Musk Says Tesla is Committed to Data Security – Report

Tesla () is committed to ensuring data security by working with global regulators, said CEO Elon Musk at an industry event in China, reports Reuters. The comments come after the electric vehicle giant came under scrutiny over how it handles customer data in China. TSLA shares rose 0.33% to close at $759.49 on September 17. It is a U.S. company that designs, manufactures, and sells autonomous electric cars and storage systems. In the recent past, there have been many privacy and security concerns as most cars come fitted with sensors and cameras that capture an array of data. While the data is designed to enhance drivers’ experiences, there have been growing concerns over how companies use the data and how it is stored. (See on TipRanks) While speaking via a video link at the World New Energy Vehicle Congress, Musk stated, “With the rapid growth of autonomous driving technologies, data security of vehicles is drawing more public concerns than ever before.” The push to affirm data security and privacy comes hot on the heels of government staff in China being instructed not to park their Tesla cars inside government compounds. The move came amid concerns that the cameras fitted in these cars pose security concerns. Additionally, Tesla has confirmed the establishment of a site in China that will be used to store car data of all local users. Recently, GLJ Research analyst reiterated a Sell rating on the stock. According to the analyst, Tesla’s sale of 12,885 cars in China in August hints at a big problem on the demand side given that the company cut prices by around 6% in July and introduced the made-in-China Model Y SR+. Consensus among analysts is a Hold rating based on 12 Buys, 7 Holds, and 6 Sells. The of $697.90 implies 8.11% downside potential to current levels.

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