Categories: Technology

Investors are suing Elon Musk and Tesla

You can think whatever you want about Elon Musk: When it comes to promoting his products, the Tesla boss is not easily fooled by a marketing strategist. Other automakers are talking about driver assistance systems that help control the vehicle. It’s not enough for Musk: He literally talked to investors about Tesla’s almost fully developed autopilot in promotional videos and product presentations. This allows the driver to sit behind the wheel of a Tesla for legal reasons only. However, according to Musk’s numerous statements, in principle the car is self-driving.

More than one suspect

Musk was speechless too early with his self-driving Tesla speech: A group of shareholders and investors of the electric car maker were so convinced of this that they recently filed a class action lawsuit against company boss Musk and Tesla CFO Zachary. Kirkhorn, his predecessors Deepak Ahuja and Tesla filed in federal court in San Francisco (USA). This was reported by Spiegel Online and the Reuters news agency. Accusation: The defendants covered up and exaggerated the capabilities of technology with false and misleading information. They also hid that technology that may have been responsible for several fatal crashes “creates a serious risk of accident and injury,” according to the class action lawsuit.

“The plaintiff and other members of the plaintiff community suffered significant loss and damage.”Excerpt from the complaint

After autopilot-related accidents or investigations, the price of Tesla shares dropped significantly, as the lawsuit detailed. The claim for compensation relates to events between February 2019 and February 2023. “As a result of the defendants’ tortious acts and omissions and the dramatic decline in the market value of the company’s common stock, the plaintiff and other members of the plaintiff class suffered substantial loss and damage,” it complained.

Far from independent driving

The lawsuit focuses on Musk’s repeated statements that Tesla cars may soon be fully self-driving – which brings to mind the “Full Self-Driving” option offered in the US. Tens of thousands of Tesla buyers would choose and pay for Musk’s promises. The Tesla boss had also promised a fleet of robotic taxis. However, cars are still far from fully autonomous driving. Additionally, it’s entirely clear whether the Teslas sold so far can reach the level of autonomous driving (also interesting: That’s why there’s a problem with autonomous driving).

Engineer admitted to cheating

Recently, in connection with the fatal accident of an Apple engineer, a senior software developer admitted to making an Autopilot video in 2016 simulating the capabilities of the self-driving system. Tesla employees had to intervene several times during test drives with the Model X to regain control. There was even an accident at Tesla’s company building in Palo Alto during the parking exercise.

As early as 2020, the US traffic safety authority, the National Transportation Safety Board, concluded that not only vulnerabilities in the autopilot system were contributing to the fatal accident, but also. Tesla, on the other hand, emphasizes that drivers should always keep their hands on the steering wheel and always keep control of the vehicle.

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Source: Blick

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