Tesla stock falls after NTSB announces investigation into deadly crash

Tesla stock slid 8% on Tuesday following a string of bad news for the electric car maker, including ...

Posted: Mar 28, 2018 11:58 PM
Updated: Mar 28, 2018 11:58 PM

Tesla stock slid 8% on Tuesday following a string of bad news for the electric car maker, including the National Transportation Safety Board's announcement that it's investigating a fatal crash involving a Tesla vehicle last week in California.

The NTSB tweeted: "2 NTSB investigators conducting Field Investigation for fatal March 23, 2018, crash of a Tesla near Mountain View, CA."

The agency also said it was unclear if the car's automated control system was active at the time of crash. The investigators examined the post-crash fire and how to make the vehicle safe for removal from scene, it said.

The Tesla Model X struck a barrier, flipped into ongoing traffic and was hit by two oncoming vehicles, the California Highway Patrol said on Friday. The Tesla's driver was killed.

"We have been deeply saddened by this accident, and we have offered our full cooperation to the authorities as we work to establish the facts of the incident, a Tesla spokesperson said in a statement to CNN.

Related: Tesla to slow shipments in Norway due to unsafe delivery trucks

A bearish analyst note also dragged down the stock. Citi analysts said their research shows Model 3 competition is heating up and could indicate near-term risk for shares, according to CNBC.

John Thompson, CEO of hedge fund Vilas Capital Management, told MarketWatch on Tuesday that Tesla will be bankrupt within four months unless chief executive Elon Musk "pulls a rabbit out of his hat."

"Companies eventually have to make a profit, and I don't ever see that happening here," Thompson, who has a short position on the stock, told the financial news site. "This is one of the worst income statements I've ever seen and between the story and the financials, the financials will win out in this case."

Moody's downgraded Tesla's rating Tuesday and assigned it a negative outlook due to the significant shortfall in the production rate of the Model 3.

Also on Tuesday, Waymo also unveiled plans to turn the new Jaguar I-Pace electric SUV into a self-driving luxury taxi. The first autonomous I-Pace will begin testing this year.

Jaguar revealed the car -- its first electric vehicle -- earlier this month. It's slightly cheaper than the Tesla Model X.

CNN's Peter Valdes-Dapena contributed to this report.

West Lafayette
Broken Clouds
63° wxIcon
Hi: 64° Lo: 50°
Feels Like: 63°
Kokomo
Overcast
61° wxIcon
Hi: 63° Lo: 47°
Feels Like: 61°
Rensselaer
Broken Clouds
55° wxIcon
Hi: 63° Lo: 47°
Feels Like: 55°
Fowler
Broken Clouds
55° wxIcon
Hi: 61° Lo: 47°
Feels Like: 55°
Williamsport
Broken Clouds
60° wxIcon
Hi: 63° Lo: 48°
Feels Like: 60°
Crawfordsville
Broken Clouds
59° wxIcon
Hi: 64° Lo: 47°
Feels Like: 59°
Frankfort
Overcast
65° wxIcon
Hi: 63° Lo: 46°
Feels Like: 65°
Delphi
Broken Clouds
61° wxIcon
Hi: 64° Lo: 48°
Feels Like: 61°
Monticello
Broken Clouds
61° wxIcon
Hi: 65° Lo: 48°
Feels Like: 61°
Logansport
Broken Clouds
63° wxIcon
Hi: 63° Lo: 46°
Feels Like: 63°
Calm and Cool Day Ahead.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 118322

Reported Deaths: 3591
CountyConfirmedDeaths
Marion21502767
Lake10688323
Elkhart6707111
St. Joseph6619113
Allen6330205
Hamilton4938109
Vanderburgh378131
Hendricks2766124
Monroe265536
Tippecanoe256613
Johnson2352124
Clark225957
Porter219947
Delaware200162
Cass19559
Vigo186827
Madison170375
LaPorte149141
Floyd139664
Warrick138242
Howard132663
Kosciusko125917
Bartholomew118457
Marshall101524
Dubois99919
Boone99146
Grant95134
Hancock94643
Noble93132
Henry81226
Jackson7739
Wayne77014
Morgan73438
Daviess68028
Shelby68029
Dearborn67528
LaGrange64011
Clinton62314
Harrison59224
Putnam58411
Gibson5355
Knox5289
Lawrence51629
Montgomery51121
DeKalb48811
White48714
Decatur45939
Miami4394
Greene42735
Fayette42313
Jasper4012
Scott39011
Steuben3907
Posey3460
Sullivan33812
Jennings31612
Franklin31325
Clay3085
Ripley3078
Orange28824
Whitley2826
Carroll27813
Adams2763
Wabash2728
Starke2717
Washington2701
Wells2674
Spencer2633
Jefferson2503
Huntington2473
Fulton2442
Tipton22822
Randolph2238
Perry22113
Jay1920
Newton17411
Owen1711
Martin1680
Pike1641
Rush1574
Vermillion1310
Fountain1292
Blackford1213
Pulaski1141
Crawford1100
Parke1072
Brown1043
Benton870
Ohio797
Union790
Switzerland690
Warren411
Unassigned0226

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events