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Musk took a swipe at competitors relying on Lidar, light-based sensors that are a key element in most other self-driving systems selling cufflinks. “Lidar is a fools’ errand. And anyone relying on Lidar is doomed,” said Musk, who has been vocal about the technology’s limitations. Tesla vehicles rely on cameras and radars as their vision system for self-driving. Competitors will eventually “dump” Lidar, he said: “It’s expensive and unnecessary and once you solved vision it’s worthless.”..
More than $1 billion in corporate and private investment has been plowed into some 50 Lidar startups over the past three years, including a record $420 million in 2018, according to a Reuters analysis of publicly available investment data in March. Musk called Tesla’s new chip the industry’s best because it was dedicated for autonomous driving, while others, like Nvidia Corp, developed chips for multiple uses. Tesla’s chip was capable of seven times as many frames as Nvidia’s Xavier system, said Pete Bannon, Tesla’s head of Autopilot hardware selling cufflinks. Nvidia said the comparison was inaccurate..
CHICAGO (Reuters) – Kraft Heinz Co’s incoming chief executive, Miguel Patricio, is indicating a change in strategy for the packaged food company that could move it away from the aggressive cost-focused culture that has been in place since the company was created in 2015 selling cufflinks. Patricio, a 52-year-old Portuguese native who will take over the helm of the world’s fifth biggest food company from July 1, said he plans to focus more on efficiency, investing in brands and growing sales organically at a company that has been reeling from a $15.4 billion writedown on some of its brands..
Kraft Heinz’s focus on cost-cutting and interest in scoring a big acquisition have been key to the company’s strategy under management installed by Brazilian private equity firm 3G Capital. 3G, along with Warren Buffett’s Berkshire Hathaway, forged the $49 billion merger of Kraft Foods with H.J selling cufflinks. Heinz in 2015. “I think the obsession for efficiency has to be much bigger than the obsession for cutting costs,” Patricio, 52, told Reuters on Monday. “Cost cutting should be a priority for any company. However, you cannot cut costs every year,” said Patricio, who most recently was the global head of marketing for brewer Anheuser-Busch InBev’s. He previously worked at Philip Morris, Coca-Cola Co and Johnson & Johnson..
3G Capital, which is Kraft Heinz’s second largest shareholder, behind Berkshire Hathaway, with a 22.15 percent stake, is known for scoring large M&A deals and using a controversial cost-cutting tool called zero-based budgeting to keep profit margins high. Zero-based budgeting requires managers to justify their expenses annually from scratch, rather than use the prior year as a guide or pursue cost savings on an ongoing basis selling cufflinks. Kraft Heinz’s outgoing CEO, Bernardo Hees, a 3G partner, told Reuters in September that he was considering M&A to fuel growth..