BREAKING NEWS Man killed in 4th of July boating accident identified Full Story

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 8:58 PM
Updated: Mar 28, 2018 8:58 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.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 264681

Reported Deaths: 6373
CountyConfirmedDeaths
Los Angeles1150243487
Riverside19450479
Orange16854366
San Diego16726387
San Bernardino14922269
Imperial7039114
Alameda6855140
Fresno611077
Santa Clara5273161
Kern524582
Tulare4627136
San Joaquin447455
Sacramento423669
San Francisco377650
Contra Costa366281
San Mateo3536108
Santa Barbara326129
Ventura324047
Marin271921
Stanislaus266045
Kings263432
Monterey206415
Solano147625
Sonoma135911
Merced127211
Placer87711
San Luis Obispo7012
Yolo67726
Madera5785
Santa Cruz4573
Napa3764
San Benito2732
Sutter2523
Lassen2420
El Dorado2260
Butte2063
Shasta1545
Humboldt1444
Nevada1291
Glenn1220
Yuba1061
Tehama881
Lake871
Mendocino850
Colusa700
Del Norte581
Calaveras530
Mono451
Tuolumne430
Inyo331
Amador310
Siskiyou310
Mariposa271
Plumas110
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Clear
93° wxIcon
Hi: 96° Lo: 60°
Feels Like: 93°
Oroville
Clear
93° wxIcon
Hi: 97° Lo: 61°
Feels Like: 93°
Paradise
Clear
93° wxIcon
Hi: 88° Lo: 59°
Feels Like: 93°
Chester
Clear
85° wxIcon
Hi: 78° Lo: 50°
Feels Like: 85°
Red Bluff
Clear
94° wxIcon
Hi: 98° Lo: 62°
Feels Like: 94°
Willows
Clear
93° wxIcon
Hi: 100° Lo: 59°
Feels Like: 93°
Elevated fire danger returns for your Monday. A Red Flag Warning is set to go into effect from 2pm through 9pm along the Eastern Slopes of the Sierra tonight. We'll be very warm and dry this week, and will get hotter this weekend.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events