Tesla has settled two court cases around deadly crashes involving its Autopilot technology even as the EV giant and CEO Elon Musk continue to go all-in on autonomous driving and artificial intelligence. Tesla stock advanced Wednesday.
Tesla reached a confidential settlement, according to multiple reports Tuesday night, in a lawsuit about a 2019 crash in California involving a Model 3 vehicle on Autopilot in which a teenager was killed. Also late Tuesday, Reuters reported that Tesla settled in a separate California case around two people dying in December 2019 after a Tesla Model S, equipped with Autopilot, crashed into the victims' vehicle.
Musk's company faces several more court cases in California involving Autopilot-related deaths.
In August, a federal jury in Miami found the EV giant partly liable in the 2019 death of a pedestrian who was struck by a Tesla vehicle that was in Autopilot. Tesla will have to pay a large portion of $329 million in punitive and compensatory damages. Tesla is challenging the verdict.
The jury trial revealed Tesla crash data and other information that may help plaintiffs in other Autopilot or FSD cases.
The size of the latest settlements are unknown, but Tesla had offered to settle the Florida case for $60 million, an August filing showed.
TSLA edged up 1% to 425.86 during Wednesday's stock market after advancing 2.8% on Tuesday.
Elon Musk Says He's 'Burning The Midnight Oil'
Tesla Stock Performance
Regulatory filings on Monday showed CEO Elon Musk made his first TSLA purchase on the open market since February 2020, scooping up $1 billion worth of Tesla stock in 26 separate purchases Friday.
Tesla stock enters Wednesday's stock market up 6.5% on the week and 26.3% for September. The stock jumped as high as 425.70 on Monday, the highest since late January, before settling for a 3.6% gain to 410.04 at the close.
TSLA is now just about 10% below its all-time high of 488.54.
Last week, Tesla stock spiked 12.9% to 395.94, racing past a consolidation buy point of 367.71, according to MarketSurge charts.
At this point, investors looking to start a position should see if Tesla pulls back or perhaps forges a handle to a consolidation going back to end of last year. IBD added TSLA to its Leaderboard watchlist Tuesday.
Investors can keep tabs on the IBD Leaderboard watchlist, the IBD 50 list of top growth stocks and IBD SwingTrader along with the IBD Sector Leaders list.
Tesla stock has a 77 Composite Rating out of a best-possible 99. The stock also has a 90 Relative Strength Rating and a 53 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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