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Tesla Asked to Brief Senate Committee on Model S Crash
Tesla Motors, Inc. (TSLA - Free Report) has been asked to brief the U.S. Senate Committee on Commerce, Science, and Transportation on a recent Model S crash that is in the limelight due to questions related to the Autopilot system. The chairman of the committee sent a letter to Tesla CEO Elon Musk requesting a briefing by Jul 29, per Reuters. The Committee also wants to know the actions taken by Tesla following the incident.
Tesla had earlier revealed that the vehicle was driving on a divided highway and the Autopilot was functional when a tractor trailer came across, perpendicular to the Model S. The Autopilot as well as the driver did not notice the white side of the tractor trailer due to the glare of the sun and hence, the brake was not applied.
The electric carmaker is already facing a preliminary evaluation by the National Highway Traffic Safety Administration (NHTSA) for the performance of its Autopilot system due to the fatal crash. Recently, it was also reported that the U.S. Securities and Exchange Commission (SEC) is examining whether Tesla made a potential securities law breach by not informing its investors about the crash.
Meanwhile, Musk revealed that a second crash involving Tesla’s Model X that occurred on Jul 1 in Pennsylvania could have been prevented if the Autopilot system was activated. This crash has also been under NHTSA investigation to see if the Autopilot system was operational during the crash. However, Musk revealed that the system was not active in the car at the time.
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Tesla currently carries a Zacks Rank #3 (Hold). Some better-ranked automobile stocks include O'Reilly Automotive Inc. (ORLY - Free Report) , Spartan Motors Inc. and U.S. Auto Parts Network, Inc. (PRTS - Free Report) , all carrying a Zacks Rank #2 (Buy).
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