Tesla hits a rough patch after fatal crash involving 2017 Model X
California-based electric car innovator Tesla Motors has apparently hit a rough patch, with recent concerns about the future of autonomous vehicles having aggravated worries about Tesla’s capability to efficiently mass-produce electric cars and achieve its targeted production deadlines.
Till now, Tesla appeared to be steadily making its way to a bright future. Investors have been worried about Tesla’s ability to deliver on its promises but the stock has remained buoyant as future of automaker looks bright. However, the road has suddenly got rough for the company because of fatal crash involving a 2017 Tesla Model X in California.
The crash, which took place last week, is being examined by US federal investigators. The investigators are specifically probing whether the car was being driven on the ‘autopilot’ mode when it collided with a highway barrier in Mountain View, resulting in the death of a 38-year old man.
Amid concerns over the safety and reliability of the allegedly disruptive ‘autopilot’ technology being used by Tesla in its electric cars, the shares of the company recorded a plunge of more than 8 percent in afternoon trade Wednesday. With the company’s shared having already recorded an 8.22 percent plunge on Tuesday, the two drops have wiped out approximately $9 billion in market.
However, in spite of the recent troubles being faced by Tesla, Trip Chowdhry -- and analyst at Global Equities -- has said in a note that it is advisable to Tesla’s shares on the weakness, and has added that “betting against Tesla is not only insane but total stupidity.”
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