Tag: C&A

  • Ex-Apple engineer pleads guilty to stealing documentation about the Apple Car

    Ex-Apple engineer pleads guilty to stealing documentation about the Apple Car

    A former Apple employee by the name of Xiaolang Zhang, who was arrested by federal agents in July 2018 just as he was about to board a flight from San Jose to China, pleaded guilty yesterday in federal court in San Jose. Zhang was charged with stealing computer files that contained secrets about Apple’s hush-hush car division. Zhang faces a sentence of up to 10 years in prison and a $250,000 fine.
    The sentencing is scheduled to take place on November 14th. Apple claimed that Zhang downloaded an internal 25-page document that contained engineering schematics of a circuit board for a self-driving vehicle. He is alleged to have taken reference manuals and PDFs that featured descriptions of Apple’s automotive prototypes and prototype requirements. He had worked for Apple from 2015 to the time of his arrest and his last position with the company was as a hardware engineer on the team developing Apple’s self-driving car.
    Even after four years have gone by since Zhang was busted at San Jose airport, Apple has remained tight-lipped about the division developing its autonomous electric car. In the charging documents created by the FBI back in 2018, it says that 5,000 Apple employees knew about the project at the time, and that 2,700 had access to project materials and databases.
    Internal software used by Apple helps the company keep track of the employees who know about a certain project and they are forced to take in-person secrecy training according to the complaint filed with the court.

    Zhang originally took paternity leave and traveled to China, but Apple started to smell a rat when he returned from the country and quit. He said that he needed to return to China to take care of his mother. Zhang did tell Apple that he was going to work for Chinese electric vehicle company Xmotors and a suspicious Apple immediately blocked his access to Apple’s network.

    But Apple made this move after Zhang had accessed company databases to download documents and information. He was also caught red-handed (no pun intended) by Apple’s closed-circuit television system removing circuit boards and a Linux server from the lab.
    Zhang isn’t the only former Apple employee who tried to peddle secrets from Apple’s car division. Jizhong Chen is accused of stealing trade secrets from Apple’s car division in early 2019. A U.S. citizen, Chen was also planning on traveling to China. While he is represented by the same attorney defending Zhang, unlike the latter, Chen has yet to plead guilty and a trial date has not been scheduled.
    While things seem a bit slow at Apple’s car division, you know, with the new iPhone 14 series just a couple of weeks away from being announced, last month there was some news. With rumors circulating that Apple had decided to give up on the project, the company reportedly hired 20-year industry veteran Luigi Taraborrelli to lead the team designing the vehicle.
    At Lamborghini, Taraborrelli was in charge of chassis and vehicle dynamics working on such models as the Urus, Huracan, Aventador, and the off-road Huracan Sterrato. He also did some work on the Asterion concept car. Earlier this year, there was speculation that Apple is developing an operating system designed just for the Apple Car that would control important functions such as navigation and lane control, Apple Music integration, and air conditioning.
  • Tesla Braces For Earnings Hit, But EV Delivery Outlook Is Key

    Tesla Braces For Earnings Hit, But EV Delivery Outlook Is Key

    Tesla Inc’s second-quarter results on Wednesday are expected to show the strains of China’s COVID-19 lockdown and protracted startups of new factories. Investors want to know if the end of the year will be much better.

    Tesla has started layoffs, following through on a plan by Chief Executive Elon Musk, who said he had “a super bad feeling about the economy” in June. He also has said Tesla’s new factories in Austin, Texas, and Berlin are “gigantic money furnaces” which are losing billions of dollars.

    Add to that concerns about growing competition from electric vehicle makers and COVID-19 in Shanghai, home of Tesla’s China factory and its suppliers.

    “The expectations are very low for the quarter. The key to this is what they’re going to say going forward because expectations for the second half of this year are very strong for this company,” Curzio Research CEO Frank Curzio said.

    Analysts expect the electric vehicle market leader to report second-quarter revenue of $17.23 billion, an 8% decline from a record high achieved the previous quarter. Analysts also expect an adjusted profit of $1.86 per share, a 42% slump from a quarter ago, according to Refinitiv data.

    Musk in April said Tesla could raise deliveries 60% this year, which would translate into nearly 1.5 million vehicles, although Wedbush analyst Daniel Ives said many analysts expect closer to 1.4 million deliveries and will want to hear whether Musk is still bullish about demand amid recession fears.

    Tesla delivered 564,743 vehicles in the first half. It delivered 17.9% fewer EVs in the second quarter from the previous quarter as China’s COVID 19-related shutdown hit its factory and supply chain.

    Tesla navigated supply-chain challenges better than rivals early in the pandemic, and Deutsche Bank analyst Emmanuel Rosner said high prices and cost-cutting could help Tesla pleasantly surprise investors.

    The price of Tesla’s Model Y long-range version, now $65,990, has risen more than 30% since the start of 2021.

    The production outlook for the second half will depend much on the factory in Shanghai, which has just emerged from a two-month lockdown and is again scrambling to contain a resurgence of COVID-19.

    The competitive landscape is also heating up.

    Volkswagen AG’s CEO, Herbert Diess, sees a strong second half of 2022 and expects progress in catching up with Tesla due to easing chip shortages. Meanwhile, Musk tweeted in June that “Hyundai is doing pretty well,” referring to the South Korean automaker that has been gaining U.S. market share.

    Musk may also need to talk about issues beyond production and demand, including his effort to escape from a deal to buy Twitter Inc. Other issues include progress on Tesla’s plan to achieve full self-driving following the resignation of a high-profile executive, and progress on Tesla’s new batteries needed to boost production at its Texas factory.

    The value of Tesla’s bitcoin holdings has declined and will lead to impairment charges of hundreds of millions of dollars, according analysts’ estimates.

  • Maserati And Hiroshi Fujiwara Launch Limited-Edition Capsule Collection of Streetwear Fashion

    Maserati And Hiroshi Fujiwara Launch Limited-Edition Capsule Collection of Streetwear Fashion

    Italian automaker Maserati and Fragment founder Hiroshi Fujiwara, one of the most influential designers in streetwear fashion collaborated for the first time earlier this year for the global launch in Tokyo of Maserati meets Fragment. The collaborators have come together once again for the launch of the Fragment meets Maserati, a limited-edition capsule collection of streetwear staples co-created by Fujiwara and Maserati.

    The collection comprises two styles of hoodies, oversized t-shirts and a baseball cap emblazoned with the signifiers of these two iconic brands. The Capsule Collection brings together Fujiwara’s rebellious style and Maserati striking design. The Fragment meets Maserati capsule collection is available worldwide at Maserati Stores and on Hypebeast’s e-commerce platform.

    Earlier this year, the Italian carmaker and the streetwear designer collaborated to bring the Maserati Ghibli Operanera and the Ghibli Operabianca special-edition cars. These special edition models were limited to only 175 units globally and are meant to symbolise “the deconstruction of convention, a rebirth of hope and unmistakable statements of intent.”

    Sprucing up the Ghibli were elements like the premium leather and Alcantara interiors with contrasting silver inserts. The seatbelts were done up in dark blue, while the grille and trident logo were tricked out. Both versions also got the 20-inch Uranus matte black alloy wheels and a badge with the Fragment logo on the C-pillar.

  • C&A fashion chain eyes sale to Chinese investors

    C&A fashion chain eyes sale to Chinese investors

    The deal is close to being finalised, Der Spiegel weekly said, citing “insider sources”.

    C&A, founded in the Netherlands in 1841 by the German-Dutch Brenninkmeijer family, has over 1,500 stores across Europe employing some 35,000 people.

    The chain, which focuses on offering affordable clothing for men, women and children, also has a smaller presence in China, Mexico and Brazil.

    The reclusive Brenninkmeijer family owns C&A through the Cofra Holding company headquartered in Switzerland.

    C&A declined to confirm or deny the mooted sale when contacted by Spiegel, the magazine said.

    The Cofra holding company told the magazine in a statement that C&A was looking into growth opportunities in all regions.

    “The ongoing restructuring of C&A also includes exploring different ways to pick up the pace in growth markets like China and in the digital area, and could potentially include partnerships and other kinds of additional, external participations.”

    Believed to be worth some 20 billion euros, the Brenninkmeijer family is one of Europe’s wealthiest and most secretive, according to Spiegel.

    It is also large, comprising some 1,000 family members whose shares in C&A are bundled into the Cofra Holding company based in the Swiss town of Zug, Spiegel added.