Porsche has issued a recall for all Porsche Taycan models manufactured since its launch in 2020 due to a potential brake failure. The German carmaker has identified an issue affecting a small number of cars but assures that it remains safe to drive. The precise number of cars affected has not been disclosed but the carmaker has sold over 150,000 units worldwide. Owners are advised to drive their cars to a dealership if they see a warning light and refrain from using them if a red light appears. Porsche has redesigned the brake hoses and assures that the failure will not occur again.
Porsche Taycan Electric Vehicle Recall: What You Need to Know
Background
Porsche has issued a recall for all Porsche Taycan models manufactured since its launch in 2020 due to a potential brake failure. The German carmaker has identified an issue affecting a small number of cars but assures that it remains safe to drive.
The precise number of cars affected has not been disclosed, but the carmaker has sold over 150,000 units worldwide. The recall affects all model years and variants of the Taycan, including the Taycan, Taycan Cross Turismo, and Taycan Sport Turismo.
Potential Brake Failure
The potential brake failure is caused by a manufacturing defect in the brake hoses. In rare cases, the brake hoses may rupture, causing a loss of brake fluid and resulting in a loss of braking power.
Porsche has redesigned the brake hoses and assures that the failure will not occur again. The carmaker is confident that the recall will address the issue and ensure the safety of all Taycan owners.
What Porsche Owners Should Do
Porsche owners who see a warning light on their dashboard should drive their cars to a dealership for immediate inspection. If a red light appears, Porsche advises owners to refrain from using their cars and contact their dealership for assistance.
Dealerships will replace the brake hoses on all affected Taycan models free of charge. The repair is expected to take approximately one day to complete.
FAQs
Rishi Shah and Shradha Agarwal, two co-founders of Chicago-based health tech firm Outcome, have been convicted and sentenced for committing a $1 billion fraud scheme. Shah, a former billionaire and Outcome's former CEO, received a seven-and-a-half year prison sentence, while Agarwal, the former president, was sentenced to three years in a halfway house. The fraud, exposed by Wall Street Journal in 2017, involved selling advertising inventory that the company did not own and under-delivering on ad campaigns. Several high-profile investors, including Goldman Sachs and Google-parent Alphabet, were targeted in the scheme.
Emcure Pharmaceuticals has raised a significant amount of funding through its anchor book, with notable global investors such as the Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley participating. The company has also secured investments from several mutual funds, insurance companies, and other institutional investors. This capital will allow Emcure to strengthen its position in the pharmaceutical industry and continue its growth and development.
With the monsoon session of Parliament approaching, all eyes are on Finance Minister Nirmala Sitharaman as she presents Modi 3.0 government's first Union Budget. As expectations of potential populist measures and tax relief initiatives rise, employed taxpayers are hoping for changes in the exemption for House Rent Allowance (HRA) under the old tax regime. Experts suggest that revisiting the classification of HRA exemptions, which has remained unchanged for over three decades, could provide significant financial relief for taxpayers residing in rapidly growing non-metro cities. Additionally, the government may introduce incentives to encourage transition from the old tax system to the new one, ultimately boosting middle-class consumption and GDP figures.
Foreign brokerage Bernstein has recommended an 'outperform' rating on power financiers PFC and REC, citing underestimation of the current power cycle by investors and lower NPA risks. The targets set are Rs 620 for PFC and Rs 653 for REC, implying potential gains of over 23% and 21% respectively. Despite recent rallies, these stocks are trading at cheaper valuations and offer better returns for investors. Stay updated on the latest business and stock market news, and manage your finances with our useful tools and resources.
HDFC Bank, one of the leading private sector banks in India, experienced a surge in its stock price today, hitting a 52-week high on the NSE at ₹1,794. The stock price rose by 3.07% on the NSE, trading at ₹1,783.65 as of 11:26 am. This increase in stock price is a positive indicator of the bank's performance and may attract investors looking for profitable options in the stock market.
The Goods and Services Tax (GST) has been a key factor in India's economic growth, with Finance Minister Nirmala Sitharaman expected to prioritize GST numbers in the upcoming Budget. In April 2024, GST collection hit a new high of ₹2.1 lakh Crore, indicating the resilience of the economy and reducing the load on government budgets. With strong tax collection, the government can focus on its capex plan and welfare initiatives, while also considering the concerns of coalition partners.
On July 3, 2024, oil marketing companies (OMCs) in India have released fresh prices for petrol and diesel, which are revised daily at 6 am. Amid fluctuations in international crude oil prices, these changes affect the amount customers have to pay for a litre of fuel. However, after seeing a steady rate since May 2022, the prices have now started increasing post March 2024. Check the city-wise rate table to know the latest cost of petrol and diesel in India.
The Air India Express Employees Union, affiliated with the Bharatiya Mazdoor Sangh, has written to the Chief Labour Commissioner alleging various unfair labor practices by the airline. These include issuing charge sheets to members and disrupting industrial relations. This comes amid conciliation proceedings between cabin crew members and airline management.
In the first quarter of 2024, Hannover Re exceeded expectations with a 15% increase in group net income, reaching €558 million. Reinsurance revenue also saw growth, rising by 1.6% to €6.7 billion. The company's shareholders' equity and capital adequacy ratio both remained strong, at €10.9 billion and 266.8% respectively. In the property and casualty reinsurance segment, risk-adjusted prices and conditions improved, leading to a 3.1% increase in gross reinsurance revenue. In life and health reinsurance, demand remained strong for financial solutions and longevity risk protection. Overall, Hannover Re expects continued growth in 2024, with a forecasted group net income of at least €2.1 billion.
After Redstone abruptly pulled out of earlier merger, reconciliation follows the media company's updated strategic plan. The deal also includes a "go-shop period" for other interested bidders to make offers. The messy and erratic M&A process has been ongoing for more than six months and has seen interest from investment groups and private equity giants. Following the withdrawal from prior Skydance arrangement, Paramount shifts its attention to updated strategic plan, with focus on annual cost savings and asset sell-offs. Though the Skydance deal has delivered promising news, a new round of layoffs and departure of key executives continue to highlight Paramount's need for a transaction.