Tesla will be served with search warrants by the Texas police to secure vehicle data concerning the fatal crash that killed two people on Saturday night after a Tesla Model S crashed into a tree, Reuters said on Tuesday. There was nobody at the wheel at the time of the crash.
Reuters’ report also said that Tesla’s (TSLA) CEO, Elon Musk took to Twitter on Monday and said that the company’s internal investigation indicated that the car’s Autopilot driver assistance system was not enabled.
The report quoted Musk’s tweet, “Data logs recovered so far show Autopilot was not enabled & this car did not purchase FSD [Full Self-Driving].” Musk also added that “standard Autopilot would require lane lines to turn on, which this street did not have”.
According to the report, the Tesla car crash on Saturday night would be the 28th Tesla accident that would be investigated by the National Highway Traffic Safety Administration (NHTSA). Reuters also said that the car crash is also being investigated by the National Transportation Safety Board (NTSB).
Mark Herman, Texas’ Harris County Constable, Precinct 4, was quoted by Reuters as saying, “We have witness statements from people that said they left to test drive the vehicle without a driver and to show the friend how it can drive itself.” (See Tesla stock analysis on TipRanks)
On April 13, Credit Suisse analyst Dan Levy reiterated a Hold and a price target of $800 on the stock. Levy said that he expects TSLA to beat analysts’ estimates with a strong 1Q performance, higher delivery guidance and anticipates the company to ramp up its production capacity on a global basis.
Meanwhile, TSLA scores a Hold consensus rating from the analyst community. That’s based on 11 analysts recommending a Buy, 8 analysts suggesting a Hold, and 7 analysts proposing a Sell. The average analyst price target of $701.17 implies 4.4% downside potential to current levels.
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