Tesla rockets higher even as the Autopilot headaches continue
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Elon Musk is being investigated by the SEC over claims and potential forward-looking statements he has made over Tesla's (NASDAQ:TSLA) self-driving program.
Sources told Bloomberg the review is part of a broad probe into Tesla's statements on the Autopilot system. Musk reportedly had a direct hand in the creation of a 2016 company video that may have exaggerated Autopilot's capabilities. He has also made various statements subsequently over the progress and promise of the fully autonomous technology that may be under review.
Separately, the National Highway Traffic Safety Administration has two active investigations into Autopilot's technology and potential flaws.
The latest Autopilot twist did little to dent Tesla's share price rally on Friday. TSLA was up 11.23% at 3:57 p.m. and traded at its highest level since the early part of December. The EV stock is still well below the 100-day and 200-day moving averages.
Seeking Alpha author Poonam Arora dug into why Tesla is a buy on fundementals.