Tesla stock weakens after possible autopilot crash
Stock in the electric vehicle pioneer
wobbles after a Tesla vehicle crashed and police said no one appeared to have been behind the wheel.
Two people were killed after a Tesla vehicle (ticker: TSLA) struck a tree in Texas. “Our preliminary investigation determines – but is not yet complete – that there was no one behind the wheel of this vehicle,” Harris County Constable Mark Herman said. said in an interview with The Wall Street Journal. “We are almost 99.9% sure.”
Saturday’s crash will attract more attention than usual as Tesla tests new versions of its autopilot software. CEO Elon Musk believes higher levels of autonomous driving will be ready by the end of the year.
Tesla stock was down about 2% in trading before it went to market on Monday. Futures on the
Dow Jones Industrial Average
futures were down slightly.
Musk took to
(TWTR) on Saturday and defended the safety case for Tesla’s driver assistance functions, in reference to the company’s first quarter Safety report 2021.
“We had an accident for 4.19 million miles traveled in which the drivers had engaged Autopilot. For those who drive without an autopilot but with our active safety features, we have recorded an accident for every 2.05 million kilometers driven, ”the report reads. “For those who drive without autopilot and without our active safety features, we have recorded an accident for every 978,000 miles traveled. For comparison, the most recent NHTSA data shows that in the United States, there is an automobile accident every 484,000 miles. “
All Tesla’s come with advanced driver assistance features. It is not clear whether the vehicle involved in the crash was equipped with basic or enhanced driver assistance software.
Tesla and the National Highway Traffic Safety Administration were not immediately available for comment.
Tesla is selling its autopilot functionality as an upgrade. The potential for recurring software sales is one reason Wall Street analysts value Tesla stock at between $ 600 billion and $ 700 billion on average.
Write to Al Root at allen.ro[email protected]