Tesla Blames Model X Fatal Crash Severity on Highway Barrier
Tesla Blames Model X Fatal Crash Severity on Highway Barrier
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29 March, 2018, 02:31
Shares of Tesla fell 8.2 percent Tuesday to the lowest in nearly a year after the safety board announced the investigation, the second this year into a crash involving the company's vehicle.
In its blog, released Tuesday night, Tesla said there's a lot the company doesn't know because of the "extensive damage" caused by the collision, the Model X's computer logs have not been retrieved.
Moody's said Tesla's rating could continue to fall if the company continues to miss its Model 3production targets, as well as if it's unable to raise new capital. It also noted "liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds".
Not surprisingly, Tesla shares took another beating today with the stock down almost 8%. Remember, Tesla's initial goal was to manufacture upwards of 20,000 Model 3 units per month by the end of 2017, a production goal that has since been pushed back to the end of June 2018. Although Model 3 production holdups are an auto industry anomaly, "no vehicle company generates the kind of attention and desire that Tesla does", Ramsey said. KeyCorp restated a "hold" rating on shares of Tesla in a report on Monday, March 19th. Tesla owners have driven the same highway stretch with Autopilot engaged about 85,000 times since the system was introduced, and no accidents have been reported that the company is aware of, the carmaker said. According to the California Highway Patrol, the auto had hit the median barrier on highway 101 in Mountain View and quickly caught on fire before being hit by two other cars.
The 38-year-old driver of the Tesla died at a nearby hospital shortly after the crash.
The agency also said it was unclear if the car's automated control system was active at the time of crash. The statement did not say if the crashed vehicle was in Autopilot mode. It is based in Palo Alto, California and engages in the design, development, manufacture, and sale of electric vehicles, and storage systems and energy generation in the US, Norway, China, as well as other countries around the world.
In January of previous year, the US Transportation Department closed an investigation into the fatal 2016 crash in Florida of a Tesla on autopilot, finding that no "safety-related defect" had caused that accident.
Witnesses of the accident say that immediately after the bad impact formed a cloud of fire, and then lit up the front of the Tesla Model X. Obviously, the ignition of the battery pack is confirmed by published photos.
Tesla says it has carefully designed its batteries to minimize the rate at which fires spread through the vehicle in the event of a crash.
On Wednesday, a second federal regulator, the National Highway Transportation Safety Administration (NHTSA), said it was sending a team to California to investigate the crash.
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. Tesla has often urged drivers to never take their hands off wheel when Autopilot is on.
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.
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