According to a report published by Reuters, the National Highway Traffic Safety Administration (NHTSA) is investigating a fatal crash, which took place in New York on July 26 and involved a Tesla (TSLA) vehicle that could have been using an advanced driver assistance system.
California-based Tesla designs and manufactures solar panels, electric vehicles, solar roof tiles and battery energy storage products. The company’s Autopilot system handles a few driving tasks and lets drivers keep their hands off the steering wheel for an extended time period.
On July 26, a 52-year old man was hit by a Tesla vehicle while he was trying to fix a flat tire on his vehicle on the Long Island Expressway.
On September 1, NHTSA reported a 12th crash in which a Tesla vehicle using an advanced driver assistance system had hit an emergency vehicle in Orlando, Florida. (See Tesla stock chart on TipRanks)
Meanwhile, the agency is investigating 33 crashes involving Tesla vehicles that have led to 11 deaths since 2016. It is suspected that these vehicles also used advanced driver assistance systems. NHTSA said that Autopilot was not used in three of the non-fatal crashes.
Last month, Morgan Stanley analyst Adam Jonas reiterated a Buy rating on the stock with a price target of $900 (22.7% upside potential).
The analyst said, “Tesla’s Board and senior management team will execute on an array of strategic and commercial moves that are commensurate with this valuation.”
Overall, the stock has a Hold consensus rating based on 12 Buys, 7 Holds and 6 Sells. The average Tesla price target of $697.90 implies downside potential of 4.9%. Shares of the company have gained 122.2% over the past year.
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