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Tesla shares slump after feds launch probe into new Cybercabs
New York Post • • general
Key Points:
- The U.S. National Highway Traffic Safety Administration (NHTSA) has launched an investigation into whether Tesla properly certified its autonomous Cybercab robotaxi, focusing on the compliance with federal motor vehicle safety standards.
- Tesla began limited commercial deployment of its two-seater Cybercabs in Austin, Texas, with plans to expand, but the Cybercabs lack conventional manual controls such as steering wheels and pedals.
- NHTSA is reviewing the technical data Tesla used to certify up to 1,000 Cybercabs and is examining whether Tesla appropriately determined certain safety standards did not apply to the vehicle.
- Existing federal safety standards require manual controls unless an exemption is granted; Tesla has not petitioned NHTSA for such an exemption, unlike Amazon’s Zoox, which received approval for limited deployment of similar vehicles.
- Tesla shares dropped nearly 6% following the announcement, closing at $354.08, as the investigation raises regulatory scrutiny over the company’s autonomous vehicle certification process.
