The May 7 crash first came to light after the National Highway Traffic Safety Administration announced a preliminary investigation.
Advertisement
With his usually way of revealing all kinds of updates via social media, Elon Musk hinted through his twitter account that he is ready to point the electric auto maker towards new higher goals.
As per the WSJ source, the SEC investigation is now at a very early stage.
Earlier this month, Tesla said shipments to customers had fallen in the previous quarter, making it unlikely the company would meet expectations of 80,000 to 90,000 vehicle deliveries in 2016.
The NHTSA is investigating the May 7 crash to determine whether Autopilot was the cause.
Another Tesla vehicle has crashed while allegedly under the control of the car’s Autopilot system, the third crash reported in the past two weeks to be linked to the self-driving feature.
The company has been criticized for not telling investors of the death of a Tesla Model S driver.
Tesla also said on Monday that it was looking into a crash in Montana. But it’s worth noting that Tesla hasn’t yet heard directly from the SEC about an investigation.
Although vehicle production increased by 20 percent from Q1, Tesla manufactured only 18,345 units and delivered 14,370, after setting a goal of 20,000 for Q2.
Tesla has warned drivers that its Autopilot is not fully autonomous and that motorists must still be vigilant when using the system, which can automatically change lanes, manage speed and brake to avoid a collision.
“Anything that spooks investors, and this could spook investors, is going to be a big negative for the company”, he said.
While not officially confirmed by the Securities and Exchange Commission and denied by the automaker, Tesla Motors is reportedly being investigated by the SEC over a potential breach of securities law.
Advertisement
The timing of Tesla’s disclosures about the accident has become an issue for the company in part because Autopilot is key to its image as a pioneer in automotive technology. This is something Tesla has said since launching Autopilot previous year, but a quick scan of YouTube shows that not all drivers have heeded that warning. Further, according to a Tesla SEC filing, underwriters had even already notified Tesla of their intention to exercise their options to purchase shares in conjunction with the offering by May 23.
