Federal vehicle safety regulators have launched a formal investigation into Tesla's automated driving system after a series of accidents that left at least 17 people injured and one dead, according to documents posted to the National Highway Traffic Safety Administration Monday.
Autopilot is Tesla's limited self-driving feature that still requires a human to operate.
Tesla shares fell more than 4% in early trading with the announcement of the start of the investigation, and the official investigation comes just months after the National Highway Safety Administration (NHTSA) and the National Transportation Safety Board announced that they were looking into the company, after a crash in Texas. In recent months, there have been several investigations into Tesla's automated driving system.
Currently, the stock is trading below the $700 levels, which is potentially to visit the support level at $666, and by trading below that level, the stock may decline further to visit the next support levels at $628. However, stability above the $700 levels again will serve as a new starting point to target the $750/780 levels.