Tesla shares dive again, stung by fatal crash, credit downgrade

Shares continued to decline Wednesday, slipping more than 7 per cent to $259.45 in afternoon trading.

In an announcement posted on the organization's Twitter account, the NTSB says it charged two of its members with conducting field investigation.

The investigation is the latest by federal authorities into a crash involving a Tesla vehicle.

FILE- In this February 4, 2015, file photo, Tesla product specialist Kat Brand explains the control panel on the electric auto at a dealership for the vehicle in Seattle.

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 shares sunk by 8% on Tuesday and another 2.3% in pre-market trading on Wednesday to leave the mat US$272.63 - their lowest level for a year.

The California Highway Patrol said the electric-powered Tesla Model X crashed into a freeway divider on Friday and then was hit by a Mazda before colliding with an Audi.

The U.S. National Transportation Safety Board said Tuesday it's sending investigators to examine issues raised by the Tesla accident, in which the Model X struck a highway barrier on March 23 near Mountain View.

The NTSB said it is "unclear if automated control system was active at time of crash".

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Our data shows that Tesla owners have driven this same stretch of highway with Autopilot engaged roughly 85,000 times since Autopilot was first rolled out in 2015 and roughly 20,000 times since just the beginning of the year, and there has never been an accident that we know of.

- 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. The pedestrian died from the collision.

The California-based group said it wants to learn more about a fatal crash in Arizona involving an autonomous vehicle developed by ride-hailing giant Uber earlier this month. The Stock has its 52-week High of $389.61 and 52-Week Low of $275.00 and it touched its 52-week high on 09/18/17 and 52-Week Low on 03/29/17. "It's going to be harder for them to raise money".

The rating agency lowered Tesla's corporate rating one notch to B3, citing a "significant shortfall" in Model 3 production.

The pace of production for the Model 3 has been very slow hence making it right to say that the auto is at risk of getting destroyed by the upcoming BMW i4. Tesla has never been punctual when delivering their products to buyers and the situation is a lot worse for the Model 3.

Even though the company was able to rake in $3.29 billion past year, analysts believe that sum is not enough to keep Tesla afloat. The severity of the accident is unprecedented, according to Tesla.

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

That puts the company in "crunch time" now to improve margins, Cowen & Co. analysts led by Jeffrey Osborne said in a note Tuesday.

  • Darren Santiago