Tesla Inc. shares dropped for a second day as questions swirl about what caused a crash involving a Model X crossover in California on Friday, an accident that killed the driver and intensified the pressure mounting on Elon Musk’s electric-car maker.
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. Tesla preemptively defended the record of the Autopilot safety features that it’s said will eventually enable autonomous driving, without disclosing whether the driver involved the fatal crash had engaged the system before the incident.
Tesla declined as much as 6.6 percent to $260.89 Wednesday, the lowest in a year. The company’s unsecured bonds have also dropped to all-time lows ahead of the release of first-quarter production and deliveries results expected next week.
The crash, investigated by U.S. 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. The accident also potentially raises fresh questions about self-driving features after a deadly Uber Technologies Inc. accident that happened days earlier sent ripples across the broader autonomous-vehicle industry.
Continue Reading at Bloomberg.com