Plus, venture capital firm Andreesen Horowitz plans a new bio fund but on a smaller scale. And the owner of Chinese e-commerce retailer Temu faces headwinds from competition at home and U.S. tariff threats. Victoria Craig hosts.
Learn more about your ad choices. Visit megaphone.fm/adchoices
[00:00:01] Here's your TNB Tech Minute for Thursday, March 20. I'm Victoria Craig for The Wall Street Journal. Tesla is recalling more than 46,000 Cybertrucks over an issue with an exterior cosmetic panel. The National Highway Traffic Safety Administration said the long, thin panel that runs along the vehicle's windows can detach and pose a road hazard for other drivers. The recall covers most Cybertrucks, specifically those in the model years 2024 and 2025.
[00:00:30] Tesla said it wasn't aware of any collisions, fatalities or injuries related to the defect and said it will replace panels for free. The recall comes as Tesla struggles with its newfound status as a political lightning rod due to founder Elon Musk's role in the Trump administration. The stock has lost nearly 40% of its value since the start of the year thanks to weaker sales, heightened competition and what investors have called the brand's increased polarization.
[00:00:57] Elsewhere, The Wall Street Journal is exclusively reporting venture capital firm Andreessen Horowitz has plans to raise $750 million for a life science and healthcare startup fund. That's half what the firm raised for the same strategy in 2022, reflecting a recalibration by the firm in today's stagnant fundraising market.
[00:01:17] Finally, fierce competition in China, President Trump's tariff threats and geopolitical tensions slowed profit growth for e-commerce giant PDD Holdings, the Chinese owner of bargain app Temu. The company said revenue in the fourth quarter rose 24% but grew at the slowest pace in two and a half years. Its profit also rose at a slower pace than a year ago. PDD's discount platform in China has taken market share from domestic rivals Alibaba and JD.com.
[00:01:47] Its sister platform Temu gained traction in international markets, including the U.S. when it launched in 2022, but it's recently come under increased regulatory pressure as it expands overseas. For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast. For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.