tl;dr
Tesla (NASDAQ:TSLA) is facing civil penalties of as much as $135M if it does not comply with a request from the National Highway Traffic Safety Administration to provide data on the December autopilot recall. To address deficiencies with autopilot, Tesla (TSLA) updated the software to prevent misuse...
Tesla (NASDAQ:TSLA) is facing civil penalties of as much as $135M if it does not comply with a request from the National Highway Traffic Safety Administration to provide data on the December autopilot recall. To address deficiencies with autopilot, Tesla (TSLA) updated the software to prevent misuse. But now, the NHTSA wants to know if the update is enough. In a letter to Tesla’s (TSLA) director of field quality, the Office of Defects Investigation has opened a recall inquiry to “investigate the remedy effectiveness” of the recall. Specifically, NHTSA wants to know the number of “strikes” or warnings a driver received before being kicked out of self-driving mode, known as a "strikeout." Tesla (TSLA) has until July 1 to comply, or can file an extension 5-days before. If found in violation, Tesla (TSLA) can be fined up to $27,168 per violation per day with a maximum of $135,828,178. Tesla (TSLA) is also coming under pressure Tuesday morning on downbeat sales data out of China. The EV maker sold 18% fewer vehicles in China from a year ago, industry data showed. Deliveries of China-made Model 3 and Model Y vehicles were down 30.2% from March. By contrast, BYD (BYDDY, BYDDF) sold 49% more cars in April according to data from the China Passenger Car Association.
More about Tesla Inc
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla's current products include electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, as well as other related products and services. In 2020, Tesla had the highest sales in the plug-in and battery electric passenger car segments, capturing 16% of the plug-in market (which includes plug-in hybrids) and 23% of the battery-electric (purely electric) market. Through its subsidiary Tesla Energy, the company develops and is a major installer of solar photovoltaic energy generation systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020.
Industry: MANUFACTURING, MOTOR VEHICLES & PASSENGER CAR BODIES
Market Cap: 589.24 billion
Current Price: $47.13
Dividend Yield: None
P/E Ratio: 3.92
EPS: 29.8
Beta: 0.144
Revenue: 94.75 billion
Net Income: 166.46
Debt to Equity: -0.534
Profit Margin: -0.087
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