Monday, 23 July, 2018

Tesla shares dive again, stung by fatal crash, credit downgrade

Tesla shares dive again, stung by fatal crash, credit downgrade Tesla shares dive again, stung by fatal crash, credit downgrade
Jodi Jackson | 29 March, 2018, 02:34

Tesla shares slid 8.22% to close at $279.18.

Tesla has $230 million in convertible bonds maturing in November 2018 and $920 million in March 2019.

The Investor Service has a Negative outlook on Tesla, down from a Stable one previously.

The stock of Tesla dropped more than 6% on Wednesday to its lowest level since March 2017.

The crash, which is being investigated by USA authorities, adds to Chief Executive Officer Musk's challenges including concerns that the electric-car maker won't reach its production targets for the all-important Model 3 sedan.

Regarding the Model 3, deliveries during the holiday quarter checked in at 1,542 units, a figure Tesla will have to top by an impressive margin to placate investors. The ambitious auto maker said it wasn't clear whether or not the cars autopilot mode was engaged before the accident. The tone of the day was captured in analyst reports, with Cowen & Co. saying it's time to "question Autopilot leadership" at Tesla and Sanford C. Bernstein focusing on the "fallacy of automation" to boost production. It is not clear whether the driver-assistance system equipped in Tesla's vehicles may have played in the crash.

The company hasn't been able to retrieve the vehicle's logs and is working with authorities to do so, according to a blog post.

The company responded by modifying the vehicle to better facilitate driver engagement while using Autopilot.

Tragic traffic accident occurred on Friday in the United States: the accident killed the driver of a fully electric crossover Tesla Model X.

Government scrutiny of the Palo Alto, California company is mounting.

Amid Tesla's own investigation into the crash, the US National Transport Safety Board (NTSB) tweeted it was also launching an official investigation into the Tesla crash. "That appears to be what happened here as we understand there were no occupants still in the Model X by the time the fire could have presented a risk", the company said in its blog post.

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

Tesla's battery packs are designed so that when a fire occurs, it spreads slowly so people have more time to exit the vehicle. The agencies have not disclosed any findings, Reuters said.

The NTSB can make safety recommendations but only NHTSA can order automakers to recall unsafe vehicles or fine automakers if they fail to remedy safety defects in a timely fashion.

TSLA, trading down 9% on Wednesday morning at $254.06, has fallen about 35% from its all-time high reached a year ago and declined 18.5% over the the past three months. Additionally, to add insult to injury, Nvidia, Tesla's advanced driver assistance system (ADAS) collaborator is now suspending its ADAS testing program.

FILE- In this May 14, 2015, file photo, Tesla charging stations are shown outside of the Tesla factory in Fremont, Calif. Mozilla, Tesla and other companies are distancing themselves from Facebook following revelations of a major leak of user data to political consultants associated with the 2016 Trump campaign.

Although he did mention the investigation of last week's Tesla crash, Jonas feels investors are still mostly focused on the Model 3 ramp.

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