Tesla’s Stock Falls After News About Autopilot Crashes and Battery Fires


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Tesla’s Stock Falls After News About Autopilot Crashes and Battery Fires (cnbc.com)






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EditorDavid

from the autos-with-autopilot dept.

CNBC reports:
Tesla shares fell almost 8% on Friday to their lowest close since December 2016, after the National Transportation Safety Board said the company’s Autopilot driver assistance system was engaged during a fatal crash in March… The accident was at least the third of its kind in the U.S. and raises concerns about Tesla’s Autopilot technology.

Thursday Elon Musk also told Tesla’s employees that he and their CFO will now personally review all expenses going forward in a new “hardcore” attempt to control expenses, calling it “the only way for Tesla to become financially sustainable and succeed in our goal of helping make the world environmentally sustainable.”

And then there’s the fires, reports CNBC:
Recent reports of Tesla vehicles spontaneously catching fire could make potential customers wary at a time when virtually every automaker is getting ready to roll out battery-based vehicles, industry executives and analysts worry… Three of Tesla’s sedans went up in flames without warning in recent months, one in Shanghai, another in Hong Kong, a third in San Francisco. Tesla has experienced at least 14 known battery fires in recent years…

Of the 14 known fires involving Tesla vehicles, the majority occurred after a collision, but there have been a growing number of blazes in which its products appear to spontaneously ignite. That appeared to be the case when, on April 21, a security camera in a Shanghai garage captured images of a Model S sedan smoldering before suddenly bursting into flames. Another fire engulfed a Tesla sedan that appears to have been hooked up to one of the company’s Superchargers in Hong Kong. Then, two weeks ago, firefighters in San Francisco tweeted that they had been called to a garage where another Tesla Model S was on fire.

In an initial response, the automaker said it did not think the sedan itself was responsible for the California blaze. But it is investigating the two Chinese incidents, it said in a statement, and “out of an abundance of caution, we are revising charge and thermal management settings on Model S and Model X vehicles via an over-the-air software update that will begin rolling out today, to help further protect the battery and improve battery longevity…”


“As the face of the emerging battery-car market, Tesla’s troubles have been widely reported, but it is by no means the only manufacturer to have experienced unexpected fires…” reports CNBC.

“Fires have been reported with Chevrolet Volts, Fisker Karmas, Mitsubishi iMiEVs and other electric vehicles.”

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