Tesla that smashed into fire authority truck was on Autopilot, driver claims

Share

Morgan Stanley's Adam Jonas slashed his price target to $291 from $376 for Tesla shares, roughly flat to the stock's Monday close.

News of Tesla's restructuring comes after a Wall Street Journal report revealed that Doug Field, the company's senior vice president of engineering is "taking some time off".

Tesla did not immediately respond to requests for comment.

Tesla faces a slew of other issues, from increased skepticism over its finances to safety probes by regulators.

"We are making material reductions to our earnings estimates to reflect lingering manufacturing issues with the Model 3", Jonas said in a note to clients Tuesday. Jim Keller, the head of the driver-assistance system Autopilot, left last month for Intel Corp. Tesla's Autopilot allows the vehicle to drive itself for short periods of time with steering, acceleration, and braking based on traffic conditions. We've explored many technologies and opted for the combination of a hands-on-wheel torsion sensor with visual and audio alerts, and we will of course continue to evaluate new technologies as we evolve the Tesla fleet over time.

"This is false", Musk wrote.

More news: East African Countries issue deadly Ebola virus outbreak alert — Travel Alert
More news: Lars von Trier's new film prompts mass walkout at Cannes
More news: Farah City on 'Verge of Collapse', Claim Residents

Musk tweeted that while the eye tracking had been on the table, it was rejected for its ineffectiveness rather than cost. WSJ fails to mention that Tesla is safest vehicle on road, which would make article ridiculous. "It is not a self-driving system", Musk said.

The video, tagged as Tesla 2018, was uploaded to the automotive company's official channel, showcasing future endeavors of the company, which, as you guessed, is comprised mostly of high-end vehicles. In March, Tesla confirmed two of its top financial executives had parted ways, and in February, sales chief Jon McNeill defected to Lyft Inc. The company is cooperating with Swiss authorities to establish the cause of the accident. Tesla's valuation has received a modest 8 per cent bump since then, and Jonas's target has come down a staggering 37 per cent.

A Model S owner has told police that Autopilot was engaged when she crashed into a parked firetruck in Utah last week.

The 28-year-old driver told police she was looking at her phone as the vehicle slammed into the truck at about 60 miles per hour in South Jordan, Utah.

The US National Transportation Safety Board is investigating the accident, which led to the death of a 38-year-old father of two, Walter Huang.

Tesla co-founder Elon Musk said on Twitter that it was "super messed up" that an incident involving his company was receiving significant attention, while thousands of auto accidents a year are regularly ignored.

Share