EV Maker Lucid Bags an Order of Whopping 100,000 EVs 🚗 From Saudi Arabia
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EV Maker Lucid Bags an Order of Whopping 100,000 EVs 🚗 From Saudi Arabia 🇸🇦
Luxury EV maker Lucid Group’s largest investor has agreed to buy 100K of its electric vehicles over the next decade.
The government of Saudi Arabia, whose public wealth fund holds approximately 62% of stakes in Lucid, has made an initial commitment to purchase 50,000 of its electric vehicles over the next 10 years, with an option to buy an additional 50,000 vehicles over the same period.
In an announcement post, Peter Rawlinson, Lucid’s CEO and CTO said, “Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide.”
According to the agreement, Saudi Arabia will buy the Lucid Air, a luxury sedan that was launched last year, in addition to future models such as the upcoming Gravity SUV.
In the initial stages, Saudi’s order will be delivered exclusively from Lucid’s existing factory in Arizona. But later on, its future assembly plant in Saudi Arabia will also take part in fulfilling the order.
The EV sales agreement is part of Saudi’s Vision 2030 plan, which looks to diversify its economy away from fossil fuels by bringing EVs to the country.
Instagram is Testing 🧪 New Pin Feature For Posts
Instagram is currently working on a new feature that will let users pin specific posts to their profile above the photo grid.
Currently, the new feature is in the testing phase and is showing up for select users on the platform. Users having access to the new feature are seeing a “Pin to your profile” option that can be selected from the three-dot menu next to posts.
Several social media platforms like Facebook, Twitter, and TikTok already have a feature that allows users to pin posts, videos, etc., to the top of their pages, and it looks like now Instagram is finally looking to catch up.
Moreover, the ability to pin a specific post to your profile could be a welcome feature for users who may want to highlight their favorite posts that may have been hidden somewhere down in their photo grid.
The new feature could also be useful for creators who post frequently but want to highlight a post or show off the best content in their profile.
Brazilian 🇧🇷 Senate Passes Bill to Regulate Cryptocurrencies
The Brazilian Senate has approved the country’s first bill governing cryptocurrencies in a plenary session, paving the way for the creation of a regulatory framework for the crypto industry in the country.
The bill, which was first introduced by Federal Deputy Aureo Ribeiro in 2015, allows Brazil’s executive branch to create rules on virtual assets.
It was then approved in the Senate following deliberation on April 26, combining Senator Ribeiro’s bill with Senator Arns’s bill PL 3825/2019 for which Senator Irajá Abreu was rapporteur.
During the plenary session, the Senate confirmed that Brazil’s executive branch would be responsible for devising rules for digital assets and could either create a new regulator or delegate its power to the Securities and Exchange Commission (CVM) or the Central Bank of Brazil (BC).
The session also saw a discussion on appropriate penalties for crypto crimes and more.
The bill still needs approval from the Chamber of Deputies and then it can be signed off by President Jair Bolsonaro to become law in the country. This process is expected to be completed by the end of this year.
Machine Learning Model Developer Baseten Raises $20 Million in Funding 💰
Baseten, a U.S.-based startup that makes going from machine learning models to production-grade applications fast and easy, has raised $20 million in its seed funding round.
The funding was co-led by Greylock and South Park Commons Fund, with participation from the AI Fund and Caffeinated Capital.
The round also saw participation from several angel investors, including Greg Brockman, co-founder and CTO at General Intelligence startup OpenAI; Mustafa Suleyman, co-founder of DeepMind; Dylan Field, co-founder and CEO of Figma; and DJ Patil, ex-United States Chief Scientist.
Founded in 2019 by Tuhin Srivastava, Amir Haghighat, and Philip Howes, Baseten is a developer of machine learning models, scaling APIs, and building user interfaces.
The startup’s models offer reusable components to quickly assemble workflows and build ML-powered applications, enabling users with the flexibility to write their own code when necessary.
With Baseten, data science and machine learning teams can ship full-stack ML applications without backend, frontend, or MLOps knowledge, to enable quicker, smarter decision-making in their organizations.
The startup is planning to use the fresh capital to expand its engineering and go-to-market teams.
Around the Web 🌐
New York State Assembly Bill Passes Against Non-Renewable Based Crypto Mining: On April 26, the New York State Assembly passed a bill to block new crypto mining facilities using non-renewable energy sources from setting up in the state. While the bill does not affect existing miners nor miners that plan to use renewable energy, the bill will impose a two-year moratorium on cryptocurrency mining operations using non-renewable resources to power their mining rigs.
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