🚕 Tesla unveils the "Cybercab"

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TOP STORY
🚕 Tesla unveils the Cybercab

Finally, it’s here. Yesterday, at Tesla’s “We Robot” event, Elon Musk revealed Tesla’s (really) long-awaited robotaxi, the “Cybercab.”

That's an impeccable name, honestly. Bravo.

For some context, Musk has been teasing fully autonomous Tesla vehicles for years, so when we say that this has been a long time coming, we really mean it.

But enough small talk, let’s get into what he revealed:

Cybercab Robotaxi:

• A fully autonomous, two-door vehicle with gull-wing doors.

• No steering wheel or pedals.

• It is set for production in 2026 and priced pretty affordably at under $30,000.

Robovan:

• A larger self-driving vehicle capable of carrying up to 20 people.

• Designed for group transport and logistics.

Optimus Humanoid Robot:

• The projected price for this infamous robot is between $20,000 and $30,000.

• Musk claims it will be Tesla's biggest product ever, which is pretty bold for a company that has already revolutionized electric vehicles.

For those already with FSD, Tesla's autonomous driving system, vehicles could operate without human intervention in California and Texas as early as next year.

Of course, there are still many hoops to jump through, regulators and such, but the event was awesome to see and outlined what could be a fantastic future for transportation.

FINANCE
🏦 TD Bank faces $3 billion penalty

TD Bank, one of the largest banks in mythical Canada, just got busted.

Canada’s second-largest bank, with nearly 2 trillion (Canadian) dollars under management, just got smacked with a $3 billion penalty.

What’d they do, eh? TD Bank is being forced to pay this gargantuan fine because its “lax practices” allowed money-laundering networks to move hundreds of millions of dollars through its accounts.

Well done, TD.

For those who haven’t watched Breaking Bad, money laundering is the process of making illegally-gained money appear legitimate.

Example: You made money selling drugs and now decide to invest it in a cash-flowing legal business, like a restaurant or car wash.

In addition to the fine, the bank's primary U.S. regulator, the Office of the Comptroller of the Currency, has limited the bank's growth in its U.S. retail business.

What does this mean? This means the bank isn't allowed to increase its assets in its U.S. retail operations beyond what it currently holds.

They’ve been blocked from expanding their retail business in the U.S. for now.

And that matters because? It restricts the bank’s ability to grow and make more money in the U.S., which sucks a lot considering the alternative is having to make your money in Canada.

WORD OF THE DAY

RETAIL
😐️ IKEA revenue falls for first time in 4 years

IKEA är i trubbel? For the first time in four years, IKEA’s revenue has fallen. 

Not selling enough meatballs? No, no.

This has a lot more to do with the fact that last year, IKEA cut prices on about 2,000 products to help customers struggling with high inflation.

It led to more orders, but the profits weren’t as juicy as their meatballs, so they missed their revenue target.

No regrets, though.

In fact, the lower prices led to a higher number of visits at its stores and on its website, which spiked 21%.

Now, that’s what a true customer-obsessed business looks like. Take note.