Implode-o-Meter News - Tesla Plunges Anew as Questions Swirl Around Fatal Accident

Tesla Inc. shares fell the most in almost two years as questions about a fatal Model X crash in California intensified the pressure on Elon Musk's electric-car maker. The company is working with authorities to retrieve data logs from the vehicle that crashed Friday, killing the driver, according to a Tesla blog post. Tesla didn't say whether the vehicle's Autopilot system was engaged but preemptively defended the driver-assist feature, which it's developing as a precursor to autonomous driving.
March has been brutal for Tesla, with shares falling on all but five days. The trend continued Wednesday with a decline of as much as 9.7 percent, the biggest drop since June 2016, to $252.10. Its unsecured bonds have also hit all-time lows ahead of the release of first-quarter production results expected next week. The tone of the day was captured in analyst reports, with Cowen & Co. saying it's time to "question Autopilot leadership" at Tesla and Sanford C. Bernstein focusing on the "fallacy of automation" to boost production.
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"The negative outlook reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity short-fall," Moody's analysts wrote.

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Tesla Plunges Anew as Questions Swirl Around Fatal Accident