NEW YORK, NY / ACCESSWIRE / March 29, 2018 / Shares of Tesla continued to drop and even hit a new 52-week low on Tuesday as concerns over a fatal crash involving one of its Model X cars continued to grow among Wall Street. Shares of Ford saw a slight close in the green after previewing the Lincoln Aviator at the New York Auto Show, an all-new three-row crossover SUV.
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Tesla, Inc. shares closed down 7.67%, extending its losses it saw on Tuesday. The stock sank to a new 52-week low of $252.10 yesterday as concerns continue to linger for traders over the company's fatal Model X crash in California. In a blog post on Monday night, Tesla wrote that it did not know yet what caused the accident. According to its data, the company said that Tesla owners have driven that same stretch of Highway 101 with Autopilot engaged about 85,000 times since the company first rolled out the automated control system a few years ago. Since the beginning of this year, Tesla drivers have successfully handled that stretch of the highway 20,000 times. Tesla also wrote, "The reason this crash was so severe is that the crash attenuator, a highway safety barrier which is designed to reduce the impact into a concrete lane divider, had either been removed or crushed in a prior accident without being replaced."
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Ford Motor Company shares closed up a modest 0.28% on Wednesday with around 42 million shares traded. The company's president of global markets, Jim Farley, recently discussed Ford's shift to SUV's at the New York Auto Show with David Westin of Bloomberg. Farley described the Lincoln Aviator, all-new three-row crossover SUV that will go into production in 2019, that is meant to target moneyed millennials. The Detroit based auto maker also filed a patent with USPTO for a "cooperative vehicle" platoon with a vehicle-to-vehicle communication module that uses cryptocurrencies. The patent's authors wrote, "Human drivers normally prefer to maximize individual travel time. However, when a traffic cataract is encountered, to benefit all the drivers on the road, priority switches from individual travel time preferences to group flow rate though the traffic cataract (a reference to the ensuing traffic congestion from blocked lanes." The patent is claiming to ease congestion through synchronizing the speeds of individual vehicles in a traffic roadblock.
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