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- 📈 Elon’s Riot Rants Cost Him UK Invite
📈 Elon’s Riot Rants Cost Him UK Invite
Leapmotor’s £16k EV Sparks Price War!
This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes
In today’s stories:
Elon’s Riot Rants Cost Him UK Invite
Leapmotor’s £16k EV Sparks Price War!
AI Wizards: Visa’s £700 Million Magic Trick!
The summary: Elon Musk's absence from the UK's investment summit, following his riot-fuelled social media antics, highlights the delicate balance between attracting big investments and avoiding a PR pickle, with Brexit still quietly complicating things.
The details:
Elon Musk was snubbed from the UK’s International Investment Summit due to his eyebrow-raising social media activity during last month’s UK riots, much to his chagrin, as he quipped about the UK's prison system.
Despite Musk’s wild claims of detainment camps and civil war, which ministers branded as "deplorable", the government's silence on the matter seems to suggest they’ve opted to avoid the reputational minefield.
Former Chancellor Jeremy Hunt lamented Musk’s absence, reminiscing about the billionaire’s hinted plans for a new car plant in Europe, with the UK once in the running before Brexit derailed things.
While Musk touts himself as a free speech crusader, PR experts argue his posts are more childish than candid, casting doubt on whether having him at the summit would be more of a liability than a win for the UK.
Why it matters: Elon Musk, with his billions and unpredictable tweets, has become a potential PR hazard for any event hoping to appear serious, especially when he's posting conspiracy theories mid-riot. His absence from the UK's top investment summit underscores how even the promise of cash can’t outweigh the risk of reputational damage. Meanwhile, Brexit’s shadow looms large, as the UK watches its once-promising chances of hosting Musk's next big project slip away—like tea off a soggy biscuit.
The summary: Leapmotor’s cheeky £16k T03 is revving up to shake the UK electric car market, offering plenty of tech and style at a bargain price, giving Western brands a proper run for their money!
The details:
Leapmotor, a Chinese electric car firm backed by Stellantis, is charging into the UK with the T03, a pint-sized EV starting at a cheeky £15,995—directly challenging the Dacia Spring for the crown of "cheapest EV".
This five-door city car may be tiny, but it’s packing serious tech: a panoramic sunroof, 10.1-inch touchscreen with voice control, sat-nav, and 4G connectivity—talk about a bargain!
Its modest 37.3kWh battery might only manage 165 miles per charge, but thanks to cloud-based wizardry, it makes the most of it. Just don't expect it to win any drag races, with a leisurely 0-62mph in 12 seconds.
Despite modest charging speeds (48kW max), the T03 is a hit back home in China, boasting over 400,000 sales. Now, it’s setting its sights on Europe, aiming to give Western brands a real run for their money.
Why it matters: The arrival of Leapmotor's T03 could be the automotive equivalent of a cheeky disruptor at a posh garden party—offering a budget-friendly, tech-savvy electric car at a price that’ll make Western brands spill their tea. With Chinese competition accelerating, European automakers might find themselves scrambling to keep up in the affordable EV race. It’s a reminder that the winds of change are blowing, and they’ve got a decidedly Eastern breeze.
The summary: Visa’s £700 million acquisition of Cambridge's Featurespace is set to turbocharge fraud detection with cutting-edge AI, ensuring financial institutions stay one step ahead of the wrong ‘uns, all while raising a glass to Mike Lynch’s savvy investments!
The details:
Featurespace, a Cambridge gem founded in 2008, has snared a clientele of major financial institutions, including HSBC and NatWest, with its fraud-busting AI wizardry.
Visa, not one to miss a trick, is snapping it up for a tidy £700 million, aiming to bolster its already impressive fraud detection arsenal with Featurespace's AI flair.
IP Group, Featurespace’s largest shareholder, will walk away with £134 million – £119 million upfront, and £15 million waiting in the wings.
Mike Lynch, the tech entrepreneur and early backer of Featurespace, may have sailed off into the sunset, but his legacy sails on in this lucrative deal.
Why it matters: With Visa diving headfirst into AI-powered fraud detection, financial institutions can expect their security measures to be as sharp as a Savile Row suit. The hefty price tag of £700 million highlights the tech sector's insatiable appetite for cutting-edge solutions, proving that even in finance, it’s all about who can outsmart the crooks. And while Mike Lynch may have left us, his investments are now reaping a reward worthy of a toast at the local pub!