98B Up From $7.86B YoY

Japanese snack giant Calbee Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBCFF#OTC">CBCFF</a>) is teaming up with Silicon Valley-based Pegasus Tech to <a href="https://www.benzinga.com/news/24/04/38083611/ai-gunning-for-fast-food-jobs-next-kfc-taco-bell-operator-yum-brands-planning-chatgpt-like-bots-to-b">incorporate AI into their</a> snack production process.
What Happened: Calbee plans to invest in&nbsp;startups, particularly&nbsp;U.S. food tech companies, to&nbsp;help it achieve its goals to develop healthier snacks, streamline production, and innovate business models, <a href="https://asia.nikkei.com/Business/Food-Beverage/Japan-snack-giant-Calbee-looks-to-bring-AI-to-potato-chips">reported</a> Nikkei Asia.
Calbee is investigating how AI can enhance&nbsp;potato chip production and even&nbsp;generate new AI-driven potato chip recipes, says&nbsp;Anis Uzzaman, founder and CEO&nbsp;of Pegasus Tech.
&#8220;AI can help shorten the R&amp;D process by simulating product testing and consumer preferences, rather than relying on lengthy in-person testing,&#8221; he stated.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40031960/microsofts-windows-reportedly-warns-users-to-backup-their-data-in-the-cloud-to-have-peace-of-mind-bu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s Windows Reportedly Warns Users To Backup Their Data In The Cloud To Have &#8216;Peace Of Mind&#8217; — But At What Price?</a>
Calbee also plans&nbsp;to use AI to develop&nbsp;more eco-friendly packaging materials. The company believes that&nbsp;partnering with Pegasus is a&nbsp;&#8220;better and faster&#8221; solution for&nbsp;achieving its tech goals than&nbsp;investing in startups on its&nbsp;own.
Through&nbsp;the investment, the startups will&nbsp;have access to Calbee&#8217;s extensive&nbsp;distribution channels and sales network&nbsp;in Japan and across Asia.&nbsp;Calbee is also looking to&nbsp;leverage the partnership to further&nbsp;open up the market in&nbsp;the U.S., the report noted.
&#8220;AI has already been implemented in various parts of our production, marketing and back-office transactions,&#8221; said a Calbee spokesperson.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The use of AI in the food industry has been on the rise, with companies like&nbsp;Yum Brands and&nbsp;McDonald&#8217;s exploring AI to <a href="https://www.benzinga.com/news/24/06/39362031/would-you-like-ai-with-those-fries-mcdonalds-ends-drive-thru-artificial-intelligence-test">boost operations and customer</a> experience.
However, the technology is not without its challenges. For example, last month, McDonald&#8217;s had to end a drive-thru test that leveraged AI, after customers complained about the technology making it more difficult for them.
Meanwhile, Japan has made some serious headways in the AI market. Previously, Microsoft Corporation&#8217;s Japan president Miki Tsusaka spoke about the <a href="https://www.benzinga.com/news/24/06/39349293/microsoft-regional-chief-says-this-country-has-caught-up-in-ai-technology-and-continues-to-pick-up-t">country&#8217;s rapid adoption of AI</a>. She noted that this development could further boost its economy and technology sector.
Image Generated With DallE_3
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/40029731/apple-operating-in-an-alternative-universe-says-top-analyst-as-cupertinos-strategy-will-likely-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple &#8216;Operating In An Alternative Universe,&#8217; Says Top Analyst, As Cupertino&#8217;s Strategy Will Likely Weather Margin-Squeezing Effect Of AI Spending</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

CBCFF

Snack Giant Pairs Up With Silicon Valley: How AI Will Be Used To Make New Potato Chips Among Other Healthier And Greener Treats

Gerdau Q2 Sales R$16.616B Down From R$18.265B YoY; Adj. Net Income R$945M Down From R$2.143B YoY

Ferguson Enterprises Inc. announces the completion of the previously announced transaction to establish a new corporate structure to domicile the Ferguson plc group&#39;s ultimate parent company in the United States. As a result of the transaction, Ferguson Enterprises Inc., a Delaware corporation (&quot;the&nbsp;Company&quot;), is now the new parent company of the Ferguson plc group.
On August 1, 2024, Ferguson plc implemented the new corporate structure by completing the merger (the &quot;Merger&quot;) of Ferguson (Jersey) 2 Limited (&quot;Merger Sub&quot;), a newly formed Jersey incorporated private limited company and direct, wholly owned subsidiary of the Company, with and into Ferguson plc, with Ferguson plc surviving the Merger as a direct, wholly owned subsidiary of the Company and Merger Sub ceasing to exist, on the terms and subject to the conditions of the Merger Agreement, dated as of February 29, 2024, by and among the Company, Merger Sub and Ferguson plc.
Pursuant to the Merger, at 12:01 a.m. Eastern Time / 5:01 a.m. UK time on August 1, 2024, Ferguson plc shareholders received one share of common stock in the Company in place of each Ferguson plc ordinary share held by them at 6:00 p.m. Eastern Time / 11:00 p.m. UK time on July 31, 2024.
In connection with the Merger, with effect from 3:00 a.m. Eastern Time / 8:00 a.m. UK time today: (i) the listing of all 201,343,253 existing Ferguson plc ordinary shares on the equity shares (international commercial companies secondary listing) category of the Official List of the Financial Conduct Authority (&quot;FCA&quot;) was cancelled and those existing Ferguson plc ordinary shares ceased to be admitted to trading on the London Stock Exchange plc&#39;s (&quot;LSE&quot;) main market for listed securities; and (ii) 201,343,253 shares of common stock of the Company were admitted to the equity shares (international commercial companies secondary listing) category of the Official List of the FCA and to trading on the LSE&#39;s main market for listed securities. It is also anticipated that on August 1, 2024 Ferguson plc&#39;s ordinary shares will cease trading on the New York Stock Exchange (&quot;NYSE&quot;) and the Company&#39;s common stock will commence trading on the NYSE.
The Company&#39;s common stock will trade on the NYSE and the LSE under the symbol &quot;FERG&quot;, the same symbol that has attached to Ferguson plc&#39;s ordinary shares.
As of August 1, 2024, Ferguson plc has also been re-registered as a private company incorporated in Jersey, Channel Islands, and has changed its name from Ferguson plc to Ferguson (Jersey) Limited.

Government

Regulations

FERG

Ferguson plc Merges into US-Based Ferguson Enterprises, New Structure Effective Today

EQT, together with its peers in the Appalachian Regional Clean Hydrogen Hub, have advanced to Phase 1 Award Status from the U.S. Department of Energy

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