Tesla shares continued their selloff from a day earlier, tumbling 8% in trading Wednesday on news that USA investigators were looking into a fatal March 23 crash involving a Tesla vehicle, and ongoing worries about the company's cash crunch.
Tesla's bonds dropped 4.5 cents on the dollar to 86.5 cents at 12:02 p.m.in NY, according to Trace, the bond price reporting system of the Financial Industry Regulatory Authority after reaching their lowest price ever earlier Wednesday. Tesla has released a detailed statement about the crash.
A Tesla auto was involved in the accident, and ended up catching fire last week on Friday.
As we also pointed out then, it made little sense for Tesla to issue debt, which has to be repaid eventually, instead of selling equity at its still-lofty valuation. Earlier this week, Tesla proactively reached out to the authorities to offer our assistance in investigating. "We are now working closely with the authorities to recover the logs from the computer inside the vehicle". They generally move extremely slowly and they only produce big price swings when the company produces good or bad trading results, which may only happen a couple of times a year at best. 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. "There are over 200 successful Autopilot trips per day on this exact stretch of road".
- Tesla simultaneously extended its "deepest sympathies" for a fatal, fiery crash and blamed the severity of it on the fact that a highway barrier on US 101 in Silicon valley had either been removed or crushed without being replaced. They say the image shows what the barrier looked like when the crash attenuator was in proper condition and what it looked like the day prior to the crash. It's slightly cheaper than the Tesla Model X.
The Tesla blog post said Tesla battery packs are created to ensure that a battery spreads slowly in the rare circumstance it catches fire.
Last week, a Tesla Model X crashed on a highway near Mountain View, California.
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Tesla said it can't confirm whether the vehicle was in autopilot mode at the time of the crash because it hasn't been able to retrieve logs from the auto.
Out of respect for the privacy of our customer and his family, we do not plan to share any additional details until we conclude the investigation. P/E and P/B ratios both are used on a regular basis by the investor to measure the value of the company and to get the right amount of the share. But because it was a Tesla, Bloomberg, USA Today, and every other major news source is giving it front page coverage.
Analysts expect Quorum Health Corporation (NYSE:QHC) to report -0.95 EPS and has got OUTPERFORM rating from 0 of Thomson Reuters analysts and 0 analyst (s) given UNDERPERFORM rating. Live by the sword; die by the sword.
The safety board is also investigating the Uber accident in Tempe, Arizona, in which a Volvo XC90 equipped with the ride-hailing giant's self-driving system failed to slow the vehicle as a 49-year-old woman crossed the street pushing a bicycle.
The NRSB announced that it has deployed two investigators to the scene. That is not a knock on the fire fighters who responded.
"We think that we are looking at one of the buying opportunities that many investors have been waiting for", said Jonas on Wednesday in a note to clients. Tesla added that it was working with the authorities to establish what transpired.